Strategy Kickstarts 2026 With $116M Bitcoin Buy as Q4 Paper Loss Hits $17B
- Strategy bought 1,283 BTC for $116 million to start 2026
- Total Bitcoin holdings now exceed 673,000 BTC
- Company reported a $17.4 billion unrealized loss in Q4 2025
- Purchase funded via MSTR stock sales under ATM program
Strategy, the world’s largest corporate holder of Bitcoin, opened 2026 by adding more BTC to its balance sheet, even as it disclosed a massive fourth-quarter paper loss tied to last year’s price decline.
According to a filing with the US Securities and Exchange Commission on Monday, Strategy acquired 1,283 Bitcoin for approximately $116 million, paying an average price close to $90,000 per coin. The purchase lifts the company’s total holdings to 673,783 BTC, valued at roughly $62.6 billion at current prices and acquired at an average cost basis of $75,026 per Bitcoin.
The latest buy was funded through proceeds from the sale of MSTR shares under the company’s at-the-market (ATM) offering, a structure Strategy has repeatedly used to accumulate Bitcoin over the past several years.
Alongside the BTC purchase, Strategy also increased its US dollar reserves by $62 million, bringing total cash holdings to $2.25 billion. Executive chairman Michael Saylor said the cash buffer is intended to support dividend payments, preferred stock obligations and interest expenses on outstanding debt.
A Smaller Buy, But Consistent Accumulation
While notable, the $116 million purchase is modest compared with some of Strategy’s largest Bitcoin acquisitions last year. In 2025, the company made two outsized buys — acquiring over 22,000 BTC in March for $1.92 billion and more than 21,000 BTC in July for $2.46 billion.
The latest investment also follows a significant capital raise late last year. Just two weeks earlier, Strategy added nearly $748 million in net proceeds to its cash reserves through additional common stock sales, reinforcing its ability to continue executing its Bitcoin-centric strategy.
Q4 Unrealized Loss Highlights Volatility Risk
Despite continuing to accumulate Bitcoin, Strategy reported a $17.4 billion unrealized loss on its BTC holdings during the fourth quarter of 2025. The paper loss reflects Bitcoin’s more than 23% price decline during the period and does not represent realized losses unless the assets are sold.
The filing also disclosed a $5 billion deferred tax benefit, which could offset future tax liabilities depending on how market conditions evolve.
Strategy’s stock reacted positively in pre-market trading, rising nearly 4% to above $157, though shares remain down more than 58% over the past year - underscoring investor sensitivity to Bitcoin price volatility and the company’s concentrated treasury model.
Strategy’s Influence on Corporate Bitcoin Adoption
Strategy’s aggressive accumulation has helped shape a broader trend among public companies adopting Bitcoin as a treasury asset. Japanese investment firm Metaplanet, inspired by Strategy’s playbook, has grown into the fourth-largest public Bitcoin holder, with more than 35,000 BTC on its balance sheet.
In total, public companies now hold approximately 1.09 million Bitcoin - more than 5% of the asset’s fixed supply - with Strategy accounting for the largest share by a wide margin.
