Pushing forward

Strategy, the largest publicly traded holder of bitcoin, said it acquired 10,624 BTC last week for about $962.7 million, returning to a scale of purchases not seen since mid-year as market volatility steadied.

The company paid an average price of $90,615 per bitcoin during the Dec. 1–7 period, according to a regulatory filing and a statement from Executive Chairman Michael Saylor. The purchase lifts Strategy’s total bitcoin holdings to 660,624 coins, accumulated for roughly $49.35 billion at an average cost of $74,696 per bitcoin.

At current prices near $94,000, Strategy’s bitcoin stash is valued at about $60.5 billion, leaving the firm with an estimated $11 billion in unrealized gains.

Shares of Strategy (MSTR) were modestly higher in premarket trading Monday, rising about 2% alongside a small advance in bitcoin. The stock rebounded from a low near $155 on Dec. 1, reached during a sharp selloff across crypto-linked equities, but remains down more than 50% over the past six months.

Strategy’s largest purchase in 6 months

The acquisition marks Strategy’s largest weekly bitcoin purchase since July. In recent months, the company continued to add bitcoin almost every week, though in smaller amounts, as falling equity prices limited its ability to raise capital. Last week’s transaction suggests improved access to funding, even as investor sentiment toward crypto-related stocks remains mixed.

Strategy said the purchase was funded primarily through its at-the-market equity sales program. The company raised $928.1 million from the sale of 5.13 million shares of MSTR common stock and an additional $34.9 million from selling 442,536 shares of its STRD preferred stock. Net proceeds totaled about $963 million.The firm retains significant remaining issuance capacity across multiple securities. Strategy reported unused at-the-market capacity of about $13.45 billion in common stock and more than $26 billion across several preferred and structured offerings, including STRK, STRF, STRC, and STRD.

Saylor also highlighted the company’s “BTC Yield” metric, which he said reached 24.7% year-to-date in 2025. The measure is intended to reflect the growth in bitcoin held per diluted share, rather than changes in dollar value, and has become a core part of Strategy’s investor messaging as it positions itself as a bitcoin-focused treasury and structured finance business.

The latest purchase comes as Saylor attends the BTC Conference in Abu Dhabi. In public comments, he said he has spent the past week meeting with sovereign wealth funds, banks, family offices, and hedge funds across the Middle East to discuss bitcoin and capital markets. Strategy did not disclose whether those meetings resulted in any financing commitments.

Sincerely,

Pele23

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