In a move that has become almost routine, Strategy (formerly MicroStrategy) has added more Bitcoin to its holdings amid a sharp market decline.
This announcement was made by the company’s executive chairman Michael Saylor signaling, continued confidence in the crypto asset despite heightened volatility and investor caution.
Saylor in a post on X with the caption “More Orange” disclosed Strategy latest Bitcoin acquisition of 2,932 BTC for $264 million, bringing the company’s total holdings to 271,264 BTC valued at $55.8 billion as of February 1, 2026.
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The accompanying chart from StrategyTracker illustrates the firm’s 96 purchase events since 2020, with an average cost of $67,383 per BTC, well below the current price near $78,000 highlighting their dollar-cost averaging approach amid market volatility.
This move aligns with MicroStrategy’s aggressive treasury strategy, using convertible debt and stock sales to accumulate Bitcoin, which has boosted MSTR shares but exposed them to crypto price swings, as seen in a recent 6% stock dip.
The announcement sparked a mix of reactions on as some lauded the company’s relentless stacking, amid BTC’s downward price trajectory. However, skeptics pointed out the timing, with some noting that Strategy often buys near local highs, and others joking that “whenever Saylor buys we go 5% down next week.”
Others highlighted the contrast between Strategy’s long-term conviction and short-term trader frustration.
The purchase also arrives just ahead of Strategy’s Q4 earnings report, adding another layer of attention to the company’s financials and its Bitcoin-centric balance sheet.
A Consistent Strategy in A Volatile Market
The latest purchase marks Strategy’s 96th reported Bitcoin acquisition since it began its now-famous treasury strategy in 2020. The company has consistently used proceeds from equity offerings, convertible debt, and preferred stock sales (including the high-yield Series A Perpetual Stretch Preferred Stock — STRC) to fund its Bitcoin buys even during periods of price weakness.
This particular buy comes at a challenging moment for Bitcoin, after the crypto asset experienced a sharp pullback from a $98,000 high in January, before briefly dipping below $75,000 on February 1, 2026. Reports reveal that Bitcoin has continued to face market headwinds, extending its decline by more than 12% over the past seven days.
Bitcoin’s recent sell-off has exposed a growing tension in crypto markets, pitting seasoned “buy-the-dip” investors against mounting evidence of structural vulnerabilities. The weakness in Bitcoin is also part of a broader cross-asset correction.
Macro strategists at Bull Theory described the decline as a sequential chain reaction, beginning with small-cap equities and the US dollar, cascading through stocks and precious metals, and finally spilling into highly leveraged crypto markets.
At current prices, Strategy’s Bitcoin treasury reflects unrealized paper losses of approximately $150 million. When Bitcoin dipped to $74,544 earlier in the session, those losses briefly expanded to nearly $1 billion.
The losses are not limited to Strategy. Data from BitcoinTreasuries showed that several other corporate Bitcoin holders are also sitting on significant unrealized losses.
Despite the pressure, Saylor and Strategy show no signs of slowing down. The “More Orange” post a recurring phrase the executive uses to telegraph new purchases was widely interpreted by the crypto community as confirmation of continued accumulation.
The Bigger Picture
Strategy’s Bitcoin treasury is now valued at roughly $62–63 billion (depending on intraday BTC price), making it by far the largest corporate holder of the asset. This model has transformed the company from a traditional business intelligence software provider into one of the most prominent leveraged proxies for Bitcoin exposure in public markets.
Critics argue the approach is highly speculative and exposes shareholders to extreme volatility. Supporters view it as a bold, forward-thinking hedge against fiat inflation and a long-term bet on Bitcoin’s adoption as a superior store of value.
With this latest “orange” addition, one thing remains clear: Michael Saylor and Strategy are not pausing regardless of short-term price action. As Saylor has repeatedly signaled through his posts over the years, the plan appears to be simple and unwavering, more purchases, always.