Strategy Adds 10,624 BTC More

When Michael Saylor moves, the market watches. And his company Strategy just made another bold statement by adding 10,624 bitcoin to its already massive treasury. This isn’t a one-off buy or a speculative punt. It’s the continuation of a long-term capital strategy built around a simple belief: bitcoin is the ultimate reserve asset. The latest purchase pushes Strategy’s holdings past 660,000 BTC, reinforcing its position as the world’s largest public bitcoin holder and raising fresh questions about how far this treasury-driven model can scale.

Why Strategy Bought Another 10,624 Bitcoin

Strategy snapped up 10,624 BTC between December 1 and December 7 for about 962.7 million dollars, paying an average price of 90,615 dollars per coin. It’s the firm’s largest bitcoin purchase since July and part of its ongoing commitment to accumulate through every market cycle. With this buy, the company now sits on 660,624 BTC worth roughly 60 billion dollars. Its average acquisition price is still far below spot, at 74,696 dollars, leaving around 10.6 billion dollars in unrealised gains even after the recent pullback.

This isn’t casual accumulation. The stake represents more than 3 percent of the entire bitcoin supply. No other corporation has ever held a position of this scale, and no other executive has put his capital strategy so heavily on a single asset.

How Strategy Funded the Purchase

The latest acquisition wasn’t funded by debt or dipping into cash reserves. Instead, Strategy sold Class A common stock and preferred stock through its at-the-market programs. Last week alone, it sold more than 5.1 million MSTR shares, raising 928.1 million dollars. It also issued 442,536 STRD preferred shares for 34.9 million dollars. And these sales are just a fraction of what Strategy can still mobilise. Over 13 billion dollars of MSTR and more than 4 billion dollars of STRD capacity remain under the current programs.

These instruments sit under the firm’s wider 42/42 plan, later expanded to a target of 84 billion dollars in equity and convertible fundraising designed to fuel bitcoin purchases through 2027. Each preferred stock type has its own risk profile. STRD, for example, is non-convertible with a 10 percent dividend. STRK is the convertible version with an 8 percent dividend and upside exposure. STRF is more conservative with a cumulative 10 percent payout. STRC pays monthly with an adjustable rate to stay near par.

This mix gives Strategy flexibility: raise capital cheaply, appeal to different investor appetites, and maintain constant buying power.

The New 1.44 Billion Dollar Cash Reserve

Strategy recently added another layer of stability by creating a 1.44 billion dollar USD Reserve. This pool of cash covers dividends on preferred stock and interest on debt for at least the next eighteen months. Bitwise CIO Matt Hougan noted that the reserve pushes back against concerns that Strategy would need to sell bitcoin to meet obligations anytime soon. The company’s first significant debt maturity doesn’t even arrive until February 2027.

Others interpret the reserve differently. CryptoQuant suggested that Strategy may be preparing for a deep bear market in 2025, with its Head of Research predicting a bitcoin trading range of 70,000 to 55,000 dollars next year. But even that scenario doesn’t meaningfully challenge the firm’s long-term runway.

Saylor has said repeatedly that the capital structure is engineered to survive a 90 percent drawdown lasting years. Shareholders may feel the pain in that extreme case, but the company itself is unlikely to be forced into liquidation.

DAT Companies and the Market Reality

Strategy’s model has inspired a new category of publicly traded firms dubbed DATs — Digital Asset Treasuries. There are now about 190 such companies, including miners, financial firms, and treasury-focused entities. The top holdings after Strategy include MARA with 53,250 BTC, Twenty One with 43,514 BTC, and Metaplanet with 30,823 BTC.

But the picture isn’t rosy for everyone. Many DATs have seen their share prices collapse since summer. Strategy itself has dropped 61 percent from its peak, and its market-cap-to-NAV ratio now sits at about 0.86. CoinShares analyst James Butterfill argues that the DAT boom drifted from its original purpose. Instead of disciplined treasury diversification, some companies chased token-per-share growth and diluted themselves along the way.

As he put it, the bubble is deflating and the market is figuring out which DATs actually have a coherent capital strategy and which were simply surfing momentum.

What This Means for Strategy’s Long-Term Bet

Strategy’s stock fell 3.8 percent on Friday and sits more than 40 percent negative for the year. Bitcoin, in contrast, is down only 1.5 percent in 2025. Yet Saylor hasn’t wavered. He keeps buying, keeps expanding capital programs, and keeps reinforcing the treasury strategy. And for now, analysts at JPMorgan still view Strategy as a key player influencing bitcoin’s near-term price direction.

The takeaway is simple. Strategy isn’t behaving like a tech company or a miner. It’s operating like a sovereign wealth fund built around bitcoin, using equity, preferred stock, and careful reserves to extend its buying power for years. Whether this model becomes a template for others or remains a Saylor-exclusive experiment will depend on how bitcoin behaves through the next cycle.

But one thing is clear. Few corporate bets in history are as bold, as transparent, or as closely watched as this one.