Strategy Completes Largest Bitcoin Purchase Since 2024

Written by Emily J. Thompson, Senior Investment Analyst

MSTR+0.62%

GLXY+6.07%

IREN+14.57%

Updated: Jan 20 2026

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Global trade tensions and rising bond yields are pressuring risk assets, sending tech and crypto-linked stocks lower even as corporate adoption accelerates. Strategy has executed its largest bitcoin purchase in over a year, while the New York Stock Exchange is reportedly building a blockchain-based venue for round-the-clock trading. Meanwhile, political shifts are reshaping the industry landscape, from the Trump family's growing crypto portfolio to regulatory debates at Davos. Stay up on the crypto news that matters with "Crypto Currents," daily from The Fly. Join us at 2 PM ET for your essential briefing on the fast-moving world of cryptocurrency on FlyCast radio.TECH AND CRYPTO STOCKS SLIDE ON GEOPOLITICAL TENSION:Risk assets are facing significant headwinds today as geopolitical friction and bond market volatility weigh on investor sentiment. U.S. tech index futures and crypto-related equities are trading lower amid trade tensions involving the U.S., Europe, and Greenland, alongside a surge in Japanese government bond yields. The price of bitcoindipped below $91,000, dragging down major industry players. with itCrypto-adjacent equities are seeing sharp declines in pre-market and early trading. Strategyfell 6% and Galaxy Digitaldropped 8%, while bitcoin miner Irenalso shed 8%. Broader infrastructure plays were not immune, with Coinbaseand Circle Internetboth falling approximately 5% as the tech-heavy Nasdaq 100 tracking index also came under pressure., historically a reliable backstop for markets.STRATEGY MAKES LARGEST BITCOIN PURCHASE SINCE 2024 AMIDST ETF EXPOSURE:Despite the market downturn, corporate accumulation of digital assets continues aggressively., Strategy has completed its largest bitcoin acquisition since November 2024, purchasing 22,305 BTC for approximately $2.13B. This purchase cements the company's position as the largest corporate holder, though shares fell 5% on the news due to broader market conditions and concerns over leverage.Institutional exposure to Strategy's balance sheet is also deepening through traditional investment vehicles., BlackRock'siShares Preferred and Income Securities ETF now holds $380M worth of exposure to Strategy's preferred equities, including its "Stretch" and "Strife" products.effectively using the company as a proxy for bitcoin exposure without holding the asset directly.NYSE PLANS ROUND THE CLOCK TOKENIZED TRADING:Major financial infrastructure providers are moving to bridge the gap between traditional equities and the 24/7 nature of crypto markets., the New York Stock Exchange is building a venue using blockchain technology to allow for trading tokenized stocks and ETFs around the clock. NYSE plans to combine its existing order-matching technology with private blockchain networks to facilitate real-time settlement, pending regulatory approval.This initiative places the NYSE in direct competition with Nasdaq, which has also sought regulatory approval for tokenized stock trading. The move is part of a broader trend to modernize Wall Street's plumbing, with Nasdaq previously proposing that tokenized securities follow existing disclosure rules., an AI-powered derivatives platform, is listing on Nasdaq today following its acquisition by Earlyworks Co.POLITICAL WEALTH AND SOVEREIGN DEBT CONCERNS:The intersection of politics and finance is becoming increasingly pronounced as the new administration takes office., driven by projects like World Liberty Financial. The report highlights that the family has netted significant proceeds from token sales and transactions with publicly traded firms like Alt5 Sigma Corp.However, U.S. fiscal policy is causing jitters abroad., citing credit risks under the current administration. While domestic giants remain massive holders, the Danish fund's exit signals growing unease among some international institutional investors. Meanwhile,that Coinbase CEO Brian Armstrong is in Davos to discuss market structure legislation with bank executives, aiming to bridge gaps regarding stablecoin regulation.PRICE ACTION:As of time of writing, bitcoin was trading at $90,243.99, while etherwas trading at $3,012.40,.

MSTR

$161.58+Infinity%1D

Analyst Views on MSTR

Wall Street analysts forecast MSTR stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for MSTR is 453.17 USD with a low forecast of 229.00 USD and a high forecast of 705.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.

14 Analyst Rating

12 Buy

2 Hold

0 Sell

Strong Buy

Current: 160.580

Low

229.00

Averages

453.17

High

705.00

Current: 160.580

Low

229.00

Averages

453.17

High

705.00

Cantor Fitzgerald

Overweight

initiated

$213

2026-01-26

New

Reason

Cantor Fitzgerald

Price Target

$213

AI Analysis

2026-01-26

New

initiated

Overweight

Reason

Cantor Fitzgerald assumed coverage of Strategy with an Overweight rating and $213 price target. The firm is a long-term believer in bitcoin and expects continued institutional adoption, supporting Strategy's long-term vision. While Strategy's core software business is a minor component to the story, a turnaround could generate steady cash flow for bitcoin accumulation, the analyst tells investors in a research note.

Mizuho

Dan Dolev

Outperform

downgrade

$484 -> $403

2026-01-16

Reason

Mizuho

Dan Dolev

Price Target

$484 -> $403

2026-01-16

downgrade

Outperform

Reason

Mizuho analyst Dan Dolev lowered the firm's price target on Strategy to $403 from $484 and keeps an Outperform rating on the shares. The firm adjusted targets in the financial technology, payments, crypto and IT services group as part of its 2026 outlook. The firm says fintech and payments enter 2026 "with major political, macro, and product catalysts." Rate caps may ultimately benefit networks and buy now pay later players, as credit-to-BNPL shifts drive incremental debit volume, the analyst tells investors in a research note.

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Clear Street

Buy

downgrade

$443 -> $268

2026-01-09

Reason

Clear Street

Price Target

$443 -> $268

2026-01-09

downgrade

Buy

Reason

Clear Street lowered the firm's price target on Strategy to $268 from $443 and keeps a Buy rating on the shares. The firm cites its new sum-of-the-parts valuation for the target cut. The drop reflects lower bitcoin prices and treasury yield assumptions, the analyst tells investors in a research note. Clear Street says Strategy remains a :differentiated and compelling" vehicle for leveraged bitcoin exposure on a per-share basis.

Bernstein

Outperform

NULL

downgrade

$600 -> $450

2025-12-08

Reason

Bernstein

Price Target

$600 -> $450

2025-12-08

downgrade

Outperform

NULL

Reason

Bernstein lowered the firm's price target on Strategy to $450 from $600 and keeps an Outperform rating on the shares. The firm remains convinced market concerns on Strategy are overstated, given its over-collateralized balance sheet and 21 months cash reserves. Bernstein believes Strategy is becoming close to a Bitcoin-reserved financial operating business, delivering fixed income yield and savings products for investors.

About MSTR

Strategy Inc., formerly MicroStrategy Incorporated, is a bitcoin treasury and business intelligence company. The Company provides cloud-native, artificial intelligence (AI)-powered enterprise analytics software to thousands of global customers. The Company’s Strategy ONE platform provides access to AI-powered workflows, unlimited data sources, cloud-native technologies, and performance to speed up time from data to action. Strategy One delivers visualization, reporting, and embedded analytics capabilities across retail, banking, technology, manufacturing, insurance, consulting, healthcare, telecommunications, and the public sector. Its Strategy Mosaic is a universal intelligence layer that provides enterprises with consistent definitions and governance across data sources, regardless of where that data resides or which tools access it. The Strategy Mosaic offers data clarity and connection by eliminating trade-offs between flexibility, control, and speed.

About the author

Emily J. Thompson

Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.