USDStrategy Buys 22,305 Bitcoin for $2.13 Billion as ETH Treasury Bets Accelerate at BitMine
Equity-Funded Bitcoin Purchase Pressures Shares While Ethereum Holdings Surge Past 4.2 Million ETH
TL;DR
- Strategy disclosed a $2.13 billion Bitcoin purchase on Jan. 20, 2026, lifting holdings to 709,715 BTC as shares fell the same day.
- BlackRock participated in Bitcoin-linked preferred stock tied to Strategy, alongside warnings about a “circular Bitcoin funding loop.”
- BitMine added 35,628 ETH worth about $110 million in one week, pushing total Ethereum holdings to 4,203,036 ETH valued near $13 billion.
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Strategy disclosed on Jan. 20, 2026 that it acquired 22,305 bitcoin for approximately $2.13 billion, marking its largest purchase of the year and lifting total holdings to 709,715 BTC. The company said the transaction was financed primarily through equity issuance, raising about $2.125 billion from the sale of company shares. The disclosure confirmed Strategy’s position as the largest corporate holder of bitcoin by a wide margin as of Jan. 20, 2026, according to company filings released that day.
Shares of Strategy declined following the announcement, despite the scale of the purchase, as the crypto price of bitcoin showed limited immediate reaction. Market data showed the company’s stock moved lower even as the crypto price index tracking major digital assets remained broadly stable. The muted response occurred as the broader coin market cap absorbed the transaction without a visible spike tied to the $2.13 billion buy.
The purchase followed a year in which Strategy repeatedly relied on equity-funded transactions to expand its bitcoin balance. Company disclosures confirmed the 22,305 BTC acquisition was the largest single bitcoin purchase Strategy has reported in 2026. The firm reiterated that proceeds from share sales were directed into bitcoin accumulation, with no change announced to its operating business alongside the transaction.
Executive Chairman Michael Saylor confirmed that Strategy had crossed the 700,000 BTC threshold, drawing renewed scrutiny of its funding structure. Analysts described the approach as a “circular Bitcoin funding loop,” referring to the issuance of Bitcoin-linked preferred stock used to finance additional bitcoin purchases. The structure was outlined as part of a broader effort to access capital markets tied directly to bitcoin exposure rather than traditional debt.
BlackRock participated in Strategy’s Bitcoin-linked preferred stock, according to disclosures. The involvement connected one of the world’s largest asset managers to a security designed to channel bitcoin exposure into income-oriented products. Documentation tied the preferred stock to bitcoin performance while embedding it within conventional capital-market frameworks.
While Strategy expanded its bitcoin holdings, BitMine Immersion Technologies reported a sharp increase in Ethereum accumulation during the same period. On Jan. 20, 2026, BitMine disclosed that it purchased 35,268 ETH over the previous week, with the acquisition valued at approximately $110 million. The purchase raised BitMine’s total Ethereum holdings to 4,203,036 ETH.
BitMine said the expanded Ethereum position carried an estimated value of about $13.5 billion at prevailing crypto price levels. The company confirmed that the week’s purchases represented a continuation of its Ethereum-focused treasury strategy rather than a one-off transaction.
The Ethereum accumulation was reported alongside comments from Fundstrat’s Tom Lee, who issued a midterm bearish outlook on crypto markets on Jan. 20, 2026. The caution contrasted with BitMine’s buying activity, which took place as Ethereum prices hovered near recent highs.
This article has been refined and enhanced by ChatGPT.
