MicroStrategy announced today that it acquired 10,107 BTC worth nearly $1.1B at an average price of $105,596 between January 21 and January 26. The latest BTC acquisition brought the company’s total BTC holdings to 471,107 BTC worth over $30.4B at an average price of $64,511.
MicroStrategy disclosed that it made the Bitcoin purchases using proceeds from the issuance and sale of over 2.765M shares between January 21 and January 26. As of January 26, approximately $4.3B worth of shares remain available for issuance and sale.
Peter Schiff, chief economist & global strategist at Europac, was concerned that MicroStrategy’s entire BTC position could be at a loss if the average price of BTC purchases continues to rise as the BTC price drops. According to Schiff, the loss would be magnified by the increased size of the position and the added debt incurred to acquire BTC.
However, MicroStrategy’s BTC acquisitions seem to be paying off so far, as it has achieved a 2.90% BTC yield YTD in 2025. The company’s BTC investments also remain profitable, with an unrealized gain of over $19B.
MicroStrategy plans more BTC purchases after the latest acquisition
MicroStrategy has acquired 10,107 BTC for ~$1.1 billion at ~$105,596 per bitcoin and has achieved BTC Yield of 2.90% YTD 2025. As of 1/26/2025, we hodl 471,107 $BTC acquired for ~$30.4 billion at ~$64,511 per bitcoin. $MSTR https://t.co/UM5dGUS9Ma
— Michael Saylor⚡️ (@saylor) January 27, 2025
Even with the massive accumulation of BTC in the past week, MicroStrategy is already planning its next BTC acquisition strategy. The company’s founder and chairman, Michael Saylor, hinted through a social media post on Sunday that read, “Don’t stop thinking about tomorrow.”
Today, MicroStrategy submitted form S-3 to the U.S. SEC, stating that it plans to raise funds by issuing debt securities, class A common stock, preferred stock, depository receipts, warrants, and hybrid securities units to further expand its BTC holdings.
The company disclosed that it intends to offer 2.5 million shares of its Series A Perpetual Strike Preferred Stock and use the net proceeds for general purposes, including BTC purchases and operating capital. The perpetual strike preferred stock will have a liquidation preference of $100 per share and will accumulate cumulative dividends at a fixed rate that will be determined at the pricing of the offering.
“Borrow billions, buy Bitcoin.”
Hummingbird CEO Kevin Oakeson is not impressed. He criticized MicroStrategy’s BTC accumulation through debt, saying it would be more profitable for traders to invest directly in Bitcoin rather than buy the company’s shares.
Mr Garlick, the owner of Stocksnewswire, also said it made zero sense for investors to buy MSTR when they could buy Bitcoin instead.
MicroStrategy uses BTC yield KPI to assess BTC acquisition performance
According to the form 8-K submitted to the U.S. SEC, MicroStrategy declared that it would use the BTC yield as a KPI to assess its BTC acquisition strategy in a manner the company believes to be “accretive” to shareholders. The company said the KPI could also be used to “supplement” an investor’s understanding of its decision to fund BTC acquisition through debt.
However, MicroStrategy warned that the KPI is not to be used or understood as an operating performance or financial or liquidity measure. Particularly, BTC yield is not the same as “yield” in the traditional financial context.
BTC is also not a measure of the return on investment the company’s shareholders might have gained historically or could achieve in the future by buying the company’s stock. The KPI is not to be understood as a measure of the income generated by the company’s operations or return on investment on its BTC holdings.
While the company will determine its BTC yield KPI targets based on historical and future goals, its ability to achieve a positive BTC yield depends on its cash generation capabilities. Factors outside its control, such as the availability of debt and equity financing on favorable terms, could also be used to achieve a positive BTC yield.
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