Strategy Resumes Bitcoin Buying With $109 Million Purchase

Between December 22 and December 28, Strategy acquired an additional 1,229 bitcoin for roughly $108.8 million. The average purchase price was about $88,568 per bitcoin. This marked the company’s return to buying after a brief pause last week, when it chose to bolster cash reserves instead of adding to its crypto holdings.

That pause now looks tactical rather than hesitant. With the new purchase complete, Strategy has reaffirmed that bitcoin remains the core asset on its balance sheet.

How Strategy Funded the Purchase

The acquisition was funded through sales of Strategy’s Class A common stock, MSTR, under its at-the-market offering program. According to a Form 8-K filing, the company sold 663,450 shares during the same period, generating net proceeds of $108.8 million after commissions.

This approach has become familiar. Rather than relying on operating cash flow alone, Strategy continues to tap equity markets to systematically convert capital into bitcoin, maintaining flexibility while scaling its holdings.

Michael Saylor Signals a Return to Bitcoin

Strategy founder and chairman Michael Saylor had hinted at the renewed buying spree a day earlier, posting “Back to Orange” dots on X. For long-time followers, the signal was unmistakable. The pause was over, and accumulation was resuming.

Just a week earlier, Strategy had increased its USD reserve to $2.19 billion. That cash buffer is designed to support preferred stock dividends and interest payments on outstanding debt, ensuring the company can weather prolonged volatility without being forced to sell bitcoin.

Strategy’s Bitcoin Holdings Reach a New Milestone

With the latest purchase, Strategy now holds a total of 672,497 bitcoin. The aggregate purchase price stands at approximately $50.44 billion, with an average cost basis of around $74,997 per bitcoin.

At the time of writing, Bitcoin was trading near $87,600. That values Strategy’s holdings at roughly $58.7 billion, translating into an unrealized gain of more than $8 billion. What this really means is that even after aggressive accumulation at higher levels, Strategy remains firmly in profit on its overall bitcoin position.

Stock Performance and Index Uncertainty

Strategy shares were trading around $156 at the time of writing, down more than 45 percent year-to-date. Despite the drawdown, the company still has significant remaining capacity under its preferred stock issuance programs, including STRF, STRC, STRK, and STRD, with no sales reported during the latest week.

Another overhang is index inclusion. Markets are watching closely to see whether MSCI will remove Strategy and other digital asset treasury companies from its equity indices. A decision is expected on January 15 ahead of the February rebalancing. Strategy has already urged the MSCI Equity Index Committee to drop a proposal that would exclude companies whose crypto holdings exceed 50 percent of total assets, warning that such a move could destabilize indices and conflict with broader U.S. policy goals around digital asset innovation.

Why Strategy’s Bitcoin Bet Still Matters

Strategy’s latest purchase is more than a headline-grabbing trade. It reinforces a broader thesis. The company is positioning itself to survive extended volatility while continuing to accumulate bitcoin at scale. Whether bitcoin rallies or enters another deep correction, Strategy is signaling that it intends to hold its position and play the long game.

For the broader market, that stance carries weight. Strategy has become a proxy for institutional conviction in bitcoin. Each purchase, pause, and reserve adjustment offers a real-time case study in how a public company navigates the risks and rewards of holding digital assets at scale.