Strategy adds 1,283 Bitcoin while building a $2.25 billion cash reserve

Strategy disclosed on January 5, 2026, that it had purchased 1,283 bitcoin for approximately $116.0 million between January 1 and January 4. The acquisition, made at an average price of $90,391 per bitcoin including fees and expenses, lifted the company’s holdings to 673,783 BTC at an aggregate purchase cost of $50.55 billion.

The same Form 8-K showed that Strategy sold 735,000 shares of its MSTR Class A common stock during the January 1–4 measurement window, producing $116.3 million in net proceeds after sales commissions. The filing expressly attributed the Bitcoin purchases to proceeds from that at-the-market equity program.

That linkage mattered because it demonstrated that Strategy’s accumulation model remained active at the opening of 2026: issue publicly traded equity, convert part of the proceeds into Bitcoin and leave existing coins on the balance sheet. It also transferred Bitcoin-price exposure into a capital structure that included common stock, several perpetual preferred-stock series and outstanding debt.

The filing separated two purchase windows

Precision is important because contemporaneous summaries did not always describe the purchase total consistently. Strategy’s filing separated the activity into two periods. Between December 29 and December 31, 2025, the company acquired three BTC for approximately $300,000 at an average price of $88,210. Between January 1 and January 4, 2026, it acquired the 1,283 BTC reported as the opening-year purchase.

The company sold 1,255,911 MSTR shares for $195.9 million in net proceeds during the December window, followed by the 735,000 shares and $116.3 million of net proceeds in the January window. The filing did not say that all December proceeds were immediately used to purchase Bitcoin, so the difference should not be treated as an undisclosed Bitcoin order.

Strategy also reported that its U.S. dollar reserve stood at $2.25 billion on January 4, 2026. The company described that reserve as support for preferred-stock dividends and interest on outstanding debt, while emphasizing that its size and terms remained entirely within Strategy’s discretion. The combination of another Bitcoin purchase and a larger cash reserve suggested a two-track treasury policy: continued accumulation alongside liquidity intended to service fixed financial obligations.

A large quarter-end accounting loss

The filing supplied a second measure of the company’s exposure. Strategy reported a $17.44 billion unrealized loss on digital assets for the three months ended December 31, 2025, with an associated $5.01 billion deferred-tax benefit. For the full year, it reported a $5.40 billion unrealized loss and a $1.55 billion associated deferred-tax benefit.

As of December 31, Strategy placed the carrying value of its digital assets at $58.85 billion and the related deferred-tax liability at $2.42 billion. These were management-prepared estimates that KPMG had neither audited nor reviewed, a limitation stated directly in the filing. The loss was an accounting mark rather than evidence that the company had sold the coins.

Market context on January 5

A contemporaneous Investing.com market report recorded BTC/USD at $93,613 at 15:18 GMT on January 5, up 2.6% at that observation point. That was a timestamped spot-market snapshot, not a daily closing price, and the report did not identify a single execution venue or benchmark methodology. It therefore establishes the approximate market setting but cannot value Strategy’s position with closing-price precision.

At that snapshot, Bitcoin traded above Strategy’s $90,391 average price for the January purchase. The more consequential point was institutional rather than directional: a publicly listed company was still using new equity capital to acquire Bitcoin while simultaneously disclosing the accounting volatility and cash obligations attached to that strategy.