MicroStrategy restarted its bitcoin acquisition strategy in early January, purchasing 1,283 bitcoins at an average price of $90,391 per bitcoin, for a total of $116 million. Previously, the company had conducted stock sales in late December to raise cash. However, its financing environment has undergone significant changes. Unlike the low-cost convertible bonds of 2024-2025, the company now relies on high-cost preferred stock and dilutive common stock issuances, with actual cash costs reaching 10-12.5%. Since its stock price is below bitcoin net value, this makes large-scale acquisitions more costly and dilutive, positioning MicroStrategy in 2026 more as an opportunistic buyer rather than a sustained leader in bitcoin pricing.