Strategy Acquires Nearly $1 Billion in Bitcoin as Corporate Treasury Race Intensifies

Major Bitcoin Acquisition Amid Market Turbulence

Strategy announced on Monday that it acquired 10,645 Bitcoin for approximately $980.3 million, at an average purchase price of $92,098 per coin ^[3]. The purchase brings the company's total Bitcoin holdings to 671,268 BTC, valued at slightly more than $60 billion ^[2].

The acquisition represents Strategy's continued accumulation strategy despite significant market volatility. The company purchased the Bitcoin at approximately a 30 percent discount compared to Bitcoin's all-time high of $126,000 ^[2]. Strategy also disclosed that it acquired 10,624 Bitcoin during the first week of December ^[3], lifting its two-week total to over 20,000 BTC ^[1].

Bitcoin Yield Metric and Strategic Positioning

Strategy reported a Bitcoin yield of 24.9 percent for 2025 ^[2][3]. This metric, defined by the company to measure changes in Bitcoin holdings relative to its fully diluted share count, is used internally to track the impact of its Bitcoin acquisition strategy ^[3]. The yield indicates that shareholders now indirectly own more BTC as a result of the company's acquisition activities ^[2].

The top 100 publicly listed Bitcoin holders have collectively amassed more than 1.08 million BTC, underscoring the acceleration of the corporate Bitcoin treasury race ^[1].

Stock Volatility and Market Pressures

Despite continued buying activity, Strategy and other Bitcoin-focused companies have faced significant equity market pressure. Shares of Strategy, led by Michael Saylor, are down more than 60 percent from their all-time high ^[1]. Bitcoin declined from a peak near $126,000 to below $80,000 in November, and Strategy's shares, which many investors view as closely tied to Bitcoin price movements, declined during the same period ^[3].

American Bitcoin, which recently flipped ProCap in the corporate BTC treasury race ^[1], has been among the hardest hit, with its stock plunging more than 50 percent in a single session earlier this month ^[1]. The volatility has affected equities with direct exposure to Bitcoin, either through treasury holdings or core business operations, as part of a broader repricing of risk across markets ^[1].

Liquidity Management and Dividend Reserve

To address market conditions, Strategy announced the establishment of a $1.44 billion U.S. dollar reserve intended to support future dividend payments on its preferred products ^[3]. The company stated that the reserve is sufficient to fund approximately 12 months of dividends, with plans to extend coverage to two years ^[3].

CEO Phong Le told CNBC that the decision was partly intended to address "FUD," an industry term referring to fear, uncertainty and doubt that can arise during periods of market volatility ^[3].

Strategy has financed its Bitcoin purchases through a combination of operating cash flow, equity issuance, and debt offerings ^[3]. However, recent market conditions have placed pressure on that approach ^[3].

Additional Market Context

The MSTR stock has come under additional pressure following the publication of a report by JPMorgan ^[2]. The report raised concerns about the possibility that crypto treasuries could be excluded from the MSCI index universe, which would result in capital outflows in the billions ^[2].

2025 has been described as Bitcoin's "IPO moment" by Bitwise chief investment officer Matt Hougan, a characterization echoed by other Wall Street veterans who say early investors are now realizing sizable gains as new capital enters the market through exchange-traded funds and corporate buyers ^[1].