Strategy adds 89,618 bitcoin since January 2026

Strategy has bought 89,618 bitcoin since January, lifting its holdings to 761,068 BTC even as bitcoin’s price has sunk around 20%.

If no further purchases are disclosed before the quarter ends, the tally would rank as the firm’s second-largest quarterly accumulation after Q4 2024, when it added 194,180 BTC.

The report said bitcoin is now more than 40% below an October high of US$126,000, while Strategy’s shares are down around 15%.

Recent buying was partly funded by sales of its perpetual preferred offering called Stretch, but the report said the company has been unable to utilize that program for now after the security failed to reach its US$100 par value.

🔗 Source: CoinDesk

🧠 Food for thought

Implications, context, and why it matters.

The funding engine behind Strategy’s bitcoin buys is sputtering

The “Stretch” security is a perpetual preferred stock (a type of stock that pays dividends and has no maturity date), ticker STRC, built to raise cash for bitcoin purchases through a high, variable monthly dividend 1.
A built-in rule lets the company reset the dividend rate to keep the trading price near its US$100 stated amount (stated amount/par) 1.
The company’s published framework says management plans larger dividend increases when STRC trades below US$95, aiming to pull demand up and move the price back toward par 2.
Strategy cannot use the STRC program right now because the security has not reached its US$100 par value, which may push the firm toward other funding routes such as common-stock sales that can dilute existing shareholders by raising the share count 3.

Strategy’s high-stakes gamble creates a potential bitcoin contagion risk

Strategy’s market strategy centers on a real-time financial experiment that uses public markets to keep buying bitcoin, alongside its software operations 4, 5.
This approach leaves Strategy’s stock swinging more than bitcoin, with one study finding an average drop 1.6 times worse than bitcoin’s during major sell-offs 6.
The firm has no bitcoin-collateralized debt, so it avoids a traditional margin call (a lender demand for more collateral), yet it still faces the risk of a liquidity crisis (not having enough cash or financing to meet obligations when due) 7.
One analysis puts Strategy near 3% of bitcoin’s total supply, which could amplify market stress if refinancing fails as large put and maturity windows arrive in 2027–2028, raising pressure to sell bitcoin 7.