Blockworks: Strategy 2026 The logic behind Bitcoin accumulation has changed

Strategy holds nearly 680,000 Bitcoin, but its financing model is quietly shifting.

Author: Blockworks

Translation: Deep潮 TechFlow

Deep潮 Introduction: Strategy holds nearly 680,000 Bitcoin, but its financing approach is quietly changing. From zero-interest convertible bonds in 2024 to high-cost preferred stock and dilutive stock issuance in 2026, the amount of Bitcoin per share is being diluted. This article breaks down how this structural change impacts the actual BTC price—what’s noteworthy is that its buying activity will shift from continuous to intermittent.

Strategy Executive Chairman Michael Saylor | DAS 2025 New York Summit, Photo: Mike Lawrence for Blockworks

Strategy has re-emerged as a visible treasury buyer in the Bitcoin market, but compared to 2024-2025, the financing background has changed significantly.

At the end of December last year, Strategy completed a round of financing but almost did not deploy the funds into Bitcoin. From December 29 to 31, the company sold 1,255,911 shares of MSTR, raising a net of $195.9 million, but only bought 3 Bitcoins. In January, deployment resumed: from January 1 to 4, another 735,000 shares were sold, raising a net of $116.3 million, and an average price of $90,391 per Bitcoin was paid to acquire 1,283 BTC, costing $116 million, bringing total holdings to 673,783 BTC.

A more critical signal is the change in financing structure. From 2024 to early 2025, Strategy financed at low cost through convertible bonds—cash coupons only 0.625% to 2.25%, followed by multiple issues of zero-interest convertible bonds. This approach works best when MSTR trades at a premium to Bitcoin NAV (mNAV > 1), because the equity options themselves are attractive.

Looking at the longer timeline, the marginal buying in 2025 is basically driven by two forces: spot ETFs and Strategy. From the cumulative accumulation chart, Strategy’s inflows for the entire year were roughly on par with ETF inflows for a significant period, meaning its influence on prices at certain stages could rival that of the ETF group.

The conditions in 2026 are clearly weaker. As mNAV narrows, financing shifts to high-cost two-digit preferred stocks and dilutive ATM common stock issuance. Under these circumstances, Strategy will find it difficult to continue large-scale buying without diluting Bitcoin per share. Strategy remains a market sentiment indicator, but its buying pressure will become more moderate and intermittent, with ETF capital flows and overall crypto market risk appetite becoming more reliable drivers of price.