New York, Jan 12, 2026, 10:23 EST — Regular session
- Strategy shares edged up following the announcement of an additional bitcoin buy, financed through continued share sales.
- The company keeps issuing equity to boost its bitcoin holdings, a move that can magnify both profits and setbacks.
- Traders are focused on bitcoin’s trajectory and the length of time the company can continue accessing the market on favorable terms.
Strategy Inc’s shares inched up 0.2% to $157.64 Monday morning following the company’s announcement that it tapped new share sales to finance another sizable bitcoin acquisition.
The disclosure comes as bitcoin sits near $91,132, pushing investors to revisit a familiar dilemma: does Strategy’s “bitcoin-first” balance sheet provide an edge, or simply amplify volatility?
Dilution is the key issue now. Strategy has been selling securities on the market, then using the proceeds to buy bitcoin. This effectively turns its stock into a leveraged proxy for bitcoin exposure.
Strategy revealed in an SEC filing that it snapped up 13,627 bitcoin from Jan. 5 to Jan. 11, shelling out about $1.247 billion at an average of $91,519 each. This pushed its total bitcoin stash to 687,410. The buys were backed by selling 6,827,695 shares of Class A common stock along with 1,192,262 shares of its variable-rate Stretch preferred stock. The company still holds over $10.25 billion in common stock capacity under its at-the-market program. (SEC)
An at-the-market program allows a company to issue new shares gradually on the open market instead of dumping them all at once. Preferred stock, on the other hand, is a distinct class of shares that usually takes precedence over common stock when it comes to payouts, often including dividends.
Michael Saylor, executive chairman of Strategy, announced on X that the company bought 13,627 BTC, spending roughly $1.25 billion at an average price of about $91,519 per bitcoin. (Live Bitcoin News)
The stock barely budged, underscoring that investors are focused less on the acquisition and more on the financing—specifically, how many shares will be issued and at what price.
But the system can break down. If bitcoin tumbles sharply or risk appetite dries up, issuing new shares quickly becomes costly, leaving current investors to shoulder dilution.
Investors are eyeing earnings season next. Nasdaq.com projects Strategy’s results will drop on Feb. 4, but the company hasn’t officially announced a date. (Nasdaq)
