Strategy's Bitcoin Accumulation Accelerates: More Upside Ahead?

Strategy Inc. MSTR is rapidly scaling its Bitcoin accumulation strategy, reinforcing a structurally bullish long-term outlook. The company now holds 717,131 BTC acquired at a total cost of $47.5 billion, representing roughly 3.4% of Bitcoin’s total capped supply. The size of its Bitcoin reserve highlights both its market leadership and confidence in its treasury strategy.

Momentum remains strong. After closing 2025 with 713,502 BTC, Strategy has added approximately 3,629 BTC since early February 2026, including more than 41,000 BTC in January alone — indicating continued acceleration into the new year. In 2025, the company accumulated roughly 225,000 BTC, with over 32,000 BTC purchased in the fourth quarter despite price volatility. The market value of its Bitcoin holdings increased by about $17 billion during the year, reflecting disciplined capital deployment alongside favorable price appreciation.

Importantly, this expansion is supported by robust capital access. Strategy raised $25.3 billion in 2025, emerging as the largest U.S. equity issuer for the second consecutive year. The introduction of its Digital Credit platform further broadens funding flexibility, enabling continued Bitcoin purchases without relying solely on convertible debt.

Although fair-value accounting introduces near-term earnings volatility, management remains focused on increasing Bitcoin per share (BPS) and driving long-term value compounding. However, sustainable equity issuance and Bitcoin price volatility remain important issues for investors to monitor. With continued capital market strength and an expanding treasury base, Strategy appears structurally positioned to deepen its Bitcoin exposure and amplify upside potential over time.

Rising Bitcoin Players Threaten MSTR’s Edge

In comparison to the strategy, MARA Holdings MARA and Tesla, Inc. TSLA have also adopted a Bitcoin treasury strategy by holding Bitcoin on their balance sheets, but their approaches differ in scale, purpose and business reliance.

MARA Holdings is emerging as a serious challenger to Strategy’s Bitcoin dominance. As of now, it holds 53,250 BTC, becoming the second-largest public corporate holder. Unlike Strategy’s debt-funded treasury model, MARA mines Bitcoin directly through vertically integrated, low-cost energy operations and expanding AI infrastructure. This gives it production-driven accumulation and cost control advantages. Although exposed to mining and energy risks, MARA’s growing reserves and operational scale highlight mounting competitive pressure on MSTR.

TSLA represents a different but notable force in the Bitcoin landscape. TSLA currently holds 11,509 BTC worth roughly $762 million, treating Bitcoin as a balance-sheet asset rather than a core strategy. While TSLA does not aggressively raise debt to buy more Bitcoin like MSTR, its sizable holdings and financial strength still add competitive pressure. As more corporations like TSLA participate, rising Bitcoin players continue to chip away at MSTR’s edge.

MSTR’s Price Performance, Valuation & Estimates

Shares of Strategy have declined sharply by 26.8% over the past three months, significantly underperforming the Zacks Finance sector’s 5.2% gain and the Financial - Miscellaneous Services industry’s fall of 10.7%.

MSTR’s 3 Month Price Performance

MSTR has a Value Score of F. It is currently trading at a Price/Book ratio of 0.85X compared to the sector’s 4.33X.

MSTR’s Valuation

The Zacks Consensus Estimate for MSTR’s 2026 earnings is pegged at $98.83 per share, an increase of 91.5% over the past 30 days. The estimate also indicates a year-over-year improvement from a loss of $15.23 per share.

MSTR stock currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research