On February 9, 2026, at 8:00 AM UTC+8, Strategy disclosed that it completed a new round of Bitcoin accumulation around February 2, purchasing an additional 1,142 BTC, raising its total holdings to 714,644 BTC. According to official disclosures and statistics from multiple media outlets, its cumulative investment in Bitcoin assets is approximately $54.35 billion, corresponding to an average holding cost of about $76,056/BTC. The average transaction price for this new position reached $78,815, significantly higher than the market's reported spot range of about $69,000 to $73,000 at the time of disclosure, leading to rapid controversy in the market regarding this "above-market" execution price. The core of subsequent discussions centered around the cost of funds, pricing mechanisms, and the real impact of enterprise-level buying.

1,142 New Chips: Cost Structure and Risk Exposure

● Accumulation Scale and Investment: This time, Strategy increased its holdings by 1,142 BTC, estimating a total new investment of about $90 million at an average price of $78,815/BTC (approximately $900 million is a rough estimate; the actual figure is subject to company disclosure). Although this quantity is not high compared to its total holdings of over 714,000 BTC, the impact on marginal costs and market sentiment has drawn significant attention.

● Cumulative Holdings and Cost Curve: After the increase, Strategy holds a total of 714,644 BTC, with various data sources estimating its cumulative investment at about $54.35 billion, corresponding to an overall average cost of about $76,056/BTC. This latest purchase, made at a price above the average, further raised the overall holding cost curve, reflecting its willingness to continue expanding strategic exposure when prices return to higher ranges.

● Unrealized Gains and Losses and Funding Pressure Zone: Comparing the disclosed spot range of $69,000–$73,000, Strategy's current paper profit and loss is close to breakeven or slightly negative, depending on the day's price center. An average cost of $76,056 suggests that its "pressure point" is roughly above $76,000, while the new high-priced chips at $78,815 extend the local pressure zone upward, further increasing sensitivity to future price fluctuations.

Spot Price Just Above $70,000: Why the Average Transaction Price is Close to $79,000

● Price Discrepancy Facts: Based on public market data and media reports, during the period of Strategy's accumulation, the transaction range on major Bitcoin spot platforms was roughly $69,000–$73,000, while the officially disclosed weighted average transaction price was $78,815. The significant price difference of nearly $6,000–$10,000 has become a starting point for community skepticism and is one of the direct reasons for the high level of discussion surrounding this event.

● Transaction Execution and Slippage Factors: For large orders of 1,142 BTC, concentrated transactions under limited liquidity often trigger order slippage and price elevation. Regardless of the execution path, when a large number of buy orders push up the asking price within a relatively concentrated time frame, the average transaction price may deviate from the observed "mid-price," especially during periods of high volatility and limited order book depth. The result of transactions above the market average has a technical explanation.

● Commonality of Historical Large Purchases: From past cases of large positions taken by various enterprises and institutional funds, deviation of transaction prices from real-time market prices is a common phenomenon, typically formed by the combined effects of short-term volatility, order book depth, and execution strategies. Compared to past cases, the average price of $78,815 this time, while high, still falls within the experiential range of "large active buying pushing up prices." Its reasonableness depends more on the company's own allocation cycle and risk preference rather than a simple benchmark against a specific moment's market quote.

Corporate Whales vs. Retail Investors: The Same Asset, Different Logic

● Corporate Asset Allocation Perspective: From the perspective of balance sheet and financial management, Strategy's enterprise-level buying places greater emphasis on long-term Bitcoin exposure and nominal holding scale, as well as its positioning in the company's strategic narrative, rather than whether a single transaction is several thousand dollars above the market. For enterprises, Bitcoin is viewed as a strategic asset that can hedge against fiat currency depreciation and macroeconomic uncertainty over many years, with accumulation behavior often assessed from a multi-year perspective on marginal costs.

● Conflict with Retail Trading Mindset: In contrast, retail investors are more focused on entry prices and short-term unrealized gains and losses, tending to link each buying point directly to daily or weekly fluctuations. Therefore, when they see that Strategy's disclosed average transaction price is significantly higher than the then-current spot range, it is easy to interpret emotionally as "catching the top" or "inefficient execution," overlooking the differences in execution efficiency, risk budgeting, and accounting treatment constraints faced by corporate funds, thus amplifying the controversy surrounding the average price.

● Structural Impact of a Single Whale: With a holding scale of 714,644 BTC, Strategy has become a highly representative corporate whale in the Bitcoin market. Such a scale creates a significant "lock-up effect" on the supply side, reducing the market's circulating chips and potentially increasing the price's elasticity and fragility. At the same time, its every move also has a spillover effect on market psychology, reinforcing the narrative that "Bitcoin is held long-term by institutions" while intensifying retail investors' emotional reactions to high-price accumulation behavior.

Dollar Decline of 0.6%: Macro Trends and Crypto Allocation

● Dollar Index Data Source: According to a single source, on the same day that Strategy disclosed its accumulation, the Dollar Index DXY fell by about 0.6%. This data has not yet been cross-verified by multiple sources, so readers should be cautious about its single-source nature when interpreting it. However, in a macro context, it can still serve as a reference signal for observing changes in risk appetite.

● Weakening Dollar and Risk Asset Linkage: Within the traditional macro framework, a weakening dollar is often associated with a warming preference for global risk assets, with funds more willing to flow into stocks, commodities, and certain high-risk assets. Comparing this to Bitcoin's price, which remained at a high range around $70,000 and saw increased trading volume, it can be observed that it benefited alongside other risk assets from the "weak dollar" expectation, although the volatility structure and price movement rhythm exhibit the unique high-beta characteristics of crypto assets.

● Macro Logic of Diversified Asset Allocation: Against the backdrop of the dollar index's decline, some enterprises tend to increase the proportion of non-dollar-denominated assets to hedge against long-term purchasing power risks. Strategy's continued expansion of Bitcoin positions during this period can be seen as part of its diversified asset layout: using a higher proportion of crypto asset exposure to hedge against potential real depreciation of fiat currency and pressures from debt monetization. This macro logic does not rely on short-term fluctuations but is closely related to the company's long-term judgment of the future monetary environment.

Market Opinion Split: Is High-Price Transaction a Mistake or a Signal?

● Outline of Skeptical Voices: Surrounding the fact that "the average transaction price is significantly higher than the spot price," some skeptical viewpoints have emerged in the community, suggesting that the gap between the execution price and the market quote at the time may reflect issues with trading efficiency or execution strategy. Based on research brief annotations, these comments are currently unverified community opinions lacking unified, authoritative technical details, so they can only be categorized as a "controversial" direction in public opinion.

● Positive Interpretation and Long-Term Narrative: At the same time, some media and observers have cited the statement that "Strategy continues to strengthen its Bitcoin strategic reserves," viewing this accumulation as a consistent continuation of its long-term bullish stance. Within this interpretive framework, the average transaction price above the spot price is seen as a comprehensive balance of market liquidity, execution convenience, and long-term holding goals, rather than a simple measure of short-term price efficiency.

● Consistency in Historical Records: Reviewing Strategy's previous accumulation records at different price stages reveals a strong consistency in rhythm and direction: whether the market is in a correction or breakout phase, its core choice has always been to continuously increase the proportion of Bitcoin allocation. In this context, this transaction appears more like a new piece of the long-term narrative puzzle rather than a subjective guess around short-term motives. This consistency itself becomes an important reference for the market to assess its strategic credibility.

After High-Price Accumulation: The Next Step in Bitcoin Pricing Structure

Strategy's latest accumulation of 1,142 BTC at an average price of $78,815 has marginally raised its overall cost curve to $76,056/BTC, while the locked scale of 714,644 BTC continues to compress the market's circulating chips, enhancing the price's dependence and elasticity on new funds in high regions. The "high-price controversy" surrounding this transaction essentially reflects a reality: under the intertwining of large executions, limited depth, and macro fluctuations, the so-called "fair price" is more a result of the combined effects of enterprise-level funds, U.S. Treasury bonds, dollar trends, and transaction execution details, rather than a simple projection of a specific moment's candlestick center. For ordinary investors, it is more important not to emotionally follow the single buying point of whales but to clearly distinguish corporate asset allocation logic from retail short-term trading strategies, returning to the matching of their own cycles, risk tolerance, and capital size when interpreting such actions, avoiding treating others' balance sheets as their own trading plans.

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