The Bitcoin price is not in line with traders’ expectations. Q4 2025 was a disaster, and, for lack of a better word, underwhelming. Not only did Bitcoin and some of the best cryptos to buy slide to worrying levels, but calls of a December moonshot didn’t materialize.
As January comes to a close, there is a real risk of Bitcoin dropping below $87,000. If it does, then, for the first time since late 2018, the BTC USD price would have closed in the red for four consecutive months. Even for optimists, this will be a clear signal that BTC USD and the next cryptos to explode are heading for difficult times.
Still, Strategy, formerly MicroStrategy, is unfazed by bears. They are doubling down. Recent regulatory filings reveal that they bought $264M of BTC when the coin slid, shaking out speculators. Following this news, the Bitcoin price is still boxed between $87,000 and $90,000. Buyers are confident, but price action points to caution and de-risking.
Strategy has acquired 2,932 BTC for ~$264.1 million at ~$90,061 per bitcoin. As of 1/25/2026, we hodl 712,647 $BTC acquired for ~$54.19 billion at ~$76,037 per bitcoin. $MSTR $STRC https://t.co/QBFRdARwtM
— Strategy (@Strategy) January 26, 2026
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Strategy Buys More BTC
According to SEC files on January 26, Strategy added 2,932 BTC between January 20 and 25. During this time, the Bitcoin price was under immense selling pressure, fluctuating between $87,000 and $90,000. Each coin was bought at an average price of $90,061, pushing their total holdings to 712,647 BTC. The aggregated average price of Bitcoin held by Strategy is $76,037.
In the first two weeks of January, records show that Strategy bought over $1.3Bn of BTC. Additionally, between January 12 and 19, Strategy added $2.13Bn worth of BTC. These purchases are funded mainly via an “at-the-market” equity offering program. For example, the recent purchase follows Strategy’s decision to sell roughly 1.57M shares of common stock.
Strategy has acquired 22,305 BTC for ~$2.13 billion at ~$95,284 per bitcoin. As of 1/19/2026, we hodl 709,715 $BTC acquired for ~$53.92 billion at ~$75,979 per bitcoin. $MSTR $STRC $STRK $STRF $STRD $STRE https://t.co/6hpAeOxp2I
— Strategy (@Strategy) January 20, 2026
MicroStrategy uses Bitcoin as its main treasury asset. Saylor believes Bitcoin protects purchasing power over time, even if the price swings hard in the short term. This latest buy pushes their holdings to roughly +3% of all Bitcoin that will ever exist. That matters because Bitcoin has a fixed supply. When a single company locks up that much, fewer coins remain available on the open market. At the moment, they are the largest holders of Bitcoin among any other public company in the globe.
(Source: Bitcoin Treasuries)
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Is Strategy At Risk of Liquidation? Balancing Bitcoin and MSTR Stock Prices
If you are new, this explains why headlines about Bitcoin market sell-offs often attract long-term buyers instead of scaring them away. The big boys often see volatility as the price of admission. Saylor’s timing sends a clear message. Big players are not trying to trade every bounce. They aim to own Bitcoin before demand tightens further. That mindset already paid off in public markets. MicroStrategy stock roared from 2020 through 2025 before correcting to spot levels. Before the approval of spot Bitcoin ETFs, institutions viewed MSTR as a Bitcoin proxy. By HODLing MSTR, they had “indirect” exposure to Bitcoin but without the hassle of managing wallets or private keys.
Whether Strategy will be viewed as a genius all depends on how the Bitcoin price performs. All their purchases are mostly from long-term debt and selling shares. As of January 2026, they own $8.2Bn in liabilities, putting them in a tough spot. The first payment is in September 2027, when over $1bn is due. The good news is that their debt is convertible. What this means is that if the stock is high, debt holders take stock instead of cash. If the stock is low, Saylor can often pay them in more stock or cash from his software business.
MSTR update @saylor
MicroStrategy added $45.6M in $btc on Nov 3, pushing their unrealized profit to roughly +$12B. They also moved about $90M worth of $btc to an unknown wallet — unclear whether internal restructuring or strategic custody flow.
Their debt profile remains one… https://t.co/wTF9p00p4U
— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) November 14, 2025
However, if MSTR stock continues to fall while Bitcoin remains stagnant, the market may begin to price in “liquidation risk.” For this to become a reality, Bitcoin would likely need to stay below the company’s average cost of roughly $76,000 for a sustained period while the stock trades at a significant discount to its BTC holdings.
Furthermore, if the firm continues to buy BTC by selling preferred shares, it may invite new challenges. STRC preferred shares come with fixed dividend obligations, creating a cash-flow drain on a company whose software arm generates relatively modest revenue. This increases the pressure on Bitcoin to perform to cover those mounting costs.
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