Strategy, a publicly traded company closely associated with Bitcoin exposure, said on Monday that it acquired an additional 2,932 BTC for approximately $264 million between Jan. 20 and Jan. 25, according to a filing submitted to the U.S. Securities and Exchange Commission. The company paid an average of $90,061 per Bitcoin for this latest round of purchases, continuing its now-familiar pattern of raising capital in public markets and converting that capital into BTC.
Following the transaction, Strategy’s total Bitcoin holdings rose to 712,647 BTC. At current market prices, the company’s Bitcoin treasury is worth about $62.5 billion, reinforcing its status as the world’s largest publicly traded corporate holder of Bitcoin. For investors, this is another reminder that Strategy has become more than just an operating company in the market narrative; it is increasingly treated as an equity vehicle tied to Bitcoin price exposure.
On a cumulative basis, the company’s aggregate acquisition cost for its Bitcoin stack stands at roughly $54.2 billion, including fees and related expenses. That puts its average purchase price across all holdings at about $76,037 per BTC. Using the valuation figures cited in the report, Strategy is currently sitting on an estimated $8.3 billion in unrealized gains, suggesting that despite periodic buys at elevated price levels, its overall position remains materially in profit.
How Strategy financed its latest Bitcoin purchase
The company funded this latest acquisition primarily through its at-the-market, or ATM, offering programs. According to the filing, Strategy sold 1,569,770 shares of its Class A common stock, MSTR, during the five-day period and generated about $257 million in net proceeds. In practical terms, this means the firm is not relying solely on internally generated operating cash; instead, it continues to tap equity markets and redirect investor capital into Bitcoin accumulation.
In addition to common stock issuance, Strategy also sold 70,201 shares of its perpetual preferred stock, STRC, raising another $7 million. Combined, the two issuances produced roughly $264 million in ATM proceeds, closely matching the amount used for the purchase of the 2,932 BTC. This structure, often summarized as “selling stock to buy Bitcoin,” remains central to the company’s treasury expansion model.
As of Jan. 25, Strategy said it still had substantial capacity remaining under its ATM programs. Under its common stock offering alone, the company retained about $8.17 billion available for future issuance. It also continues to maintain multiple preferred stock programs, including STRK, STRF, STRC, and STRD. Together, these programs represent tens of billions of dollars in potential future fundraising capacity, giving Strategy significant flexibility if it chooses to keep increasing its Bitcoin position.
With more than 712,000 BTC now on its balance sheet, Strategy controls approximately 3.4% of Bitcoin’s fixed 21 million supply. That is an extraordinary concentration for a single public company. Supporters view this as proof of conviction and a powerful treasury strategy, while critics see concentration risk and a potential source of amplified volatility, especially because the company’s capital-raising approach depends heavily on ongoing investor appetite for its securities.
MSCI keeps digital asset treasury companies in major indexes for now
Earlier this month, Strategy also got a measure of relief on another front. MSCI, one of the world’s most influential index providers, completed its review of digital asset treasury companies and decided not to exclude them from its major global equity indexes at this stage. For Strategy, that mattered because index eligibility directly affects demand from passive funds and benchmark-tracking investors. Had the company been removed from key indexes, the stock could have faced meaningful forced selling pressure.
MSCI said that firms with large Bitcoin exposure would remain eligible under existing rules while it continues researching how to distinguish true operating companies from entities that behave more like investment vehicles. That distinction is critical. Strategy still operates as a public company, but because such a large portion of its balance sheet is tied to Bitcoin, some market participants have argued that it resembles a fund-like structure more than a traditional operating business.
The concern became more serious after MSCI had floated the idea that companies with more than 50% of their assets in digital assets could be reclassified as fund-like and therefore deemed ineligible for inclusion in major equity indexes. For firms like Strategy, such a change would not be merely symbolic. It could alter institutional ownership patterns, index weighting treatment, and the broader investment case for holding these stocks as a listed route to digital asset exposure.
Strategy and industry groups pushed back strongly against that possibility. They warned that excluding Bitcoin-heavy treasury companies from major indexes could trigger billions of dollars in forced passive selling. The logic is straightforward: passive funds do not make discretionary judgments about business models. They follow index rules. If an index provider changes the classification, those funds may need to sell quickly and mechanically, creating concentrated pressure on the affected securities.
At the time of writing, Bitcoin was trading near $89,000. That level sits slightly below Strategy’s latest average purchase price of $90,061 for this specific buy, but still well above the company’s overall average cost basis of $76,037. In other words, while the newest tranche was acquired near current market levels, the broader corporate treasury remains comfortably profitable on paper. Going forward, investors will likely keep watching two issues closely: whether Strategy continues using its ATM programs to accumulate more BTC, and whether major index providers ultimately redefine how digital-asset-heavy public companies should be classified.