Strategy Inc. (formerly MicroStrategy) signals that it is preparing for further Bitcoin purchases. If that happens, it will surpass the record purchase of $1.25 billion from last week.
On January 18, Michael Saylor posted on platform X a graphic with the caption "Bigger Orange." Market analysts interpreted this phrase as a hint at purchasing more than 13,627 Bitcoins, which the company recently acquired.
MicroStrategy signals indicate record Bitcoin purchases
This previous tranche further strengthened the company's position as the largest corporate holder of this asset.
However, buying more than this amount would raise the total Strategy portfolio above the level of 700,000 Bitcoins.
Such a result would place the company's treasury in an elite group, surpassed only by the IBIT ETF fund from BlackRock and the estimated 1,200,000 BTC held by Satoshi Nakamoto, the pseudonymous creator of the network.
This aggressive strategy comes at a challenging time for the business software company.
Strategy shares fell by more than 50% last year. Meanwhile, its key market premium to net asset value (mNAV) has decreased to about 1.0x.
This phenomenon threatens the arbitrage financing model for acquisitions that Saylor has historically relied on.
As institutional capital increasingly flows into Bitcoin ETFs — providing exposure without the complexities or premiums associated with Strategy's shares — the company has been losing leverage that it easily capitalized on.
To maintain the pace of accumulation in these conditions, Strategy has turned to aggressive forms of capital raising.
Just last year, the company raised 25 billion USD from the sale of common shares and the issuance of new types of preferred shares, including STRC.
During this time, Wall Street has approached this diversification with caution. TD Cowen recently lowered the price target for the stock from 500 USD to 440 USD, maintaining a 'Buy' recommendation.
The company cited a decline in 'Bitcoin Yield' for the fiscal year 2026 — its own metric measuring Bitcoin exposure per share. Analysts emphasized that the company's reliance on issuing more shares to finance acquisitions actively dilutes this metric for shareholders.
Despite skepticism, some market observers believe that Strategy has built a structural moat that traditional finance cannot easily overcome. Shagun Makin wrote:
“They have mastered the skill of accumulating Bitcoin on a large scale, packaging it into products, and offering exposure in a way that traditional banks cannot replicate.”
Makin suggested that the increasing regulatory pressure and market resistance to the company is a reaction to the effectiveness of this model, not its flaws.
“Banks cannot replicate this model without breaking their own balance sheets. Therefore, they can only slow it down, discredit it, or try to regulate around it.”
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