The accumulation drive shows no signs of slowing down for Michael Saylor’s company in early 2026. By crossing the symbolic threshold of 700,000 BTC, Strategy reaffirms its conviction in Bitcoin despite the falling price. As the market tests the $90,000 resistance level, this move raises questions about the stock’s valuation relative to the assets it represents.
Strategy further solidifies its status as the largest Bitcoin holder
Strategy, Michael Saylor’s Treasury Company, announces the acquisition of an additional 22,305 Bitcoins for approximately $2.13 billion.
This is the largest BTC purchase made by the company since December 8, 2024, signaling renewed confidence in the future of Bitcoin’s price.
BTC purchases by Strategy since 2024
The average execution price for this new purchase is $95,284, which is already nearly 4.5% below the current BTC price. With this acquisition, total reserves have surpassed the 700,000 Bitcoin threshold to reach 709,715 BTC, acquired at a total cost of $53.92 billion, representing an average price of $75,979 per BTC.
To date, this represents a total capital gain of approximately 20%, or more than $10 billion.
Based on current reserves, one Strategy share is now worth approximately 195,000 satoshis (0.00195 BTC), or about $176. Meanwhile, the current price of MSTR stock hovers around $160.
This discount suggests that the market is temporarily undervaluing the company relative to the value of its Bitcoin holdings. This situation is largely due to uncertainty surrounding a potential liquidation of these reserves, which could be triggered by a continued decline in BTC, already down 28% from its peak reached in October 2025.
The risks Strategy poses to Bitcoin and its shareholders
By holding more than 709,000 BTC, Strategy now controls approximately 3.5% of the total Bitcoin supply (capped at 21 million). This concentration is beginning to weigh heavily on the dynamics of the supply of Bitcoins available on the market, contributing to the rise in its price, but also poses a threat to the price in the event of a hack, or forced or voluntary liquidation of reserves.
In fact, this type of company, known as a “Bitcoin Treasury Company,” acts as a vehicle for indirect ownership: instead of buying BTC, investors purchase a stock whose valuation depends largely on its Bitcoin reserves.
However, this exposure is the riskiest for several reasons. First, it constitutes an implicitly leveraged position where BTC volatility often has an amplified effect on the stock price, potentially accelerating both gains and losses.
Second, investors are exposed not only to Bitcoin but also to corporate risks: management decisions, execution quality, financing strategy, debt levels, or dilution through stock issuance. Added to this are regulatory and accounting risks, which could impact the company’s ability to hold, account for, or utilize its BTC.
Unlike self-custody, the shareholder must trust the company’s third-party custodian, which introduces an additional point of failure: hacks, asset freezes, operational errors, or seizures.
