Bitcoin
|4 min ReadStrategy adds 196 bitcoin, lifts stash to 640,031 BTC
Maya Chen
Senior Analyst
Published
Jan 16, 2026
Stock and preferred sales fund the buy
Bitcoin treasury company Strategy, formerly MicroStrategy, bought another 196 BTC for about 113,048 per coin, according to an 8-K filing with the Securities and Exchange Commission on Monday. 8-K filing
The buy was funded with proceeds from at-the-market sales of its Class A common stock, MSTR, and its perpetual preferred stocks STRK, STRC, STRF, and STRD. Strategy now holds 640,031 BTC, worth around 73,983 for a total cost of about 24.4 billion of paper gains and represents more than 3% of bitcoin’s total 21 million supply. according to$111,289.72. See Details.
How the capital stack works
Strategy’s preferred programs are sizable: 4.2 billion for STRC, 4.2 billion for STRD. These sit alongside the firm’s “42/42” plan, upsized to a total 4.2 billion STRC program announcement remains on the company’s site.
STRD is non convertible with a 10% non cumulative dividend and the highest risk reward profile. STRK is convertible with an 8% non cumulative dividend, allowing equity upside. STRF is non convertible with a 10% cumulative dividend, the most conservative. STRC is variable rate, cumulative, paying monthly with adjustable rates designed to keep it near par.
Saylor signals and the treasury race
Saylor hinted at the filing before it landed. He posted the tracker on Sunday with “Always ₿e Stacking.” hint
Last week, Strategy reported a 850 BTC purchase for $99.7 million, lifting holdings to 639,835 BTC. The pace of buying has generally been slowing in recent weeks as the firm shifts focus from its common stock ATM program to its perpetual preferred stocks for funding.
According to Bitcoin Treasuries, there are now 180 public companies with some form of bitcoin acquisition model. The rest of the top 10 after Strategy are MARA with 52,477 BTC, Tether backed Twenty One with 43,514 BTC, Bitcoin Standard Treasury Company backed by Adam Back and Cantor Fitzgerald with 30,021 BTC, Metaplanet with 25,555 BTC, Bullish with 24,300 BTC, Riot Platforms with 19,309 BTC, Trump Media & Technology Group with 15,000 BTC, CleanSpark with 12,703 BTC, and Coinbase with 11,776 BTC, with no additional declared acquisitions in the past week. Bitcoin Treasuries MARA Twenty One Bitcoin Standard Treasury Company Metaplanet Bullish Riot Platforms Trump Media & Technology Group CleanSpark Coinbase
Premiums, risks, and what the tape says
Many bitcoin treasury stocks are well below summer peaks. Strategy is down 32% over that stretch. Although mNAV has contracted sharply over the past couple of months, Strategy’s $87.6 billion market cap still trades at a premium to its bitcoin net asset value. Some investors worry about the premium and the many acquisition programs. Bernstein analysts argue the leverage is manageable given low debt and no payments due until 2028. Strategy’s mNAV is around 1.23.
Saylor has said the capital structure is built to endure a severe winter. In an interview earlier this year, he said Strategy could withstand a 90% bitcoin drawdown that lasts four to five years due to its mix of equity, convertible debt, and preferred instruments, though he noted shareholders would still “suffer.” interview
MSTR closed up 2.8% on Friday at $309.06, in a week where bitcoin slipped 0.3%. MSTR is up 1.9% in pre market trading on Monday and has gained 3% year to date, compared to bitcoin’s 20%. TradingView
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.