Strategy, the bitcoin treasury company formerly known as MicroStrategy, has expanded its already massive Bitcoin holdings with a new purchase of 10,624 BTC worth approximately $962.7 million. The acquisition, executed between December 1 and December 7 at an average price of $90,615 per bitcoin, marks Strategy’s largest buy since July and reinforces its position as the world’s leading corporate Bitcoin holder.
Rising Bitcoin Holdings and Treasury Growth
Following the latest purchase, Strategy now owns 660,624 BTC, valued at roughly $60 billion at current market prices. The company’s average purchase price sits at $74,696 per bitcoin, for a total cost of $49.4 billion including fees. This leaves Strategy with over $10.6 billion in unrealized gains and control of more than 3% of Bitcoin’s total 21 million supply. Executive chairman Michael Saylor highlighted the milestone by referencing the company’s bitcoin acquisition tracker and hinting at more buys ahead.
Funding Through Stock Issuance
Strategy funded its newest Bitcoin acquisition using proceeds from the issuance and sale of its Class A common stock, MSTR, and its STRD perpetual preferred stock. The company recently sold 5,127,684 MSTR shares for around $928.1 million and still has $13.4 billion in MSTR available under its at-the-market program. It also sold 442,536 STRD shares for $34.9 million, with $4.1 billion remaining in that issuance program.
Strategy is running multiple ATM programs, including STRK, STRC, STRF and STRD, valued at $21 billion, $4.2 billion, $2.1 billion and $4.2 billion respectively. These offerings support the firm’s “42/42 plan,” which aims to raise $84 billion through equity and convertible notes for continued Bitcoin accumulation through 2027. Each preferred class comes with different dividend structures and risk profiles, from STRD’s high-risk, non-convertible 10% dividend to STRF’s conservative cumulative structure.
New USD Reserve and Market Position
Last week, Strategy revealed an additional purchase of 130 BTC for $11.7 million and announced the creation of a $1.44 billion USD Reserve. This reserve will support dividend payments on preferred shares and service interest on existing debt. According to Bitwise CIO Matt Hougan, this cash cushion covers obligations for 18 months, meaning Strategy is not at risk of needing to sell Bitcoin before 2027, when its first debt maturity arrives.
CryptoQuant analysts viewed the reserve differently, suggesting the company may be preparing for a potential Bitcoin bear market in 2025. Research head Julio Moreno predicted bitcoin could trade between $70,000 and $55,000 next year. JPMorgan analysts argued that Strategy’s financial stability remains a major factor in Bitcoin’s near-term price direction, especially given the market’s sensitivity to institutional buying.
Saylor has remained optimistic, noting earlier this year that Strategy’s capital structure is designed to endure even a 90% Bitcoin price decline lasting several years. He acknowledged that shareholders would face significant pressure in such a scenario but emphasized the firm’s long-term strategy.
DAT Sector Faces Pressure
Across the broader Digital Asset Treasury (DAT) landscape, 190 public companies now hold Bitcoin as part of their treasury strategy. Major players include Marathon Digital, Twenty One, Metaplanet, the Bitcoin Standard Treasury Company, Bullish, Riot Platforms, Coinbase, Hut 8 and CleanSpark, with holdings ranging between 53,250 BTC and 13,011 BTC.
Despite growing Bitcoin balances, many DAT stocks have seen sharp declines from summer highs as their market cap-to-net asset value ratios contract. Strategy itself is down 61%, with a current mNAV of 0.86. CoinShares research head James Butterfill noted that rapid token treasury expansion and shareholder dilution have pushed many DAT firms away from the original purpose of diversifying reserves, as the market reassesses which companies are truly sustainable.
Market Reaction
Strategy shares closed at $178.99 on Friday, down 3.8% for the day, but showed a 2.4% rise in Monday pre-market trading. MSTR finished last week down 2.2% and is now down 40.4% year-to-date, while bitcoin itself has slipped just 1.5% in 2025.
