Strategy relaunches Bitcoin purchases despite record loss of $17 billion!

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

A bitcoin bet accepted despite extreme accounting pressure

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

The purchase was made at an average price of $90,000 per BTC, thanks to proceeds generated from the sale of MSTR shares under its program “at-the-market”. Michael Saylor, executive chairman and co-founder of the company, clarified on X (ex-Twitter): “Strategy boosted its dollar holdings by $62 million, bringing its total cash to $2.25 billion”. This cash reserve would make it possible to cover dividends, preferred shares and the payment of interest on current debt.

This operation is part of a logic of continuous accumulation that the company has been applying for several years. Here is the main elements takeaways from 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 a strengthened USD cash position at $2.25 billion;
• Its strategy is financed by issuing shares via the ATM program.

By comparison, this acquisition at the start of the year remains modest compared to the two largest purchases made in 2025: 22,049 BTC acquired on March 31 for 1.92 billion dollars, then 21,021 BTC purchased on July 29 for 2.46 billion.

A model under pressure and weakened valuation

In parallel with this purchase, Michael Saylor's company revealed an unrealized loss of $17.4 billion in the fourth quarter of 2025, due to a drop of more than 23% in the price of bitcoin during the period.

This sudden decline in the market led to a significant accounting depreciation of its digital assets. The report sent to the SEC also mentions a deferred tax benefit of $5 billion, likely to reduce future tax obligations, without offsetting in the short term the magnitude of the losses posted.

The company's stock market valuation reflects this growing pressure. Although MSTR stock recorded a slight rebound of +3.88% in pre-market opening on Monday, it remains down more than 58% year-on-year.

This persistent volatility fuels doubts around the viability of a business model centered almost exclusively on bitcoin. Despite these warning signs, the firm is staying the course, even inspiring some companies like Metaplanet in Japan, now the fourth largest public holder of BTC with 35,102 bitcoins.