Strategy Adds Another $980 Million in Bitcoin
Strategy, formerly MicroStrategy, has acquired another 10,645 bitcoin for approximately $980.3 million, paying an average price of $92,098 per BTC. The purchase took place between December 8 and December 14, as disclosed in a fresh SEC 8-K filing.
This marks the second consecutive week in which Strategy added more than 10,000 BTC to its treasury. With this latest buy, the company now holds a staggering 671,268 bitcoin, making it by far the largest corporate holder of BTC globally.
A $60 Billion Bitcoin Treasury Bet
At current prices, Strategy’s bitcoin treasury is worth close to $60 billion. The company has spent around $50.3 billion in total, including fees and expenses, at an average acquisition price of $74,972 per bitcoin. That puts Strategy sitting on roughly $9.7 billion in unrealized gains.
To put the scale into perspective, Strategy now controls more than 3 percent of Bitcoin’s fixed 21 million supply. No other public company comes close to that level of exposure, and it reinforces Saylor’s long-standing thesis that bitcoin should sit at the core of corporate treasury strategy.
How Strategy Funded the Latest Purchase
The latest acquisitions were funded entirely through capital markets activity rather than operating cash flow. Strategy raised funds via at-the-market sales of its Class A common stock MSTR and multiple perpetual preferred stock offerings.
Over the past week alone, the company sold nearly 4.8 million MSTR shares for $888.2 million. It also raised additional capital through its STRK, STRF, and STRD preferred stock programs. Even after these sales, Strategy still has tens of billions of dollars available across its equity and preferred stock issuance programs.
These offerings sit alongside the company’s expanded 42/42 plan, which targets raising $84 billion through equity and convertible instruments by 2027 to fund further bitcoin purchases. The original 21/21 plan was doubled after Strategy exhausted its initial equity capacity.
Understanding Strategy’s Preferred Stock Arsenal
Strategy’s preferred stock lineup is designed to appeal to different risk appetites. STRD is non-convertible with a 10 percent non-cumulative dividend and offers the highest risk-reward profile. STRK is convertible, carries an 8 percent non-cumulative dividend, and allows equity upside. STRF is non-convertible with a 10 percent cumulative dividend, making it the most conservative option. STRC, meanwhile, is a variable-rate cumulative preferred stock designed to stay near par through adjustable monthly dividends.
This layered capital structure gives Strategy flexibility to keep buying bitcoin without relying on debt alone.
Saylor’s Signals and the “Orange Dots”
Michael Saylor once again hinted at the acquisition ahead of the official filing. Over the weekend, he posted an update to Strategy’s bitcoin tracker with the phrase “Back to more orange dots,” a reference long-time followers recognize as a signal for fresh BTC purchases.
Just a week earlier, Strategy had bought 10,624 bitcoin at an average price of $90,615, marking its largest accumulation since July. The latest purchase marginally surpasses that figure, reinforcing the aggressive pace.
Growing Index Scrutiny and the MSCI Debate
While Strategy continues to accumulate bitcoin, scrutiny from index providers is intensifying. During the week, the company formally urged MSCI to abandon a proposal that would exclude firms whose digital asset holdings exceed 50 percent of total assets from major equity indexes.
In a detailed letter to the MSCI Equity Index Committee, Strategy warned that such a rule would cause bitcoin treasury companies to be repeatedly added and removed from indexes as prices fluctuate, creating instability for investors and index providers alike.
MSCI argues that digital asset treasury firms resemble investment vehicles rather than operating companies. Critics counter that this view ignores legitimate business operations and relies on an arbitrary threshold that may become increasingly outdated as crypto adoption spreads across corporate balance sheets.
A final MSCI decision is expected by January 15, ahead of February’s index rebalancing.
Nasdaq 100 Retention Offers Temporary Relief
Despite the debate, Strategy managed to retain its spot in the Nasdaq 100 following the index’s annual rebalancing. That decision provides short-term stability for institutional investors tracking the index, even as longer-term questions remain unresolved.
The Broader Bitcoin Treasury Landscape
According to Bitcoin Treasuries data, 192 public companies now hold bitcoin. Beyond Strategy, major names include MARA, Metaplanet, Riot Platforms, Coinbase, Hut 8, and CleanSpark. However, many of these firms have seen sharp declines in share prices since summer, with market cap to net asset value ratios compressing across the sector.
Strategy itself is not immune. Its mNAV sits around 0.85, reflecting investor skepticism toward bitcoin-heavy balance sheets in a volatile market environment.
Market Reaction and What It Means Going Forward
Strategy shares closed down 3.7 percent on Friday at $176.45 and remain down more than 41 percent year to date. Bitcoin, by comparison, is down just 3.8 percent in 2025 so far.
What this really means is simple. Strategy’s fate is now almost entirely tied to bitcoin’s long-term trajectory. Saylor is betting that scale, conviction, and access to capital will ultimately outweigh short-term volatility and regulatory friction.
Whether markets continue to reward that conviction remains the real question heading into 2026.
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