Strategy has once again spent 2.1 billion USD to buy 22,000 Bitcoins, pushing the total holdings past 700,000 coins.

According to the 8-K filing submitted to the U.S. Securities and Exchange Commission (SEC) on Monday, between January 12 and 19, Bitcoin investment giant Strategy (formerly MicroStrategy) invested approximately $2.13 billion to purchase an additional 22,305 Bitcoins at an average price of $95,284 per coin, marking the largest purchase in a year. Strategy co-founder and Executive Chairman Michael Saylor stated that the company currently holds a total of 709,715 Bitcoins, valued at about $64.5 billion. Since initiating Bitcoin holdings in 2020, Strategy has invested a total of approximately $53.9 billion, with an average cost basis of $75,979 per Bitcoin. So far, Strategy’s unrealized gains (paper profits) on Bitcoin are about $10.6 billion, representing a 3.3% stake in the total supply of 21 million Bitcoins. The funds used for this Bitcoin purchase mainly came from the sale of common stock MSTR, as well as two perpetual preferred stocks, Strike (STRK) and Stretch (STRC). Just last week, Strategy sold about 10.39 million shares of MSTR, cashing out $1.83 billion; simultaneously, it also earned $3.4 million from selling STRK and $2.943 billion from selling STRC. The company’s four perpetual preferred stocks—STRK, STRC, STRF, and STRD—have issuance sizes of $21 billion, $4.2 billion, $2.1 billion, and $4.2 billion respectively, all part of Strategy’s “42/42” fundraising plan, which aims to raise $84 billion through stock issuance and convertible bonds before 2027 to purchase Bitcoin. Despite holding what is considered the largest Bitcoin reserve globally, Strategy’s stock price has recently shown signs of fatigue. According to Bitcoin Treasuries data, although 194 publicly listed companies worldwide have adopted Bitcoin reserve strategies, their market values and net asset values (mNAV) have recently contracted significantly. For example, Strategy’s stock price has plummeted 62% from its peak last summer. Currently, its mNAV is only about 0.85—meaning the company’s total market value is lower than the value of its Bitcoin holdings. In response to market skepticism, Michael Saylor has repeatedly emphasized that Strategy’s capital structure is “designed for extreme scenarios.” He pointed out that even if Bitcoin prices drop 90% and remain stagnant for 4 to 5 years, Strategy’s capital structure would still be sufficient to support operations.