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Strategy has stepped back in as a visible treasury bid for BTC, but with a very different financing backdrop compared to 2024-2025

At the end of December, Strategy raised cash but barely deployed it into BTC. On Dec. 29-31, it sold 1,255,911 MSTR shares for $195.9 million net proceeds, yet bought only 3 BTC. In early January, deployment resumed: Jan. 1-4 saw another 735,000 shares sold for $116.3 million net, and 1,283 BTC bought for $116 million (avg $90,391/BTC), bringing holdings to 673,783 BTC.

The bigger signal sits in the financing backdrop. In 2024 through early 2025, Strategy funded…

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