MicroStrategy disclosed its newest Bitcoin buy on January 26. In its 4th buy of the month, the corporate acquired $264.1 million in Bitcoin at a mean value of $90,061 per BTC. 

The acquisition brings the corporate’s common value of Bitcoin buy to $76,037. The buy got here as Bitcoin traded in a unstable January vary, slipping from early-month highs above $95,000 to the high-$80,000 vary. 

Strategy has acquired 2,932 BTC for ~$264.1 million at ~$90,061 per bitcoin. As of 1/25/2026, we hodl 712,647 $BTC acquired for ~$54.19 billion at ~$76,037 per bitcoin. $MSTR $STRC https://t.co/RooLfEvniX

— Michael Saylor (@saylor) January 26, 2026

Latest Buy Details and Funding Structure

While the headline purchase reinforces MicroStrategy’s long-term Bitcoin conviction, underlying knowledge suggests the corporate’s funding mannequin is dealing with mounting structural stress.

MicroStrategy funded the January 20–25 buy window primarily by way of fairness issuance.

The firm bought 1,569,770 shares of frequent inventory, producing $257.0 million in web proceeds, alongside 70,201 shares of STRC most well-liked inventory, which raised an extra $7.0 million. 

Total proceeds of $264.0 million carefully match the reported Bitcoin buy value.

In easy phrases, Strategy paid for the purchase by selling new shares, not through the use of enterprise earnings or money available. 

Most of the cash got here from issuing frequent inventory, with a smaller portion raised by way of most well-liked shares. 

Together, these gross sales absolutely lined the price of the Bitcoin buy. So, the company continues to rely on capital markets to fund its accumulation technique.

mNAV Has Slipped Into Discount Territory

MicroStrategy’s most crucial structural metric is its multiple to net asset value (mNAV), which measures how its fairness trades relative to the worth of its Bitcoin holdings per share.

As of January 26, MicroStrategy’s diluted mNAV stands at roughly 0.94x, which means the inventory trades at a 6% low cost to the Bitcoin backing every share.

This issues as a result of MicroStrategy’s technique is dependent upon issuing shares above web asset worth. When shares commerce at a reduction, new issuance dangers destroying, quite than creating, shareholder worth.

Accretive Issuance Is Approaching Zero

Historically, MicroStrategy justified fairness issuance by rising Bitcoin per diluted share. That accretion is now fading.

Based on company-reported knowledge:

• On January 5, MicroStrategy held 673,783 BTC with 345.6 million diluted shares, or 0.001949 BTC per share.
• By January 26, holdings rose to 712,647 BTC, however diluted shares climbed to 364.2 million, leading to 0.001957 BTC per share.

That represents solely a 0.38% improve over the month.

More importantly, between January 20 and January 26, the quantity of Bitcoin backing every share barely modified. 

This exhibits that latest share issuance is not rising Bitcoin publicity for shareholders in a significant manner

Bitcoin Per Diluted Share Over Time

Rising Dilution Is No Longer Offset by BTC Growth

Dilution is accelerating. From January 5 to January 26:

• Diluted share rely rose by 5.36%.
• Bitcoin holdings elevated by 5.77%.

While holdings nonetheless marginally outpaced dilution over the complete month, the hole narrowed sharply in the newest week. This erosion aligns with the autumn in mNAV and suggests the mannequin is shedding effectivity.

If the inventory stays beneath web asset worth, additional fairness issuance would mathematically scale back Bitcoin publicity per share.

Congratulations, you lastly obtained your common value above $76,000. It appears such as you’re operating out of firepower to maintain Bitcoin propped up above that degree. Once once more, the present value is already nicely beneath your final common buy value.

— Peter Schiff (@PeterSchiff) January 26, 2026

Capital Market Dependence Is Increasing, Not Falling

Strategy’s Bitcoin strategy stays completely depending on entry to capital markets.

Over the previous 19 months, the corporate has raised an estimated $18.56 billion by way of frequent fairness issuance, issuing roughly 226.6 million shares. The newest buy continues that pattern, including additional dilution at a time when market situations have weakened.

The firm additionally more and more depends on most well-liked inventory, which introduces fastened claims senior to frequent shareholders. 

While most well-liked issuance can maintain Bitcoin shopping for throughout fairness weak spot, it raises long-term obligations and will increase stability sheet complexity.

What This Means for Investors

MicroStrategy’s newest Bitcoin buy shouldn’t be problematic due to its dimension or timing. The concern lies in construction, not conviction.

With mNAV now beneath 1.0x, Bitcoin-per-share accretion nearing zero, dilution accelerating, and reliance on capital markets deepening, the corporate’s core technique faces tighter constraints than at any level lately.

Unless fairness premiums return, continued Bitcoin accumulation dangers shifting from accretive to dilutive. 

That transition would basically change the chance profile for shareholders, even when Bitcoin costs recuperate.

For now, the information exhibits that MicroStrategy can nonetheless buy Bitcoin. The open query is whether or not it may well maintain doing so with out eroding shareholder worth.

The publish Why MicroStrategy’s Latest Bitcoin Purchase Is Deeply Concerning appeared first on BeInCrypto.