• Strategy Inc. purchased 10,624 bitcoin for $962.7 million between December 1-7, 2025, at an average price of $90,615 per BTC.
  • The purchases were funded entirely through at-the-market equity sales, with the company selling 442,536 STRD (STRD) shares for $34.9 million and 5,127,684 MSTR shares for $928.1 million in net proceeds.
  • The company now holds 660,624 bitcoin acquired for $49.35 billion, representing approximately 3.1% of all bitcoin that will ever exist.

Strategy Inc., the world's largest corporate holder of bitcoin, continues to double down on its cryptocurrency accumulation strategy with its latest purchase of 10,624 BTC. According to company filings, the $962.7 million acquisition brings the firm's total holdings to 660,624 bitcoin at a total cost of $49.35 billion, with an average purchase price of $74,696 including fees.

The purchases were executed between December 1 and December 7, 2025, with bitcoin trading in the $90,000 range during the period. People familiar with the matter indicate the company moved quickly to take advantage of what management viewed as favorable pricing conditions, though bitcoin has since experienced some volatility, trading between $85,000 and $95,000 in recent sessions.

Funding came entirely from the company's at-the-market equity program, which saw Strategy sell 442,536 STRD shares for $34.9 million in net proceeds and 5,127,684 MSTR shares for $928.1 million. The company still maintains significant capacity under its ATM program, with approximately $1.64 billion in STRF (STRF), $4.04 billion in STRC (STRC), $20.34 billion in STRK (STRK), and $13.45 billion in MSTR stock available for issuance.

"We remain committed to our strategy of accumulating bitcoin as our primary treasury reserve asset," a company spokesperson said when reached for comment. "Our ability to execute these purchases demonstrates continued investor confidence in our approach."

Not everyone is convinced, though. Some analysts point to the company's growing dependence on equity issuance to fund bitcoin purchases, noting that continued dilution could pressure shareholder returns over time. The company's financial results have become increasingly dominated by bitcoin price movements since adopting Accounting Standards Update 2023-08, which requires fair value measurement of cryptocurrency holdings through earnings.

In its most recent quarterly results, Strategy reported software revenue of approximately $129 million but net income of roughly $2.8 billion, driven primarily by fair-value gains on its bitcoin holdings. The company's updated 2025 guidance, released on December 1, models outcomes based on year-end bitcoin prices between $85,000 and $110,000, with target ranges for operating income, net income, and EPS that move directly with BTC valuations.

Market participants are watching closely to see if Strategy can maintain its aggressive accumulation pace. The company faces increasing competition from bitcoin spot ETFs, which offer investors alternative exposure to cryptocurrency without the leverage and dilution concerns associated with Strategy's equity structure. Still, with tens of billions in authorized securities capacity remaining under its ATM program, the company appears positioned to continue its bitcoin purchases for the foreseeable future.

Correction: An earlier version of this article stated the company held 650,000 bitcoin. The correct figure as of December 7, 2025, is 660,624 bitcoin.