Bitcoin price does not match traders’ expectations. The fourth quarter of 2025 was a disaster and, for lack of a better word, disappointing. Not only did Bitcoin and some of the best cryptocurrencies to buy fall to worrying levels, but calls for a December moonshot failed to materialize.
As January comes to an end, there is a real risk of Bitcoin falling below $87,000. If so, the BTC USD price would have closed in the red for four consecutive months for the first time since late 2018. Even for optimists, this will be a clear signal that BTC USD and the next exploding cryptos are in for tough times.
Yet Strategy, formerly MicroStrategy, is not impressed by bears. They are doubling down. Recent regulatory filings show they bought $264 million worth of BTC as the currency slid, shaking out speculators. After this news, the price of Bitcoin is still between $87,000 and $90,000. Buyers are confident, but price action signals caution and risk reduction.
Strategy acquired 2,932 BTC for ~$264.1 million at ~$90,061 per bitcoin. On 1/25/2026 we had 712,647 $BTC purchased for ~$54.19 billion at ~$76,037 per bitcoin. $mstrer $StrC https://t.co/QBFRdARwtM
— Strategy (@Strategy) January 26, 2026
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Strategy buys more BTC
According to SEC filings, on January 26, Strategy added 2,932 BTC between January 20 and 25. During this time, the Bitcoin price was under immense selling pressure and fluctuated between $87,000 and $90,000. Each coin was purchased at an average price of $90,061, bringing their total holdings to 712,647 BTC. The total average price of Bitcoin held by Strategy is $76,037.
Data shows that Strategy purchased more than $1.3 billion worth of BTC in the first two weeks of January. Additionally, Strategy added $2.13 billion in BTC between January 12 and January 19. These purchases are primarily financed through an at-the-market equity issuance program. For example, the recent purchase follows Strategy’s decision to sell approximately 1.57 million shares of its common stock.
Strategy acquired 22,305 BTC for ~$2.13 billion at ~$95,284 per bitcoin. On 1/19/2026 we had 709,715 $BTC purchased for ~$53.92 billion at ~$75,979 per bitcoin. $mstrer $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 fluctuates sharply in the short term. This latest purchase pushes their holdings to approximately +3% of all Bitcoin that will ever exist. That is important because Bitcoin has a fixed supply. When one company commits so much, fewer coins remain available on the open market. Currently, they are the largest holders of Bitcoin among all other publicly traded companies in the world.
(Source: Bitcoin treasuries)
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Is the strategy at risk of liquidation? Balancing Bitcoin and MSTR stock prices
If you’re new, this explains why headlines about the Bitcoin market sell-off often attract long-term buyers rather than deter them. The big boys often see volatility as the price of admission. Saylor’s timing sends a clear message. Big players don’t try to trade every bounce. They aim to own Bitcoin before demand tightens further. That mentality has already paid off in the public markets. MicroStrategy shares rose from 2020 through 2025 before correcting to spot levels. Before the adoption 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 seen as a genius all depends on how the Bitcoin price performs. All of their purchases come largely from long-term debt and stock sales. As of January 2026, they own $8.2 billion in debt, putting them in a dire situation. The first payment will take place in September 2027 More than $1 billion is needed. The good news is that their debt is convertible. What this means is that when equity is high, debt holders take equity instead of cash. When stock is low, Saylor can often pay them in more shares or cash from his software company.
MSTR update @saylor
MicroStrategy added $45.6 million $btc on November 3, bringing their unrealized profits to approximately +$12 billion. They also moved about $90 million worth of goods $btc to an unknown wallet – unclear whether there is internal restructuring or strategic retention.
Their debt profile remains one… https://t.co/wTF9p00p4U
— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) November 14, 2025
However, if MSTR stock continues to fall while Bitcoin stagnates, the market may start to price in “liquidation risk.” For this to become a reality, Bitcoin would likely have to remain below the company’s average cost of around $76,000 for an extended period of time, while the shares trade at a significant discount to their BTC holdings.
Furthermore, if the company continues to buy BTC by selling preferred shares, it could present new challenges. STRC preferred shares come with fixed dividend obligations, creating a cash flow drain for a company whose software business generates relatively modest revenues. This increases the pressure on Bitcoin to perform to cover rising costs.
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