MicroStrategy restarted its Bitcoin acquisition strategy in early January, purchasing 1,283 Bitcoins at an average price of $90,391 each, totaling $116 million. Previously, the company had conducted a period of stock sales at the end of December to raise cash. However, its financing environment has changed significantly. Unlike the low-cost convertible bonds of 2024-2025, the company currently relies on high-cost preferred stock and dilutive common stock issuances, with an effective cash cost of 10-12.5%. Since its stock price is below Bitcoin's net asset value, this makes scaled acquisitions more expensive and more dilutive, also making MicroStrategy in 2026 more of an occasional buyer rather than a consistent leader in Bitcoin prices.