BitcoinMarkets
|4 min Read‘Orange dot day’ as Strategy lifts bitcoin stash to 640,808 BTC
Carter Hayes
Senior Analyst
Published
Jan 16, 2026
New buy, funding mix, and the 42/42 plan
Strategy, formerly MicroStrategy, bought another 390 bitcoin between Oct. 20 and Oct. 26 for about 111,117, according to an 8-K filing with the SEC on Monday. The company now holds 640,808 BTC, worth roughly 115,379, with an average purchase price of 47.4 billion including fees. That is more than 3 percent of the 21 million supply and implies about $26.6 billion in paper gains at current levels. The filing is here: https://www.sec.gov/Archives/edgar/data/1050446/000119312525250751/mstr-20250902.htm
The latest buys came from proceeds of at-the-market sales of three perpetual preferreds: STRK, STRF, and STRD. These programs sit alongside the firm’s “42/42” capital plan that targets 42 billion plan after the equity sleeve was depleted. Recent activity shows 191,404 STRK shares sold for about 19.4 million, and 87,462 STRD for $7 million, with sizable capacity remaining across programs.
Strategy describes the preferreds this way: STRD is non-convertible with a 10 percent non-cumulative dividend and the highest risk-reward. STRK is convertible with an 8 percent non-cumulative dividend, giving equity upside. STRF is non-convertible with a 10 percent cumulative dividend, the most conservative. STRC is a variable-rate cumulative preferred with monthly dividends designed to trade near par.
Treasury club grows, stocks lag, and the risk math
According to Bitcoin Treasuries, there are now 190 public companies pursuing a bitcoin acquisition model: https://bitcointreasuries.net/. MARA, Tether-backed Twenty One, Metaplanet, and the Adam Back and Cantor-Fitzgerald-backed Bitcoin Standard Treasury Company round out the top five with 53,250 BTC, 43,514 BTC, 30,823 BTC, and 30,021 BTC respectively.
Even as the club expands, many of these stocks have pulled back from summer highs. Strategy is down 37 percent over the past year on TradingView: https://www.tradingview.com/symbols/NASDAQ-MSTR/?timeframe=12M. Market-cap-to-NAV ratios have compressed, with Strategy’s mNAV around 1.1. Earlier this year, Michael Saylor said in an interview that the capital structure is built to endure a 90 percent bitcoin drawdown lasting four to five years, thanks to a mix of equity, convertibles, and preferreds, though he acknowledged shareholders would still “suffer”: https://finance.yahoo.com/news/michael-saylor-admits-strategy-shareholders-165415385.html
‘It’s orange dot day’ and the drip continues
Last Monday, Strategy said it purchased another 168 BTC for about 112,051, lifting holdings to 640,418 BTC. Saylor hinted at the latest buys on Sunday with an update on the company’s tracker: “It’s orange dot day.”
As for the equity, Strategy closed up 1.5 percent on Friday at $289.08 and was up 4.1 percent in pre-market trading on Monday. It gained 3.5 percent last week but remains down 3.7 percent year to date versus bitcoin’s 23.4 percent gain for 2025. The flywheel keeps turning. The orange dots keep coming. Historic, and for Saylor, very on brand.
Disclaimer: This document is intended for informational and entertainment purposes only. The views expressed in this document are not, and should not be taken as, investment advice or recommendations. Recipients should do their own due diligence, taking into account their specific financial circumstances, investment objectives and risk tolerance, which are not considered here, before investing. This document is not an offer, or the solicitation of an offer, to buy or sell any of the assets mentioned.