MicroStrategy (Strategy), the corporate Bitcoin treasury leader, has added more Bitcoin to its already massive holdings. According to a filing on January 26, 2026, the company acquired 2,932 Bitcoins between January 20 and January 25 for a total of approximately $264 million, at an average price of $90,061 per coin.
As of January 25, MicroStrategy held 712,647 Bitcoins, with total acquisition cost of about $54.19 billion and an overall average cost of $76,037 per Bitcoin. The position size continues to set records among publicly traded companies.
ATM Issuance: Common Stock Raises $257M
The purchase was funded through an At-the-Market (ATM) equity offering program. During the same period, MicroStrategy raised $264 million in net proceeds from ATM sales. MSTR Class A common stock accounted for $257 million (1,569,770 shares sold), while floating-rate Series A perpetual preferred stock (STRC) added $7 million (70,201 shares). Other preferred series (STRF, STRK, STRD) were not sold but remain available, suggesting further fundraising capacity.
Higher Average Cost and Leverage Concerns
With each new purchase, MicroStrategy's average cost per coin rises — the latest batch at $90,061 lifts the blended cost. Analysts watch for equity dilution, debt structure, and Bitcoin price volatility impact on the balance sheet. Whether MicroStrategy can sustain its aggressive buying pace remains a key question for both crypto and traditional investors.