Bitcoin Gamble Continues As Strategy Doubles Down

Despite an accounting loss of $17.4 billion in the fourth quarter of 2025, Strategy opens 2026 by purchasing 1,283 bitcoins for $116 million. As the global leader among institutional BTC holders, the company persists in its aggressive accumulation strategy, defying classical financial logic. This striking contrast between record loss and reaffirmed confidence prompts the question: how far is Michael Saylor willing to push his bet on Bitcoin?

A Bitcoin bet assumed despite extreme accounting pressure

While the flagship crypto just surpassed $94,000, Strategy announced it acquired 1,283 bitcoins this Monday, January 5, 2026, for $116 million, according to an official document filed with the SEC.

The purchase was made at an average price of $90,000 per BTC, funded by proceeds from MSTR stock sales through its “at-the-market” program. Michael Saylor, executive chairman and co-founder of the company, stated on X (ex-Twitter) : “Strategy increased its dollar holdings by $62 million, bringing its total cash to $2.25 billion”. This cash reserve would cover dividends, preferred stock, and interest payments on outstanding debt.

This operation fits into a continuous accumulation logic the company has followed for several years. Here are the key points to note about Strategy’s current position :

• 673,783 BTC are now held by the company ;
• The total acquisition value is $62.6 billion ;
• The average purchase price is $75,026 per BTC ;
• The company has strengthened its USD cash reserves to $2.25 billion ;
• Its strategy is financed by stock issuance through the ATM program.

By comparison, this early-year acquisition remains modest compared to the two largest buys in 2025 : 22,049 BTC acquired on March 31 for $1.92 billion, and 21,021 BTC purchased on July 29 for $2.46 billion.

A model under stress and a weakened valuation

Alongside this purchase, Michael Saylor’s company disclosed an unrealized loss of $17.4 billion in Q4 2025, due to a decline of over 23 % in the Bitcoin price during that period.

This sharp market downturn resulted in a significant accounting depreciation of its digital assets. The report submitted to the SEC also mentions a deferred tax benefit of $5 billion, which could reduce future tax liabilities, but does not compensate in the short term for the scale of recorded losses.

The company’s market valuation reflects this growing pressure. Even though MSTR stock saw a slight rebound of +3.88 % in pre-market on Monday, it remains down over 58 % year-over-year.

This persistent volatility fuels doubts about the viability of a business model centered almost exclusively on Bitcoin. Despite these warning signs, the firm stays the course, inspiring companies such as Metaplanet in Japan, now the fourth largest public BTC holder with 35,102 bitcoins.