Strategy has altered its Bitcoin purchasing strategy in 2026 due to increased financing costs. At the end of December, the company raised $195.9 million by selling 1,255,911 MSTR shares but only acquired 3 BTC. In early January, it sold an additional 735,000 shares for $116.3 million, purchasing 1,283 BTC at an average price of $90,391 each, bringing its total holdings to 673,783 BTC. The shift in Strategy's approach is driven by a change in financing conditions. Previously, the company utilized low-cost convertible debt when MSTR traded at a premium to Bitcoin NAV. However, as this premium turned into a discount, Strategy faced higher financing costs, now relying on high-cash-cost preferred shares with dividend rates increasing from 9% to 11%. Despite these challenges, Strategy continues to fund BTC purchases through common stock issuance, accepting short-term dilution to maintain liquidity. This makes Strategy a less reliable buyer compared to previous years, with its purchasing power expected to be more episodic rather than a consistent market force.