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, the 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 profit (floating gain) on its Bitcoin holdings is about $10.6 billion, representing a 3.3% stake of the total 210 million Bitcoins in circulation.

The funds used by Strategy to purchase Bitcoin mainly come 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 raised $3.4 million from the sale of STRK and $2.943 billion from 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. The goal is to raise $84 billion by 2027 through issuing stocks and convertible bonds to fund Bitcoin purchases.

Despite holding what is considered the largest Bitcoin position 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’s price drops 90% and remains stagnant for 4 to 5 years, Strategy’s capital structure would still be sufficient to support its operations.