Strategy accelerated its Bitcoin accumulation in the opening days of 2026, buying roughly $116.3 million of BTC in the week that ended on 4 january.
Last week Strategy acquired 1.283 BTC for approximately $116.3 million at an average price near $90,391, and it had bought an additional 3 BTC between 29 and 31 december at an average of $88,210. The company disclosed that ATM equity sales generated about $312.2 million from 29 dec. to 4 jan. to fund these purchases.
The purchases added to a year-end buy and were funded largely through at‑the‑market equity sales, underscoring the company’s commitment to a Bitcoin-led treasury policy despite heavy paper losses.
Those unrealized losses dominated the company’s fourth‑quarter accounts for 2025, illustrating how fair‑value accounting has translated crypto price moves into large swings in reported earnings.
Q4 2025 unrealized losses and balance‑sheet effects
Strategy reported an estimated $17.44 billion in unrealized losses on its digital assets for Q4 2025, with $5.01 billion of associated deferred tax benefits partially offsetting that figure. For the calendar year 2025 the company recorded a cumulative unrealized loss of $5.40 billion and $1.55 billion in deferred tax benefits. Those figures reflect the adoption, during 2025, of new fair‑value accounting standards that require marking Bitcoin to market.
The accounting change meant that Bitcoin price moves flowed straight through quarterly results regardless of whether coins were sold. In Q4, a roughly 25% drop in Bitcoin coincided with a steeper 53% decline in the company’s equity, highlighting how Strategy’s stock acts as a leveraged proxy on BTC performance.
Market commentary cited concerns about low software cash flow and the fact that Bitcoin yields no operating income, which could increase reliance on future share issuances to cover dividends or interest. Management noted the company maintained a $2.25 billion U.S. dollar reserve to support preferred dividends and interest payments, and it reported about $41.5 billion available for potential future equity issuance.
Investors and analysts will monitor forthcoming financial disclosures and any further ATM sales as immediate tests of the treasury‑centric thesis.
