Strategy has increased its Bitcoin portfolio by another 13,627 BTC worth approximately $1.25 billion. This is the largest single acquisition since last summer and further confirmation that the company led by Michael Saylor is not changing its long-term Bitcoin strategy even in a period of high prices and volatility.
Strategy holds 687,000 bitcoins, financing was provided through capital markets
Strategy now holds a total of 687,410 bitcoins, which it acquired for a total of approximately $51.8 billion, according to a regulatory filing with the US Securities and Exchange Commission (SEC). The last purchase was made at an average price of $91,519 per bitcoin, which is significantly above the company’s long-term average. Despite this, Strategy continues to maintain its position as the largest corporate holder of bitcoin in the world.
The acquisition was again financed through the capital markets. The company used so-called at-the-market programs to sell common stock and perpetual preferred stock. It used the full amount of the proceeds to purchase bitcoin, with the company stating that the prices include all fees and transaction costs. Strategy also has additional capacity for potential future issuances.
Strategy continues to buy despite accounting losses
Purchases continue despite accounting losses. At the end of 2025, the company reported an unrealized loss of $17.4 billion, which arose after a sharp drop in the price of bitcoin. Nevertheless, Strategy continued to issue shares and maintained sufficient liquidity, confirming once again that it views bitcoin as a long-term strategic asset rather than a short-term speculation.
The market reaction was rather subdued. Shares in Strategy only slightly corrected their previous decline after the purchase announcement, while bitcoin remained above $91,000. However, when all purchases since 2020 are taken into account, the company still reports unrealized gains of over 20%. With more than 687,000 BTC, Strategy now controls over three percent of the circulating supply of bitcoin and continues to strengthen its dominant role among publicly traded companies.
