Strategy purchased 2,932 more Bitcoin for $264 million, pushing total holdings to 712,647 BTC worth approximately $62 billion—dwarfing all competitors.

Strategy Holds 712,647 Bitcoin—3.4% of Total Supply

Strategy Holds 712,647 Bitcoin—3.4% of Total Supply

Strategy announced on January 26th that it acquired an additional 2,932 Bitcoin for $264.1 million between January 20 and January 25, purchased at an average price of $90,061 per coin. This brings the company's total Bitcoin holdings to 712,647 BTC, acquired at a cumulative cost of $54.19 billion for an average price of $76,037 per coin. At current prices around $87,000, that stash is worth approximately $62 billion.

The scale is unprecedented among public companies. Strategy now controls roughly 3.4% of Bitcoin's total 21 million supply. For comparison, Marathon Digital—the second-largest corporate holder—owns just 44,893 BTC. Strategy's holdings are more than 16 times larger, and the gap continues to widen with each weekly purchase.

The company funded this latest acquisition primarily through equity sales, issuing 1,569,770 shares of MSTR common stock for $257 million and 70,201 shares of STRC preferred stock for $7 million. This equity-for-Bitcoin model has been Strategy's playbook for years, allowing the company to accumulate without taking on traditional debt for purchases.

However, structural cracks are beginning to show. As of January 26th, Strategy's diluted multiple to net asset value stands at approximately 0.94x, meaning the stock trades at a 6% discount to the Bitcoin backing each share. Historically, the strategy worked because MSTR traded at a premium to its Bitcoin holdings, allowing the company to issue shares and increase Bitcoin per share—a metric called "BTC accretion."

That accretion is now marginal. On January 5th, Strategy held 673,783 BTC with 345.6 million diluted shares outstanding, equating to 0.001949 BTC per share. By January 26th, holdings had increased to 712,647 BTC, but diluted shares climbed to 364.2 million—resulting in just 0.001957 BTC per share. The company added nearly 39,000 Bitcoin but only improved per-share BTC holdings by 0.4%.

The question analysts are now asking is whether Strategy can sustain this model if the stock continues trading below net asset value. When shares trade at a discount, issuing more equity to buy Bitcoin doesn't create value for existing shareholders—it dilutes them. Strategy has already issued over 18 million new shares in January alone to fund purchases.

Despite these concerns, no competitor has matched Strategy's conviction or execution. The company bought aggressively during Bitcoin's recent pullback from $95,000 to the high $80,000s, demonstrating its long-term outlook regardless of short-term volatility. Michael Saylor, Strategy's executive chairman and the architect of this strategy, continues to frame Bitcoin as the company's primary treasury reserve asset.

Whether this approach remains accretive depends on whether the stock premium returns. For now, Strategy holds more Bitcoin than any entity outside of Satoshi Nakamoto's estimated holdings and sovereign reserves—and it's not particularly close.