Key Moments
- Strategy Inc (MSTR) increased its bitcoin holdings to 673,783 coins, valued at $50.55 billion as of January 4, 2026.
- The company funded recent bitcoin purchases with proceeds from at-the-market equity offerings totaling $312.2 million in net proceeds across late December 2025 and early January 2026.
- For 2025, Strategy reported a $5.40 billion unrealized loss on digital assets, with a corresponding $1.55 billion deferred tax benefit.
Recent Bitcoin Accumulation
Strategy Inc (MSTR) disclosed that it acquired 1,286 bitcoin during the period spanning late December 2025 through early January 2026. These latest purchases lifted the company’s total bitcoin holdings to 673,783 coins, carrying a value of $50.55 billion as of January 4, 2026.
Between December 29-31, 2025, Strategy bought 3 bitcoin for $0.3 million at an average purchase price of $88,210. From January 1-4, 2026, the company added another 1,283 bitcoin at a cost of $116.0 million, reflecting an average price of $90,391.
| Period | Bitcoin Acquired | Total Cost (USD) | Average Price per Bitcoin (USD) |
|---|---|---|---|
| Dec 29-31, 2025 | 3 | $0.3 million | $88,210 |
| Jan 1-4, 2026 | 1,283 | $116.0 million | $90,391 |
| Total (late Dec 2025 – early Jan 2026) | 1,286 | $116.3 million | – |
Equity Issuance and Funding Structure
Strategy financed these bitcoin purchases through its at-the-market (ATM) equity offering program. During December 29-31, 2025, the company issued 1,255,911 shares of its Class A common stock, resulting in $195.9 million in net proceeds. In the subsequent period from January 1-4, 2026, Strategy sold an additional 735,000 Class A shares, generating $116.3 million in net proceeds.
| Period | Shares Sold (Class A) | Net Proceeds (USD) |
|---|---|---|
| Dec 29-31, 2025 | 1,255,911 | $195.9 million |
| Jan 1-4, 2026 | 735,000 | $116.3 million |
The company noted that it has approximately $41.5 billion of capacity remaining for future issuances across its ATM programs. This includes $11.4 billion specifically available for additional common stock sales.
Unrealized Losses and Tax Effects
Strategy reported sizeable unrealized losses tied to its digital asset positions during 2025. For the full year, the company recorded a $5.40 billion unrealized loss on digital assets, alongside an associated deferred tax benefit of $1.55 billion.
The fourth quarter of 2025 alone accounted for a $17.44 billion unrealized loss on digital assets, paired with a $5.01 billion deferred tax benefit.
| Period | Unrealized Loss on Digital Assets (USD) | Deferred Tax Benefit (USD) |
|---|---|---|
| Full Year 2025 | $5.40 billion | $1.55 billion |
| Q4 2025 | $17.44 billion | $5.01 billion |
Balance Sheet Position and Liquidity
As of December 31, 2025, Strategy reported a carrying value of $58.85 billion for its digital asset holdings, together with a related deferred tax liability of $2.42 billion.
In addition to its bitcoin holdings, the company maintains a USD reserve of $2.25 billion as of January 4, 2026. Strategy stated that this reserve is intended to support dividend payments on preferred stock and interest obligations on its outstanding debt.
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