In a bold move that underscores its commitment to Bitcoin, Strategy has finalized its 2025 purchases, increasing its holdings to a staggering 672,497 BTC by December 28, 2025. This latest acquisition was executed at an average price of $88,568 per Bitcoin, funded by the sale of 663,450 shares of Class A common stock, which netted approximately $108.8 million.
Under the leadership of Executive Chairman Michael Saylor, the company has embraced an aggressive accumulation strategy, marking 2025 as a record year for Bitcoin purchases. Notably, Strategy made acquisitions in 41 separate weeks throughout the year, a significant increase compared to 18 weeks in 2024 and merely eight in 2023. Research from Finbold indicates that the company secured around 223,800 BTC in 2025, averaging an impressive pace of 641 Bitcoin per day.
This relentless accumulation led to total expenditures surpassing $22.46 billion, eclipsing the previous record of $21.97 billion spent in 2024. However, the higher average Bitcoin prices throughout the year resulted in fewer coins acquired, with 225,228 BTC purchased in 2025 compared to 257,250 BTC the previous year.
Strategy”s total Bitcoin position now stands at 672,497 BTC, acquired for a cumulative $50.44 billion, translating to an average cost of $74,997 per coin. This positions the company as the largest corporate holder of Bitcoin, with its holdings representing approximately 3.2% of the total maximum supply of 21 million BTC. In stark contrast, the second-largest holder, MARA Holdings, possesses only 53,250 BTC.
Despite the impressive growth in Bitcoin holdings, the company faced challenges in its stock performance. MSTR shares concluded the year down about 47%, trading around $158 after peaking at $543 in November 2024. This disconnect between Bitcoin accumulation and stock value reflects rising investor apprehensions regarding shareholder dilution and the long-term viability of Strategy”s business model.
As of late December, the market capitalization of Strategy had decreased to approximately $45 billion, while its Bitcoin assets were valued between $58 billion and $60 billion. This anomaly created a scenario where the company”s cryptocurrency reserves exceeded its overall market value, resulting in a market-to-net asset value (mNAV) ratio that fell to between 0.78 and 1.06, compared to a previous premium above 2.0.
Throughout 2025, Strategy successfully raised $21 billion through various avenues, including $11.9 billion in common equity, $6.9 billion in preferred equity, and $2 billion in convertible debt. This funding strategy aligns with its ambitious “21/21 Plan,” which aims to secure $42 billion over three years through equity and fixed-income securities.
In December, the company established a USD reserve, initially funded with $1.44 billion, later expanded to $2.19 billion. This reserve is intended to cover dividend payments and interest on outstanding debt, mitigating risks associated with forced Bitcoin liquidations.
Strategy”s internal performance metric, known as “Bitcoin Yield,” reported a 23.2% yield year-to-date for 2025, indicating effective acquisition strategies relative to shareholder dilution. While the basic outstanding shares increased by about 20% in 2025, the company maintains that the Bitcoin yield metric illustrates value creation for shareholders.
As the year closes, Michael Saylor”s social media posts have become a focal point for market watchers, signaling potential Bitcoin purchases. His latest message on December 28 hinted at a return to buying Bitcoin, reinforcing his role as a prominent corporate advocate for the cryptocurrency.
Looking ahead to 2026, Strategy faces the challenge of potential exclusion from MSCI indexes due to proposed regulations that could limit firms with digital assets exceeding 50% of total assets. Additionally, the declining mNAV ratio complicates future capital raises through stock sales, potentially leading to further dilution for existing shareholders.
In summary, Strategy has firmly established itself as a formidable player in the Bitcoin landscape, accumulating 672,497 BTC and shaping the narrative around institutional adoption. The sustainability of its approach will be critically assessed as the market evolves in the coming years.
