- Michael Saylor’s Strategy added 1,229 BTC at the end of December and closed 2025 with record holdings.
- The $109 million purchase was financed by new share issuance, raising dilution concerns.
- Strategy’s shares fell despite the purchase, as both Bitcoin and MSTR ended 2025 lower.
Michael Saylor’s Strategy, formerly MicroStrategy, closed 2025 with a decisive Bitcoin acquisition that reinforced the company’s long-standing commitment to the digital asset, even after a challenging year for both crypto markets and the company’s stock.
The company reported that it acquired 1,229 Bitcoin during the last week of December, marking its final purchase of the year and underlining a strategy that has become central to 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
Final purchase to close the year
The latest acquisition by Strategy took place between December 22 and 28, when the company spent about $108.8 million to add 1,229 Bitcoin to its treasury.
The coins were bought at an average price of roughly $88,568 per BTC, a level close to where the market traded in the final days of the year.
With this transaction, Strategy’s total Bitcoin holdings rose to approximately 672,497 BTC.
The company’s cumulative investment now totals tens of billions of dollars, with an estimated average cost per coin just under $75,000.
That scale reaffirms Strategy’s position as the largest corporate holder of Bitcoin worldwide.
MSTR shares fall amid Bitcoin accumulation
Market reaction to the December purchase was mixed, with Strategy’s stock declining after the acquisition was announced.
The share price traded near annual lows even as the company expanded its Bitcoin position.
While some attributed the decline to Bitcoin’s price slide, it also reflected ongoing investor unease about dilution from fresh share issuance and broader underperformance of the stock in 2025.
Still, some investors continue to view Strategy as a leveraged proxy for Bitcoin, arguing that a sustained long-term appreciation in the asset could eventually outweigh short-term pressure on the shares.
Betting on metrics, not moods
Strategy continues to emphasize internal performance metrics, notably a measure it calls “BTC Yield.”
This figure is intended to demonstrate how efficiently the company increases its Bitcoin holdings relative to its share count over time.
The company highlighted a BTC Yield of more than 20% for 2025, suggesting that its approach of issuing shares to buy Bitcoin has produced results from its perspective.
Strategy presents this method as disciplined capital allocation rather than speculative trading.
For Michael Saylor, the year-end purchase fits a consistent narrative. He has repeatedly argued that short-term price swings are secondary to the goal of building a large, permanent Bitcoin treasury, and closing 2025 with a nine-figure purchase reinforces that message.
As the calendar turns, Strategy enters 2026 with its largest Bitcoin holdings to date, even as uncertainty remains about how markets will ultimately respond.