Strategy Bitcoin Empire: Holding over 687,000 BTC, how to maintain the position of the world's largest corporate holding?

In the world of cryptocurrencies, there is a company’s name closely linked to Bitcoin—formerly known as MicroStrategy, now renamed Strategy. This company not only pioneered the use of Bitcoin as corporate reserve assets in 2020 but also built a “Bitcoin empire” that has attracted industry-wide attention through continuous large-scale purchases.

According to the latest regulatory filings as of January 11, 2026, Strategy has invested approximately $1.25 billion to acquire 13,627 Bitcoin, bringing its total Bitcoin holdings to 687,410 coins, with a total investment cost of about $51.8 billion. The average cost per Bitcoin held is $75,353.

Current Holdings

Strategy’s Bitcoin holdings have reached an astonishing scale. The company’s latest move continues to solidify its position as the world’s largest corporate Bitcoin holder.

Based on regulatory filings submitted between January 5 and January 11, 2026, the company added 13,627 Bitcoin, investing around $1.25 billion at an average purchase price of $91,519 per coin (including fees). This purchase increased its total Bitcoin holdings to 687,410 coins, with a total investment of approximately $51.8 billion. This scale of holding means Strategy owns over 3.27% of the total Bitcoin supply of 21 million, a highly rare concentration across any asset class.

This large-scale holding was accumulated through a strategy spanning several years. Starting with its first purchase in August 2020, Strategy gradually built this massive Bitcoin treasury.

Capital Engine

Behind Strategy’s continuous Bitcoin purchases is an innovative financing mechanism, forming the core of its “capital engine.” The company pioneered a model of raising funds through capital markets to accumulate Bitcoin, enabling it to expand its holdings without relying solely on operational cash flow. The latest round of funding clearly reflects this strategy. In the week ending January 11, 2026, Strategy raised $1.25 billion by selling shares.

Specifically, the company sold 6,827,695 Class A common shares of MSTR, raising net proceeds of $1.13 billion; simultaneously, it sold 1,192,262 variable-rate Series A Stretch preferred shares, raising net proceeds of $119.1 million. The key to this financing capability is the established credibility of Strategy in capital markets. Market recognition of its Bitcoin strategy has allowed it to issue shares and preferred stock on favorable terms, with the proceeds directly converted into Bitcoin.

As of January 11, 2026, Strategy still has substantial financing capacity to support future increases. Its STRK preferred shares have 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 the MSTR common stock on-exchange issuance plan, the company retains over $10.2 billion in available capacity. This multi-layered capital structure allows the company to raise funds flexibly and diversify sources between common stock and various preferred stocks.

Competitive Barriers

Strategy’s ability to maintain an absolute lead in corporate Bitcoin holdings stems from a series of structural advantages that are difficult for competitors to replicate. These advantages form an almost insurmountable competitive moat.

The greatest advantage comes from timing and cost basis. When Strategy first bought Bitcoin in 2020, the price was only in the $9,000 to $10,000 range, whereas Bitcoin now trades at multiples of that. Any company attempting to build a similar scale of holdings would need to deploy exponentially more capital to acquire the same amount of Bitcoin. For example, to match Strategy’s current holdings of 687,410 Bitcoin at the current market price (based on Gate data as of January 13, 2026, approximately $91,500 per Bitcoin), it would require over $62.9 billion.

Beyond financial advantages, leadership conviction is an intangible but decisive factor. Michael Saylor has publicly stated his intention to “buy Bitcoin forever,” with no plans to sell. This rare public commitment sets the tone for the entire organization, enabling the company to withstand market volatility without deviating from its strategic course.

Finally, operational infrastructure constitutes another competitive barrier. After nearly five years of practice, Strategy has established institutional-level Bitcoin management capabilities, including multi-signature cold storage, security protocols, and partnerships with top OTC trading platforms.

Market Impact and Valuation

Strategy’s massive Bitcoin holdings not only influence its own valuation but also have a profound impact on the entire Bitcoin market. As a model of corporate Bitcoin ownership, its actions and performance are widely regarded as a barometer for institutional adoption of Bitcoin.

Despite holding a large amount of Bitcoin, Strategy’s stock price exhibits interesting phenomena. As of January 10, 2026, the company’s enterprise value reflects only slightly less than 96% of its Bitcoin holdings’ value. This indicates a market discount on its Bitcoin assets, with a basic net asset value (NAV) multiple of 0.739 per share and a diluted NAV multiple of 0.823 per share. This discount may reflect concerns about Bitcoin’s volatility or cautious attitudes among institutional investors toward such specialized asset allocations.

Strategy’s large-scale purchases have also affected Bitcoin’s market structure. The company executes purchases through OTC platforms designed to absorb large orders, avoiding price swings in the open market and reducing circulating supply.

Future Outlook

Strategy’s Bitcoin strategy exists within a continuously evolving market environment, with future paths influenced by multiple factors. Institutional adoption of Bitcoin is accelerating, providing broader market recognition for Strategy’s approach.

Several institutions have issued optimistic forecasts for Bitcoin’s price. Gabe Selby, head of research at CF Benchmarks, predicts that driven by institutional buying and a favorable macroeconomic outlook in 2026, Bitcoin’s price could rise by 15% from the current approximately $90,000 to $102,000. Even more optimistic is analyst Gautam Chhugani from Bernstein, who believes Bitcoin could reach $150,000 in 2026 and peak at $200,000 in 2027.

The rationale behind these forecasts is a structural shift in Bitcoin’s purchase drivers—from “cyclical speculation” to “strategic asset allocation.” With the approval of spot ETFs and increasing adoption by sovereign nations, Bitcoin is gradually becoming an asset class for institutional and sovereign funds.

For Strategy itself, there appears to be no slowdown in its accumulation of Bitcoin. Its public statements and financing capabilities indicate plans to continue executing this strategy.

The number of Bitcoins held by Strategy now exceeds many countries’ foreign exchange reserves, and its Bitcoin holdings as a proportion of its market value has become a focal point in the industry. On the Gate exchange’s trading page, investors can track Bitcoin’s price movements in real-time and observe how this corporate giant’s holdings fluctuate with the market. While other companies are still considering whether to include Bitcoin on their balance sheets, Strategy has already made it a core part of its identity. The subtle relationship between the company’s stock price discount and Bitcoin holdings premium acts as a mirror reflecting the remaining cognitive gap between traditional finance and the crypto world.