Bitcoin Gamble Continues As Strategy Doubles Down

Source: CoinTribune Original Title: Bitcoin Gamble Continues As Strategy Doubles Down Original Link: https://www.cointribune.com/en/bitcoin-gamble-continues-as-strategy-doubles-down/

Overview

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.

Key Points

• Strategy starts 2026 with a purchase of 1,283 bitcoins for a total of $116 million
• This acquisition occurs while the company recorded an unrealized loss of $17.4 billion in Q4 2025
• Strategy now holds 673,783 BTC, acquired for a total of $62.6 billion at an average price of $75,026 per unit
• Despite market pressure and stock price drops, Strategy maintains its Bitcoin accumulation strategy

A Bitcoin Bet Assumed Despite Extreme Accounting Pressure

Strategy announced it acquired 1,283 bitcoins on Monday, January 5, 2026, for $116 million. 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: “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:

• 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 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.