Michael Saylor once again outlined how Strategy approaches Bitcoin ownership, directly linking the company’s underlying philosophy to its actions.
In a recent post on X, Strategy’s co-founder and executive chairman said the company buys what he described as “real Bitcoin,” audits its custodians, and avoids rehypothecation. The remarks followed the announcement of new Bitcoin purchases and reinforced what Saylor framed as a disciplined and transparent financial strategy.
By emphasizing direct ownership and custodial oversight, Saylor sought to distinguish the strategy’s approach from structures that allow Bitcoin to be reused, pawned, or otherwise burdened by intermediaries.
His message focused on control and verification, positioning storage practices as a core element of the company’s long-term strategy rather than a reaction to short-term market conditions.
Important points
- This strategy emphasizes direct ownership of Bitcoin, audits its custodians, and avoids rehypothecation.
- The company purchased 2,932 Bitcoins between January 20th and 25th for approximately $264.1 million.
- Currently, the total number of Bitcoins held is 712,647, with a value of approximately $62.5 billion.
- Strategy’s average cost per Bitcoin is $76,037, representing an unrealized gain of approximately $8.3 billion at current prices.
- This purchase is in line with the strategy’s long-term unleveraged financial strategy, rather than short-term market timing.
- Strategy holds more Bitcoin than any other publicly traded company, with over 600,000 more coins than the next largest holding.
Recent Purchases Reinforce Custody Message
Saylor’s comments come days after Strategy revealed its latest Bitcoin acquisition. In a Form 8-K filing with the U.S. Securities and Exchange Commission, the company disclosed that it purchased 2,932 Bitcoin between January 20 and January 25. The total cost was approximately $264.1 million, with an average purchase price of approximately $90,061 per coin.
The filing focused solely on this transaction, but Saylor’s post added context. His remarks signaled continuity rather than change, emphasizing that the acquisition was in line with existing policies centered on unlevered ownership and audited custody.
We buy real Bitcoin. We audit custodians. We don’t reinvent our assumptions. Neither should you.
— Michael Saylor (@saylor) January 28, 2026
Together, this filing and post presented a coherent narrative of how Strategy will grow its Bitcoin reserves.
Holdings size and capital structure
After this purchase, Strategy’s total Bitcoin holdings increased to 712,647 coins. Based on current market prices, this position is worth approximately $62.5 billion. Across all acquisitions, the company’s average cost per Bitcoin is $76,037. Total spending, including fees and related expenses, is about $54.2 billion, according to figures cited by Saylor.
This holding amount is equivalent to approximately 3.4% of the fixed supply of 21 million Bitcoins, and represents an unrealized gain of approximately $8.3 billion at the current price. The size of its reserves puts Strategy far ahead of other publicly traded companies that hold Bitcoin, reinforcing its position as the most prominent corporate participant in the market.
Industry conditions and market pressures
According to Bitcoin Treasury data, 194 publicly traded companies currently own the world’s largest cryptocurrency. Still, there are still significant differences between Strategy and its competitors. MARA holds 53,250 Bitcoins and Twenty One holds 43,514 Bitcoins. Metaplanet follows with 35,102 Bitcoins.
Other notable holders include Adam Back, who holds 30,021 Bitcoin, and Bitcoin Standard Treasury Company, which holds 24,300 Bitcoin. Riot Platforms, Bullish, Hut 8, Strive, and Coinbase are in the top 10, each holding approximately 13,000 to 18,000 Bitcoins.
Despite increased adoption, market performance across Bitcoin treasury companies is uneven. Many companies have fallen sharply from their summer 2025 highs as the ratio of market capitalization to book value has compressed.
Strategy itself is down about 64% from its peak and currently trades at an mNAV of about 0.83, meaning the value of its stock is less than its net worth of Bitcoin holdings.
Thaler has dealt with this risk before. Last year, he said that Strategy’s capital structure could withstand a 90% decline in the price of Bitcoin over four to five years, citing a combination of convertible debt, equity and preferred products. However, it also warned that shareholders could face significant losses if such a scenario were to occur.
Recent market trends
In recent trading, Strategy’s stock price fell 3.52% in five days to close at $158.45 on Wednesday. Bitcoin also fell during the same period, dropping by about 2%. As of this writing, the cryptocurrency is trading around $88,103.
Saylor’s comments and Strategy’s latest filings, taken together, suggest a unified message. The company continues to grow its Bitcoin holdings while publicly reinforcing a custody model built on direct ownership, verification, and long-term convictions.
