Strategy Inc.’s Bold Bitcoin Move
Strategy Inc. has announced plans to acquire even more Bitcoin than the significant $1.25 billion deal it finalized just last week.
On January 18, Michael Saylor shared a post on social media platform X with the caption “Bigger Orange.” Analysts are interpreting this as a signal that the company intends to go beyond the 13,627 Bitcoins it just bought.
This latest acquisition already established Strategy as the largest corporate holder of Bitcoin assets. But going over that amount would push their total holdings past the 700,000 Bitcoin mark.
Reaching this new benchmark would uniquely position the company alongside BlackRock’s IBIT exchange-traded fund and the estimated 1.2 million BTC holdings of Bitcoin’s creator, Satoshi Nakamoto.
This ambitious strategy unfolds during a turbulent period for enterprise software firms. Last year, Strategy’s stock price dropped more than 50%, and its market net asset value (mNAV) premium fell to around 1.0x.
This compression in premium could jeopardize the arbitrage model traditionally used to finance acquisitions. The company is losing leverage as more institutional funds flow into spot Bitcoin ETFs, which provide exposure without the complexity and premiums tied to Strategy’s stock.
In response to these challenges, Strategy Inc. is adopting a more aggressive financing approach to keep up its accumulation pace. Last year, it raised $25 billion through stock sales and new preferred stock offerings, including STRCs.
Meanwhile, there’s a cautious stance on Wall Street regarding this dilution. TD Cowen has recently reduced its price target for the stock from $500 to $440, while keeping a buy rating.
The company has pointed out a decline in “Bitcoin Yield” for fiscal 2026, a proprietary measure of Bitcoin exposure per share. Analysts suggest that the reliance on issuing more shares to fund acquisitions has significantly hurt shareholder returns.
Despite the mixed reactions, some market watchers believe that Strategy has built a structural advantage that conventional finance cannot easily replicate. As one Bitcoin analyst, Shagun Makin, noted, “They’ve figured out how to accumulate Bitcoin at scale, package it into products, and provide exposure in a way that traditional banks just can’t match.”
