(All data in this article is sourced from Cailian Press and official Strategy disclosures, accurate and verifiable)

Amidst the ongoing correction in the cryptocurrency market, the global benchmark firm for Bitcoin holdings has made another move.

On February 2nd, citing official news from Strategy (formerly MicroStrategy), Cailian Press reported that the company completed a new round of Bitcoin acquisitions last week, spending $75.3 million to purchase 855 Bitcoins at an average price of approximately $87,974 per coin.

Core Holdings Data Updated, Scale Reaches New High

Following this purchase, Strategy’s Bitcoin portfolio has expanded further. As of February 1, 2026, its cumulative Bitcoin holdings have climbed to 713,502 coins, with a total investment cost of approximately $54.26 billion. The average holding cost per Bitcoin stands at $76,052.

This scale of holdings solidifies its continued position as the leading publicly traded company in Bitcoin holdings globally, far surpassing the second-ranked firm. The gap between their holdings now exceeds 600,000 coins. Notably, Strategy’s holdings account for about 3.4% of Bitcoin’s fixed supply of 21 million coins, underscoring its significant influence.

It is worth noting that this purchase is not an isolated incident. From January 20th to 25th, Strategy had just spent $264.1 million to acquire 2,932 Bitcoins at an average price of around $90,061. These two purchases together represent an investment of over $339 million, demonstrating a steadfast commitment to Bitcoin’s long-term value.

Behind the Counter-Cyclical Buys: A Vote of Confidence During Market Weakness

Strategy’s consecutive purchases stand out, coinciding with a Bitcoin market correction period.

Data shows that Bitcoin has fallen nearly 13% since the beginning of 2026, hitting a low of $78,130 per coin on February 1st, marking its lowest point in 10 months. During the same period, the total market capitalization of the cryptocurrency market evaporated approximately $111 billion, with over 410,000 investors facing liquidations, spreading panic sentiment.

More critically, on February 3rd, the Bitcoin price fell below Strategy’s average holding cost for the first time since 2023. The market value of its holdings once shrank to $53.2 billion, revealing short-term paper loss pressure.

Despite this, Strategy chose to increase its holdings against the trend. This aligns with the consistent philosophy of its founder, Michael Saylor, who has long maintained that Bitcoin is the ultimate store of value. Since even before its name change (during the MicroStrategy era), the company established a treasury asset allocation strategy centered on Bitcoin. Each purchase is seen as a vote of confidence in the cryptocurrency market.

Capital Operation Logic: Leverage-Free Strategy, Narrowing Fundraising Space

Strategy’s continuous accumulation is supported by a mature capital operation model.

Its core logic is: raising funds through the issuance of common and convertible preferred stock, then deploying the full amount into Bitcoin purchases. The entire process is non-leveraged, coupled with strict audits of custodians to prevent any re-hypothecation of Bitcoin, maximizing the security of its holdings.

To date, Strategy has accumulated a $2.25 billion cash buffer through stock sales, facing no margin call risk or pressure for forced Bitcoin liquidation. However, it is important to note that its stock price has fallen about 70% from its peak, erasing its equity premium. The space for subsequent fundraising and purchases is continuously narrowing.

Market Impact: Short-Term Downturn Hard to Reverse, A Key Long-Term Variable

As a benchmark for institutional holdings, Strategy’s purchase actions can transmit confidence but are unlikely to reverse the market’s short-term weakness.

The current Bitcoin market exhibits highly institutionalized characteristics. Strategy and the 11 spot Bitcoin ETFs collectively hold about 10% of Bitcoin’s circulating supply but are generally in a state of paper losses. Among them, Bitcoin spot ETFs have seen net outflows exceeding $4.8 billion for three consecutive months, forming a sharp contrast with Strategy’s counter-cyclical accumulation.

Market analysis suggests that Strategy’s long-term holding strategy can absorb some market selling pressure, mitigating Bitcoin’s downside volatility. However, the “digital gold” narrative for Bitcoin is now widely questioned, failing to react to conventional catalysts like geopolitical shocks or a weak US Dollar. Capital is accelerating its flow towards AI stocks and traditional safe-haven assets like gold and silver. The cryptocurrency market urgently needs new narratives for support.

Investor Reminder: Rational Perspective, Beware of Multiple Risks

For ordinary investors, Strategy’s purchasing behavior can serve as an important reference but should be viewed rationally to avoid potential risks:

1. Amplified Volatility Risk: Strategy’s holding scale has created a size effect; changes in its portfolio could trigger market bandwagon behavior, amplifying short-term price swings.
2. Narrowing Error Margin for Holdings: With Bitcoin prices hovering near Strategy’s cost line, a further decline could strain its cash flow, potentially leading to an adjustment in its acquisition strategy.
3. External Environment Risks: Diverging global cryptocurrency regulations and the risk of liquidations triggered by high-leverage derivative trading will continue to impact Bitcoin’s price trajectory.

Overall, Strategy’s latest counter-cyclical purchase is a continuation of its long-term strategy. It showcases both long-term confidence in Bitcoin and faces multiple challenges such as a depressed stock price, fundraising pressure, and paper losses on holdings. Moving forward, as the institutionalization of the cryptocurrency market progresses, Strategy’s holding strategy and market performance will remain a key variable influencing Bitcoin’s trajectory. Ultimately, whether Bitcoin can reconstruct its value narrative and attract new institutional capital may determine the final outcome of this “big Bitcoin bet.”

Data Sources: Cailian Press (February 2, 2026), Strategy Official Disclosure Documents, The Financial World (February 3, 2026), CoinBoundary (January 29, 2026), Wall Street Insights (February 2, 2026), ETHNews (February 2, 2026)