The company paid an average price of $88,568 per Bitcoin, bringing its total holdings to 672,497 BTC as of December 28, 2025.
This final purchase of the year was funded through the sale of 663,450 shares of Class A common stock, generating $108.8 million in net proceeds. The acquisition marks the continuation of an aggressive accumulation strategy that has defined the company’s identity under Executive Chairman Michael Saylor’s leadership.
Record Breaking 2025 Accumulation
Strategy’s 2025 Bitcoin buying activity surpassed all previous years in both frequency and total capital deployed. The company made purchases in 41 separate weeks throughout 2025, compared to just 18 purchases in 2024 and eight in 2023.
According to research from Finbold, Strategy acquired approximately 223,800 BTC during 2025, translating to an average buying pace of 641 Bitcoin per day. This aggressive accumulation resulted in total spending exceeding $22.46 billion for the year, surpassing the company’s previous record of $21.97 billion spent in 2024.
However, the higher Bitcoin prices throughout 2025 meant the company acquired fewer coins despite spending more. Strategy purchased 225,228 BTC in 2025 compared to 257,250 BTC in 2024, reflecting average purchase prices well above $90,000 throughout much of the year.
Source: @Strategy
The company’s total Bitcoin position now stands at 672,497 BTC, acquired for a cumulative $50.44 billion at an average price of $74,997 per coin. This represents approximately 3.2% of Bitcoin’s total 21 million maximum supply, making Strategy the largest corporate Bitcoin holder by a massive margin. The second-largest holder, MARA Holdings, owns just 53,250 BTC.
Stock Performance Challenges Despite Bitcoin Growth
While Strategy continued building its Bitcoin treasury throughout 2025, the company’s stock performance told a different story. MSTR shares ended the year down approximately 47% year-to-date, trading around $158 per share after reaching an all-time high of $543 in November 2024.
This disconnect between Bitcoin accumulation and stock performance reflects growing investor concerns about shareholder dilution and the sustainability of Strategy’s business model. The company’s market capitalization fell to approximately $45 billion, while its Bitcoin holdings were valued at $58-60 billion, creating an unusual situation where the company’s cryptocurrency reserves were worth more than its total market value.
The company’s mNAV (market-to-net asset value) ratio, which measures enterprise value relative to Bitcoin holdings, dropped to between 0.78 and 1.06 by late December. This metric previously traded at a premium above 2.0, meaning investors historically paid more than double the value of Strategy’s Bitcoin to own the stock. The disappearance of this premium has raised concerns about the company’s ability to continue raising capital through stock sales.
21/21 Plan Capital Raise Success
Despite stock price challenges, Strategy demonstrated remarkable success in accessing capital markets throughout 2025. The company raised $21 billion year-to-date through a diversified mix of funding sources: $11.9 billion in common equity, $6.9 billion in preferred equity, and $2 billion in convertible debt.
This progress represents significant advancement toward Strategy’s ambitious “21/21 Plan” announced in October 2024, which aims to raise $42 billion over three years—$21 billion through equity offerings and $21 billion through fixed-income securities. The company’s ability to tap multiple capital sources while maintaining Bitcoin purchases demonstrates continued investor interest in its Bitcoin treasury strategy.
Strategy introduced several classes of preferred stock throughout the year, including STRF, STRC, STRK, STRD, and STRE, each with different characteristics and dividend structures. These preferred shares provided an alternative funding method that theoretically reduces dilution to common shareholders while still generating capital for Bitcoin purchases.
Risk Management and USD Reserve
In early December, Strategy took a significant step toward financial prudence by establishing a USD reserve initially funded with $1.44 billion, later expanded to $2.19 billion. This cash buffer is specifically designated to cover dividend payments on preferred stock and interest on outstanding debt.
CEO Phong Le stated the reserve currently covers 21 months of dividend obligations, with plans to extend coverage to 24 months or more. This strategic move addresses one of the primary risks in Strategy’s model—being forced to sell Bitcoin during unfavorable market conditions to meet payment obligations.
The company even paused Bitcoin purchases for one week in late December to prioritize building this reserve, marking a rare break from its typically relentless accumulation schedule. During the week ending December 21, Strategy raised approximately $748 million through stock sales specifically to bolster the USD reserve rather than buy more Bitcoin.
Measuring Success Through Bitcoin Yield
Strategy continues to emphasize its internal performance metric called “Bitcoin Yield” to demonstrate value creation despite stock price declines. The company reported achieving a 23.2% BTC yield year-to-date for 2025, a measure that shows how effectively the company increases Bitcoin holdings relative to its share count over time.
This metric is designed to illustrate that Strategy is acquiring Bitcoin faster than it dilutes shareholders through stock issuances. The company frames this approach as disciplined capital allocation rather than speculative trading, with Michael Saylor repeatedly arguing that short-term price fluctuations are secondary to building a permanent Bitcoin treasury.
Strategy’s basic outstanding shares increased approximately 20% year-to-date as of December 2025, reflecting the dilutive impact of continuous stock sales. However, the company maintains that the Bitcoin yield metric demonstrates net positive value creation for shareholders when viewed through the lens of Bitcoin per share rather than stock price alone.
The Orange Dot Strategy
Throughout 2025, Strategy’s accumulation pattern became predictable enough that market participants began watching for Michael Saylor’s Sunday social media posts. The Executive Chairman typically signals upcoming purchases with cryptic messages about “orange dots” or similar Bitcoin-related imagery, creating anticipation in both the Bitcoin and stock markets.
The latest purchase was preceded by Saylor’s December 28 post with the caption “Back to Orange,” indicating a return to Bitcoin buying after the previous week’s pause. This communication strategy has become part of Strategy’s identity, with Saylor positioning himself as Bitcoin’s most prominent corporate advocate.
Looking Ahead: Challenges and Opportunities
As Strategy enters 2026 with its largest-ever Bitcoin holdings, several challenges loom on the horizon. The company faces potential exclusion from MSCI indexes due to proposed rules that would bar firms whose digital asset holdings exceed 50% of total assets. JPMorgan estimated this could trigger approximately $8.8 billion in institutional fund outflows if implemented.
Additionally, the compressed mNAV ratio and declining stock premium make it mathematically more difficult to continue the playbook of selling stock to buy Bitcoin. If the company’s market cap remains below the value of its Bitcoin holdings, each new stock sale becomes more dilutive to existing shareholders on a per-Bitcoin basis.
The Final Tally
Strategy closed 2025 having transformed itself into a Bitcoin acquisition machine unlike anything the corporate world has seen. With 672,497 BTC representing over 3% of Bitcoin’s total supply, the company’s conviction in Bitcoin as a treasury asset remains absolute despite stock market skepticism. Whether this strategy proves visionary or reckless will largely depend on Bitcoin’s trajectory in the years ahead, but Strategy has undeniably positioned itself at the center of the institutional Bitcoin adoption narrative.