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Michael Saylor has once again outlined how Strategy approaches Bitcoin ownership, tying the company’s underlying philosophy directly to its actions.
In a recent post on X, Strategy’s co-founder and executive chairman said the firm buys what he described as “real Bitcoin,” audits its custodians, and avoids rehypothecation. The remarks followed the disclosure of a new Bitcoin purchase, reinforcing what Saylor framed as a disciplined and transparent treasury strategy.
By emphasizing direct ownership and custodial oversight, Saylor sought to distinguish Strategy’s approach from structures that allow Bitcoin to be reused, pledged, or otherwise encumbered by intermediaries.
His message focused on control and verification, positioning custody practices as a core element of the firm’s long-term strategy rather than a reaction to short-term market conditions.
Key Points
- Strategy emphasizes direct ownership of Bitcoin, audits its custodians, and avoids rehypothecation.
- The company purchased 2,932 Bitcoin from January 20–25 for roughly $264.1 million.
- Total Bitcoin holdings now stand at 712,647 coins, valued at about $62.5 billion.
- Strategy’s average cost per Bitcoin is $76,037, with roughly $8.3 billion in unrealized gains at current prices.
- The purchase aligns with the Strategy’s long-term, unleveraged treasury strategy rather than short-term market timing.
- Strategy holds more Bitcoin than any other publicly traded company, surpassing the next-largest holder by over 600,000 coins.
Recent Purchase Reinforces Custody Message
Saylor’s comments came just days after Strategy revealed its latest Bitcoin acquisition. In a Form 8-K filed 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 about $90,061 per coin.
While the filing focused solely on the transaction, Saylor’s post added context. His remarks suggested continuity rather than change, underscoring that the purchase aligned with existing policies centered on unleveraged ownership and audited custody.
We buy real bitcoin. We audit our custodians. We don’t rehypothecate. You shouldn’t either.
— Michael Saylor (@saylor) January 28, 2026
Together, the filing and the post presented a consistent narrative around how Strategy expands its Bitcoin reserves.
Scale of Holdings and Capital Structure
Following the latest purchase, Strategy’s total Bitcoin holdings rose to 712,647 coins. At current market prices, the position is valued at roughly $62.5 billion. Across all acquisitions, the company’s average cost per Bitcoin is $76,037. Total spending, including fees and related expenses, is approximately $54.2 billion, according to figures cited by Saylor.
The holdings represent approximately 3.4% of Bitcoin’s fixed 21 million supply and imply about $8.3 billion in unrealized gains at prevailing prices. The scale of the reserve places Strategy far ahead of other public companies holding Bitcoin, reinforcing its status as the most prominent corporate participant in the market.
Industry Landscape and Market Pressures
Data from Bitcoin Treasuries shows that 194 public companies now hold the world’s largest cryptocurrency. Even so, the gap between Strategy and its peers remains substantial. MARA holds 53,250 Bitcoin, while Twenty One holds 43,514. Metaplanet follows with 35,102 Bitcoin.
Other notable holders include Adam Back, with 30,021 Bitcoin, and the Bitcoin Standard Treasury Company, with 24,300. Riot Platforms, Bullish, Hut 8, Strive, and Coinbase round out the top ten, each holding between roughly 13,000 and 18,000 Bitcoin.
Despite growing adoption, market performance across Bitcoin treasury companies has been uneven. Many have seen sharp declines from summer 2025 highs as market cap-to-net asset value ratios compressed.
Strategy itself is down about 64% from its peak and currently trades at an mNAV of roughly 0.83, meaning its shares are valued below the net worth of its Bitcoin holdings.
Saylor has previously addressed this risk. He said last year that Strategy’s capital structure could withstand a 90% decline in Bitcoin’s price over four to five years, citing the mix of convertible debt, equity, and preferred instruments. However, he also cautioned that shareholders could face significant losses if such a scenario occurred.
Recent Market Movement
In recent trading, Strategy’s stock fell 3.52% over five days, closing Wednesday at $158.45. Bitcoin also declined during the same period, slipping about 2%. As of this writing, the cryptocurrency was trading near $88,103.
Taken together, Saylor’s comments and Strategy’s latest filing present a unified message. The company continues to expand its Bitcoin holdings while publicly reinforcing a custody model built on direct ownership, verification, and long-term conviction.