Strategy buys $1.25B in Bitcoin, but MSTR stock lags – Why?

For much of late 2025, Michael Saylor’s strategy was hindered by a volatile final quarter and the effects of an MSCI index exclusion cycle.

As 2026 begins, that pause appears to be fading away.

Strategy’s new Bitcoin purchase

According to a fresh SEC filing, the company has kicked off 2026 with a massive $1.25 billion acquisition. The firm scooped up 13,627 Bitcoin [BTC] at a premium average of $91,519.

That said, the company funded the $1.25 billion acquisition through a dual-track stock sale, offloading 6.8 million MSTR shares and generating $1.13 billion in net proceeds.

It also sold 1.2 million shares of its Series A Perpetual Preferred Stock, trading under the ticker STRC, raising an additional $119.1 million.

This aggressive financing pushed Strategy’s total BTC holdings to a staggering 687,410 BTC.

While the latest purchase carried an average price of $91,519 per Bitcoin, the firm’s overall cost basis remains a solid $75,355.

Together, these figures reinforce Strategy’s Bitcoin Standard approach, one that has been influencing various corporations since 2020.

Stock stress continues

However, the bigger picture reveals a stark divergence between the underlying asset and the company’s stock performance.

While Bitcoin has maintained its grip on the $92,000 level, trading at $92,118.27 at press time, MSTR stock was testing hard waters. 

After reaching a peak of $455.90 in July 2025, MSTR has faced a prolonged decline and was trading near $162.23.

The 60% retracement from its highs indicates that the “Saylor Premium” is being tested by the market. 

Despite this sustained downward pressure, there are early signs of a short‑term rebound, with the stock rising 4.90%, according to Google Finance data.

More BTC purchases

Strategy’s latest Bitcoin purchase came after the firm’s holdings reached exactly 673,783 BTC on the 5th of January 2026. 

Adding to the momentum, founder Saylor further stirred the community with a cryptic two-word post on X, stating, 

“Big Orange.”

As expected, the post reinforced the company’s positioning as the undisputed heavyweight of the Bitcoin Standard era.

Final Thoughts

• The end of 2025 marked a recalibration, enabling Strategy to reset before deploying capital at an unprecedented scale.
• Unlike ETFs, Strategy internalizes volatility, absorbing price swings while steadily expanding its share of Bitcoin supply.