Corporate Bitcoin Treasury Strategies Face Test as Accumulation Models Navigate Market Pressures

Strategy's Relentless Accumulation Engine

Strategy has built a systematic approach to acquiring Bitcoin during market downturns, accumulating 672,497 Bitcoin valued at nearly $59 billion at an average purchase price of $74,997 per coin ^[3]. With Bitcoin trading near $88,000, the company holds an unrealized gain of roughly 17% ^[3].

The company's accumulation strategy centers on tapping capital markets through multiple financing channels rather than relying on operating cash flow ^[1]. During the week of December 8-14, 2025, Strategy purchased 10,645 Bitcoin using proceeds from at-the-market (ATM) stock sales, selling 4,789,664 shares of MSTR for $888.2 million in net proceeds ^[1].

Multi-Channel Financing Architecture

Strategy employs three primary funding mechanisms to maintain its Bitcoin purchases. The ATM program allows the company to sell common stock into normal market trading over time, converting equity demand into Bitcoin quickly without waiting for favorable market conditions ^[1].

Alongside common stock, Strategy issues multiple preferred series including STRF, STRK, and STRD, providing another avenue to raise capital when common stock conditions are less favorable ^[1]. However, preferred shares carry ongoing dividend obligations that become more significant during market downturns ^[1].

The company also utilizes debt and convertible-style financing to scale Bitcoin exposure, betting that long-term Bitcoin appreciation will outpace its cost of capital ^[1].

The $1.44 Billion Safety Buffer

To address concerns about sustaining operations during extended downturns, Strategy has established a $1.44-billion USD Reserve, a cash buffer explicitly set aside to pay preferred stock dividends and interest on outstanding debt ^[1]. The reserve was funded using proceeds from Class A common stock sales through the ATM program ^[1].

Metaplanet's Hybrid Approach

Japan's Metaplanet has adopted a similar treasury model while adding an income generation component. The Tokyo-listed firm added 4,279 Bitcoin in late December at an acquisition cost of approximately $451 million, bringing its total holdings to 35,102 BTC worth around $3 billion ^[2].

Unlike Strategy's pure accumulation approach, Metaplanet reported that revenue from its Bitcoin Income Generation business reached 8.58 billion Japanese yen (about $54 million) for 2025, overshooting previous forecasts ^[2]. These option-based strategies use a separate pool of Bitcoin to sell options and earn premiums while keeping the company's core long-term holdings untouched ^[2].

Metaplanet's income arm has expanded rapidly with a quarterly compounded growth rate of about 57% since the fourth quarter of 2024, increasing from roughly $4.3 million in Q4 2024 to $26.5-$27 million in Q4 2025 ^[2].

Growing Pressures on the Model

The accumulation strategy faces multiple constraints. Dilution becomes more problematic during downturns when stock prices weaken at the same time companies issue new shares ^[1]. Strategy encourages investors to judge performance through Bitcoin per share metrics rather than raw BTC totals ^[1].

Fixed obligations from preferred dividends and debt interest do not shrink when capital becomes more expensive, requiring continuous fresh issuance or sufficient cash reserves to maintain payments ^[1].

Metaplanet's market to Bitcoin net asset value (mNAV) ratio dropped below 1 in October, meaning the company's equity traded at a discount to the value of its Bitcoin holdings ^[2]. The shift reflects wider pressure on Bitcoin treasury companies facing NAV discounts and index classification uncertainty ^[2].

Outlook for 2026

Jamie Elkaleh, chief marketing officer of Bitget Wallet, told Cointelegraph that Strategy's model "remains sustainable as long as the crypto market stays constructive," but warned of "persistent dilution, sensitivity to interest-rate conditions, and the possibility that investor sentiment turns against leveraged crypto balance sheets" heading into 2026 ^[3].

In an optimistic scenario, Elkaleh said Bitcoin could break above $150,000 next year, enabling Strategy to resume accretive issuance and deliver equity gains of 100% or more ^[3]. However, analysts warn that if NAV discounts persist, equity raises become value-destructive and fixed obligations create growing pressure on the treasury model ^[3].