Strategy purchased approximately $1.25 billion worth of Bitcoin—13,627 BTC—during the week of January 5 to 11, 2026. This marks the company’s largest single reserve increase since July 2025. With this latest acquisition, Strategy’s total Bitcoin holdings have reached 687,410 BTC. At current market prices, the company’s Bitcoin reserve is valued at roughly $63.2 billion, making it the world’s largest corporate Bitcoin holder.
Key Insights
Investment bank TD Cowen has lowered its one-year price target for Bitcoin reserve company Strategy from $500 to $440. Analysts cite the ongoing issuance of common and preferred shares—which has led to a decline in Bitcoin yield—as the main reason for the revised target.
According to The Block, TD Cowen analysts noted that while they expect Strategy to acquire about 155,000 BTC in fiscal year 2026—a significant increase from the previous estimate of 90,000 BTC—these acquisitions will be primarily financed through common and preferred stock offerings, which will dilute Bitcoin yield.
Acquisition Activity
At the start of January 2026, Strategy once again demonstrated its aggressive Bitcoin accumulation strategy, purchasing 13,627 BTC for approximately $1.25 billion between January 5 and 11. This brought the company’s total Bitcoin holdings to 687,410 BTC, with a cumulative investment of around $51.8 billion and an average acquisition cost of $75,353 per Bitcoin.
Strategy paid about $91,519 per Bitcoin for this batch—almost double its average holding cost. This indicates that the company continues to expand its Bitcoin reserves even when prices are elevated. Notably, Strategy’s market capitalization-to-net crypto asset value ratio currently stands at 0.81, slightly below the CEO’s critical threshold of 1.0 set at the end of 2025. Previously, the CEO suggested that if this metric fell below 1, the company might consider selling some digital assets.
Diverging Institutional Views
While TD Cowen has adjusted its price target, it still forecasts that the price of Bitcoin will reach approximately $177,000 by December 2026 and $226,000 by December 2027.
Jurrien Timmer, Director of Global Macro at Fidelity, believes that Bitcoin’s all-time high of $125,000 in October 2025 may represent the peak of the current four-year cycle. He predicts that 2026 will be a "rest year" for Bitcoin, with support levels in the $65,000–$75,000 range.
Matt Hougan, Chief Investment Officer at Bitwise, offers a more balanced perspective. He expects Bitcoin to deliver steady, sustained returns over the next decade, but considers it unlikely that the asset will repeat its extreme annual surges. Instead, he anticipates Bitcoin entering a "long-term gradual uptrend."
Patrick Liou, Director of Institutional Business at Gemini, predicts that Bitcoin may end 2026 with negative returns, challenging the traditional four-year cycle narrative. He notes that market maturity has reduced volatility, and the current price correction is much milder than in previous cycles—providing a more sustainable bullish outlook for the asset.
Market Outlook
TD Cowen’s latest price target revision marks a significant shift from its historical stance.
In July 2025, the investment bank reaffirmed its $680 target for Strategy and projected that the company would hold nearly 900,000 BTC by 2027. Back in June 2025, TD Cowen reiterated a buy rating for Strategy due to Bitcoin yield, with a target price of $590—substantially higher than the newly revised $440. These successive downward adjustments reflect a change in institutional expectations for Strategy’s future profitability.
Despite the lower price target, TD Cowen remains optimistic about Strategy’s value as a Bitcoin investment vehicle. Analysts anticipate a reversal in Bitcoin yield in fiscal year 2027, with yield potentially accelerating to 8.1% and Bitcoin dollar returns surpassing $13.5 billion.
As of January 15, 2026, according to Gate exchange market data, Bitcoin is trading at $96,474, with a market capitalization of $1.92 trillion and a dominant market share of 56.38% in the digital asset sector.
The cryptocurrency market is never short on divergent views. Tom Shaughnessy, co-founder of crypto research firm Delphi Digital, predicts that after investors recover from the October 2025 market crash, Bitcoin will set new all-time highs in 2026. Alex Thorn, Head of Research at Galaxy Digital, is even more bullish, suggesting that expanding institutional access and gradually easing monetary policy could propel Bitcoin to $250,000 by the end of 2027.
As analysts search for market direction behind these numbers, the narrative of Bitcoin as a store of value is quietly shifting—from the balance sheets of Silicon Valley tech companies to the reserves of sovereign nations.
