Estratégia do Império Bitcoin: Detendo Mais de 687 000 BTC—Como Mantém a Sua Posição Como Maior Detentor Corporativo do Mundo?

In the world of cryptocurrency, one company’s name stands out as synonymous with Bitcoin—formerly known as MicroStrategy, now rebranded as Strategy. Not only did this company pioneer the use of Bitcoin as a corporate treasury asset in 2020, but it has also built an industry-defining "Bitcoin empire" through ongoing, large-scale purchases.

According to the latest regulatory filings as of January 11, 2026, Strategy invested another $1.25 billion to acquire 13,627 Bitcoins, bringing its total holdings to 687,410 BTC. The company’s cumulative investment now stands at approximately $5.18 billion, with an average acquisition cost of $75,353 per Bitcoin.

Current Holdings

Strategy’s Bitcoin holdings have reached a staggering scale. Its latest move further cements its status as the world’s largest corporate holder of Bitcoin.

Based on regulatory filings submitted between January 5 and January 11, 2026, the company added 13,627 Bitcoins at a cost of roughly $1.25 billion, with an average purchase price of $91,519 per Bitcoin (including fees). This brings Strategy’s total Bitcoin holdings to 687,410 BTC, with a total investment of about $5.18 billion. At this scale, Strategy controls 3.27% of Bitcoin’s fixed supply of 21 million—a concentration level rarely seen in any asset class.

This massive position is the result of a multi-year accumulation strategy. Since its initial purchase in August 2020, Strategy has steadily built this formidable Bitcoin treasury.

Capital Engine

Driving Strategy’s ongoing Bitcoin acquisitions is an innovative financing mechanism—the core of its "capital engine." The company pioneered a model that leverages capital markets to fund Bitcoin accumulation, allowing it to expand holdings without relying solely on operating cash flow. The funding sources for the latest round of purchases exemplify this approach. During the week ending January 11, 2026, Strategy raised $1.25 billion by selling shares.

Specifically, the company sold 6,827,695 shares of MSTR Class A common stock, netting $1.13 billion, and 1,192,262 shares of STRC Series A perpetual Stretch preferred stock with a variable rate, raising $119.1 million. The key to this financing capability lies in Strategy’s established reputation in the capital markets. Market recognition of its Bitcoin strategy enables the company to issue both common and preferred shares on favorable terms, converting proceeds directly into Bitcoin.

As of January 11, 2026, Strategy still has considerable room for future fundraising. Its STRK preferred stock has over $20.3 billion in available issuance capacity, STRD has $4 billion, STRC has $3.9 billion, and STRF has $1.6 billion.

Additionally, under its MSTR common stock at-the-market issuance program, the company retains more than $10.2 billion in available capacity. This multi-layered capital structure allows for flexible fundraising and diversification between common and various preferred stock sources.

Competitive Moat

Strategy’s dominance in corporate Bitcoin holdings is built on a set of structural advantages that are nearly impossible for competitors to replicate. These advantages create a formidable competitive moat.

The greatest edge comes from timing and cost basis. When Strategy first purchased Bitcoin in 2020, prices were in the $9,000 to $10,000 range. Today, the Bitcoin price has multiplied several times over. Any company attempting to build a comparable position would need to deploy exponentially more capital for the same amount of Bitcoin. For example, to match Strategy’s current holding of 687,410 BTC at today’s market price (per Gate data, as of January 13, 2026, Bitcoin is about $91,500), it would require over $6.29 billion.

Beyond financial advantages, leadership conviction is another intangible but decisive factor. Michael Saylor has publicly stated his intent to "buy Bitcoin forever," with no plans to sell. This rare, clear commitment sets the tone for the entire organization, enabling the company to withstand market volatility without deviating from its strategy.

Finally, operational infrastructure forms another barrier to entry. After nearly five years of practice, Strategy has developed institutional-grade Bitcoin management capabilities, including multi-signature cold storage, robust security protocols, and partnerships with top-tier OTC trading desks.

Market Impact and Valuation

Strategy’s massive Bitcoin holdings influence not only its own valuation but also the broader Bitcoin market. As the corporate benchmark for Bitcoin ownership, its actions and performance are widely seen as indicators of institutional adoption.

Despite its substantial Bitcoin holdings, Strategy’s stock price presents an interesting phenomenon. As of January 10, 2026, the company’s enterprise value reflects just under 96% of the value of its Bitcoin holdings. This means the market applies a discount to its Bitcoin assets, with a basic per-share net asset value multiple of 0.739 and a diluted per-share multiple of 0.823. This discount may reflect concerns about Bitcoin’s volatility or institutional caution toward this unique asset allocation.

Strategy’s large-scale buying also shapes the market structure for Bitcoin. The company executes purchases via OTC platforms designed to absorb large orders, minimizing price impact on public markets and reducing circulating supply.

Outlook

Strategy’s Bitcoin strategy is evolving within a dynamic market environment, and its future trajectory will be shaped by multiple factors. Institutional adoption of Bitcoin is accelerating, providing broader market validation for Strategy’s approach.

Several institutions have released bullish forecasts for Bitcoin. Gabe Selby, Head of Research at CF Benchmarks, predicts that institutional demand and favorable macroeconomic conditions in 2026 will drive Bitcoin’s price up 15% from its current level of around $90,000 to $102,000. Bernstein analyst Gautam Chhugani is even more optimistic, projecting Bitcoin could reach $150,000 in 2026 and peak at $200,000 in 2027.

The logic behind these forecasts is a structural shift in Bitcoin buying—from "cyclical speculation" to "strategic asset allocation." With the approval of spot ETFs and rising adoption by sovereign entities, Bitcoin is increasingly becoming an allocation asset for institutions and sovereign wealth funds.

For Strategy itself, there’s no sign of slowing down its Bitcoin accumulation. Both its public statements and financing capacity indicate a continued commitment to this strategy.

Strategy’s Bitcoin holdings now exceed the foreign reserves of many countries, and the proportion of Bitcoin to its market capitalization has become a focal point for the industry. On Gate’s market pages, investors can track Bitcoin’s price movements in real time and watch how this corporate giant’s holdings fluctuate with the market. While other companies are still debating whether to add Bitcoin to their balance sheets, Strategy has made it a core part of its identity. The subtle interplay between its stock price discount and Bitcoin holding premium acts as a mirror, reflecting the persistent perception gap between traditional finance and the crypto world.