Strategy Inc. (MSTR) just can't stop buying Bitcoin. The company added 1,287 Bitcoin (BTC) to its pile between December 29 and January 4, pushing its total stash to 673,783 BTC. At this point, Strategy's Bitcoin holdings are basically a small nation's GDP.

Selling Shares to Buy Coins

Here's how the math worked: Strategy sold just under 2 million shares of common stock through its at-the-market program, pulling in $312 million in net proceeds. The timing was split across year-end and the new year. Between December 29 and December 31, the company unloaded 1.26 million shares for $195.9 million. Then from January 1 through January 4, another 735,000 shares hit the market, generating $116.3 million.

The buying happened in two tranches. Strategy picked up 3 BTC at an average price of $88,210 in the final days of December, then added 1,283 BTC at $90,391 in early January. As of January 4, the company's entire Bitcoin position cost $50.55 billion with an average purchase price of $75,026 per coin. That's a pretty decent unrealized gain given where Bitcoin is trading now.

And there's plenty of runway left. Strategy still has more than $30 billion of preferred stock issuance capacity and $11.39 billion of common stock capacity available under existing ATM authorizations. The company is also sitting on a $2.25 billion U.S. dollar reserve as of January 4, earmarked for preferred stock dividends and interest payments. Management can adjust that reserve based on liquidity and market conditions, so it's not set in stone.

Bitcoin Surges as MSTR Stabilizes

The announcement comes as Bitcoin surged to $93,000 to kick off the year, currently showing a year-to-date gain of around 6% amid heightened geopolitical tensions including the U.S.-Venezuela conflict.

Technical Picture: Fighting Back From the Depths

MSTR gained 3.43% in the previous session and is extending the rally in premarket trade near $163.60, up 4.10%. That's encouraging after the stock got absolutely hammered with a 66% drawdown from its July high around $473. Yes, you read that right: two-thirds of the value evaporated.

The technical setup tells a cautious story. The stock is testing critical support at $160 while trading below every major exponential moving average: the 20 EMA sits at $167.63, the 50 EMA at $211.77, the 100 EMA at $248.24, and the 200 EMA at $279.26. The Supertrend indicator at $181.47 represents immediate overhead resistance.

Still, recent consolidation near the $150-$160 range and today's gap-up premarket action suggest selling pressure might be exhausting itself.

Upside targets: Reclaiming $167 (the 20 EMA) would mark a 6% gain and signal the first real reversal signs, targeting $181 at the Supertrend level. Beyond that, the $200-$212 zone around the 50 EMA represents major resistance.

Downside risks: If the stock breaks below $150, it could accelerate toward $140, then the catastrophic $120-$130 zone, which would represent another 24% decline from current levels.

For now, Strategy is betting big on orange, and the market seems willing to give it another look.