Michael Saylor has once again signaled a potential Bitcoin purchase by Strategy, only days after the firm disclosed a $1.25 billion acquisition that further expanded its already sizable reserves.
In a post published on X over the weekend, Saylor shared a screenshot from StrategyTracker that displayed Bitcoin’s price alongside markers indicating previous Strategy purchases. The post carried a short caption: “Bigger Orange.” Orange has long served as a visual reference to Bitcoin in Saylor’s posts and has become a recurring signal ahead of confirmed acquisitions.
₿igger Orange. pic.twitter.com/HI47hMCnui
— Michael Saylor (@saylor) January 18, 2026
The image showed Bitcoin trading near $92,964 at the time of posting. Similar posts have become linked to upcoming disclosures, as Strategy has confirmed new purchases shortly after such teasers on multiple occasions.
Aggressive accumulation continues in early 2026
Strategy entered 2026 with immediate buying activity. On Jan. 5, the firm purchased 1,283 BTC. One week later, it followed with a significantly larger transaction, acquiring 13,627 BTC for $1.25 billion on Jan. 12.
In total, Strategy has added 14,910 BTC since the start of the year, according to data from StrategyTracker. The firm now holds 745,156 BTC at an average purchase price of $75,353 per coin.
With Bitcoin trading in the low-$90,000 range, Strategy’s Bitcoin position remains profitable on paper.
Strategy’s Bitcoin holdings represent roughly 3.27% of Bitcoin’s maximum supply of 21 million coins, which reinforces its position as the largest corporate holder of the asset.
Stock performance trails Bitcoin gains
Despite the growing Bitcoin reserve, Strategy’s equity performance has told a different story. The firm’s shares have declined sharply over the past year. As of the Jan. 16 close, the stock traded at $173.71, down approximately 52.67% over the previous 12 months, according to Google Finance data.
Investor concerns intensified during the final quarter of 2025, as Strategy relied heavily on short-term debt issuance to finance its Bitcoin purchases. Convertible notes have served as a primary funding mechanism, allowing the firm to raise capital while deferring equity dilution.
The approach has supported rapid accumulation but has also increased leverage. Strategy briefly paused Bitcoin purchases in late December and issued new equity to strengthen its cash position. Around the same period, MSCI indicated that companies with heavy Bitcoin exposure, including Strategy, could face exclusion from certain indexes. Those plans were later shelved.
Debt obligations approach critical window
While Strategy’s Bitcoin reserve remains profitable, longer-term balance sheet risks persist. Convertible note holders will gain the option to convert billions of dollars worth of debt between late 2027 and 2028. That timeline could place pressure on the firm to secure substantial capital if conversions occur.
Strategy has stated on multiple occasions that it has sufficient resources to manage future obligations. The company has also acknowledged that it could sell part of its Bitcoin holdings to raise capital if required.
These risks have remained a central focus for investors, particularly as Bitcoin has struggled to reclaim the $100,000 level in recent weeks amid broader market volatility.
Bitcoin price weakness adds pressure
Bitcoin traded near $92,600 on Monday, down 2.6% over the prior 24 hours, as renewed U.S.-Europe tariff tensions weighed on risk assets. The pullback followed a sharp sell-off tied to geopolitical headlines, which triggered widespread liquidations across the crypto market.
The price weakness has not altered Strategy’s acquisition stance so far. Saylor has reiterated that the firm’s strategy accounts for market volatility and long-term holding periods.
His latest post suggests that Strategy’s accumulation model remains intact, even as macro uncertainty and leverage concerns continue to shape investor sentiment.
Tanya Petrusenko
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