- Michael Saylor’s Strategy added 1,229 BTC at the end of December, closing 2025 with record holdings.
- The $109 million purchase was funded by new stock sales, raising dilution concerns.
- Strategy’s shares fell despite the purchase, as both Bitcoin and MSTR finished 2025 lower.
Michael Saylor’s Strategy, formerly MicroStrategy, closed 2025 with another decisive Bitcoin purchase, emphasizing its long-running commitment to the digital asset despite a challenging year for both the crypto markets and the company’s own stock.
The company said it acquired 1,229 Bitcoin in the final week of December, marking its last purchase of the year and reinforcing a strategy that has come to define the firm’s identity.
Strategy has acquired 1,229 BTC for ~$108.8 million at ~$88,568 per bitcoin and has achieved BTC Yield of 23.2% YTD 2025. As of 12/28/2025, we hodl 672,497 $BTC acquired for ~$50.44 billion at ~$74,997 per bitcoin. $MSTR $STRC $STRK $STRF $STRD $STRE https://t.co/UGvjHj5WPg
— Strategy (@Strategy) December 29, 2025
A final purchase to end the year
The most recent acquisition occurred between December 22 and December 28, when the company spent roughly $108.8 million to add 1,229 Bitcoin to its treasury.
Those coins were purchased at an average price near $88,568 per Bitcoin, a level close to market trading in the final days of the year.
With this buy, Strategy’s total Bitcoin holdings rose to about 672,497 BTC.
The company’s cumulative investment now totals tens of billions of dollars, with an estimated average cost basis just under $75,000 per coin.
This scale cements Strategy’s position as the world’s largest corporate holder of Bitcoin.
MSTR shares fall despite Bitcoin bets
Market reaction to the latest purchase was mixed, and Strategy’s stock declined after the purchase was announced.
The shares are trading near their annual lows even as the company expanded its Bitcoin position.
While some attribute the decline to the overall drop in Bitcoin’s price, it also reflects ongoing investor concern about dilution from new share issuances and broader uncertainty around the stock’s performance in 2025.
Others continue to view Strategy as a leveraged proxy for Bitcoin, arguing that sustained long-term appreciation in the asset could ultimately outweigh short-term pressure on the share price.
Betting on metrics, not sentiment
Strategy continues to highlight internal metrics, particularly a measure it calls “BTC Yield.”
This figure is intended to demonstrate how effectively the company is growing its Bitcoin holdings relative to its share count over time.
The company reported a BTC Yield of over 20% for 2025, suggesting that, from its perspective, the practice of issuing stock to buy Bitcoin has delivered results.
Management frames the approach as disciplined capital allocation rather than speculative trading.
For Michael Saylor, the year-end purchase fits a consistent narrative: short-term price swings are secondary to building a large, permanent corporate Bitcoin treasury.
He has repeatedly argued that volatility is less important than accumulating a substantial Bitcoin position, and the nine-figure purchase at the end of 2025 reinforces that message.
As the calendar turns, Strategy enters 2026 with its largest-ever corporate Bitcoin holdings, even as uncertainty remains about how markets will ultimately respond.