They Bought More Bitcoin-Again. What Could Go Wrong?

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And so, under the pale winter light of financial resolve, Strategy-yes, that same poetic soul in corporate form-has once again stepped into the ring with destiny, purchasing 2,932 Bitcoins, like gathering autumn leaves but heavier and far less biodegradable. The total? A modest $264.1 million. Spare change, really, in the grand ballet of modern capital.

Strategy Has Expanded Its Bitcoin Treasury By 2,932 BTC

In a move as predictable as dawn after a sleepless night, the prophet of hodling, Michael Saylor (Chairman, co-founder, and unofficial high priest of BTC alchemy), announced on X-formerly known as the town square-to the trembling masses: another acquisition has been completed. 2,932 tokens, acquired at an average of $90,061 each, slipped quietly into the company’s ever-expanding digital vault between January 20th and 25th. Funded, of course, not by toil or product innovation, but by the celestial mechanics of stock offerings-STRC and MSTR at-the-market programs fluttering like moths around the flame of market sentiment.

The past fortnight has been nothing short of a spending elegy. Last week: $2.13 billion in Bitcoin devoured. The week before: $1.25 billion. This week? A mere $264 million-practically a coffee break in Saylor’s economy of scale. Yet still, the drumbeat continues. Accumulate. Accumulate. As if the blockchain were a church and every transaction a hymn.

And now, the treasury swells to 712,647 BTC-3.57% of all Bitcoin that will ever exist, a hoard so large it could make Gollum weep with professional jealousy. Valued today at $62.23 billion, up nearly 15% from its $54.19 billion cost basis. A profit, yes-but also a performance art piece titled What If We Treated a Speculative Asset Like a Nation-State?

Strategy remains the undisputed heavyweight champion of corporate Bitcoin obsession, its closest rival not another tech titan, but Bitmine-once a humble miner of Bitcoin, now spiritually adrift and mining… Ethereum? Yes, Ethereum. In a twist as ironic as a vegan butcher, the firm pivoted last year to an ETH treasury strategy, as if trading a revolver for a glitter cannon.

Last week, Bitmine reported its own accumulation spree: 40,302 ETH, valued at $116.5 million. Their total stash? 4,243,338 ETH-worth $12.24 billion and representing 3.52% of the supply. Not to be outdone in the theater of yield, Bitmine has now staked over 2 million ETH in pursuit of passive income. “We have staked more ETH than any other entity on Earth,” declared Tom Lee, Chairman, presumably while sipping ether-infused tea. A noble goal, though one wonders if that’s truly a leaderboard anyone’s trying to top.

Meanwhile, in the real world-where ordinary people still use dollars and occasionally eat food-Bitcoin spot ETFs have been hemorrhaging money like a forgotten faucet. Last week: net outflows of $1.33 billion. Yes, billion. The largest outflow since the last time everyone remembered that volatility isn’t a feature, it’s a flaw.

The graph above shows the descent-thousands of investors stepping back, wallets lighter, faith dimmer. Just one week earlier, these same funds had welcomed $1.42 billion in inflows. Ah, sentiment-a fickle lover, always chasing the sunrise and forgetting the cold that comes with dawn.

BTC Price

At the time of writing, Bitcoin hovers around $88,000-down more than 5% in the past week. Not collapsing, not soaring, just… floating. Like a leaf on a stagnant pond, waiting for a wind that may never come.

And so the story continues: corporations accumulate like squirrels preparing for a nuclear winter, ETF investors flee like commuters missing the last train, and the price-well, the price does what it always does: obeys no one, least of all the poets of finance.

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2026-01-27 11:12