Strategy’s Aggressive Bitcoin Accumulation Amid Market Volatility

Strategy US5949724083

In a bold move during the final weeks of December, Strategy has significantly accelerated its acquisition of Bitcoin, committing nearly $2 billion to the cryptocurrency over a two-week period. This aggressive buying spree comes against a backdrop of market nervousness and high volatility, placing downward pressure on the company's share price as the recent purchases were executed at levels well above its historical average cost.

The company's latest purchasing activity was confirmed in an 8-K filing and via social media on Monday. Between December 8th and 14th, Strategy acquired an additional 10,645 Bitcoin for approximately $980.3 million. This tranche carried an average purchase price of around $92,098 per Bitcoin, inclusive of fees and expenses.

This acquisition was financed through the ongoing "At-the-Market" (ATM) equity program. The mechanism involves issuing new shares and directly using the proceeds to buy more Bitcoin, continuing Strategy's established capital market playbook: shareholder dilution on one side, and the expansion of Bitcoin reserves on the other.

This follows a similarly sized purchase in the preceding week. From December 1st to 7th, the company bought 10,624 Bitcoin for about $962.7 million. Combined, these two transactions represent a capital outlay of almost $2 billion within the first half of December alone.

Updated Holdings and Key Metrics

As of December 14, 2025, Strategy's corporate Bitcoin treasury now stands at the following levels, reflecting the recent transactions:

• Total Holdings: 671,268 BTC
• Total Acquisition Cost: Approximately $50.33 billion
• Average Cost Basis: Roughly $74,972 per Bitcoin
• 2025 BTC Yield (Bitcoin growth per share): 24.9%

The 24.9% BTC Yield is a critical metric, indicating that the Bitcoin holdings per share have grown more rapidly this year than the dilution caused by new share issuance. From a strategic perspective, this suggests the ATM program is achieving its intended purpose: increasing the Bitcoin leverage per share, even as the total share count rises.

However, this aggressive buying has pushed the average cost basis higher. The new purchases, averaging $92,098, sit substantially above the previous overall average of $74,972. This elevates the break-even level for the entire position.

Challenging Market Conditions and Share Price Weakness

Strategy is making these high-priced acquisitions while Bitcoin trades below the level of its latest purchase. On Monday morning, the cryptocurrency's price was around $89,800, slightly under the average cost of the new tranche.

This creates a demanding environment for Strategy's equity:
* The stock currently trades near €144.35, marking not only a 52-week low but also a decline of over 60% from its July peak.
* Year-to-date, the shares are down more than 50%, with the price trading nearly half the distance below its 200-day moving average compared to previous levels.

The combination of significant leveraged exposure to crypto, extreme sector fear, and purchases at elevated price points heightens the stock's sensitivity to Bitcoin corrections. Market analysts note that this dynamic increases the stock's beta relative to Bitcoin's spot price, meaning rallies and pullbacks are likely to have an amplified effect on the share price.

Unwavering Commitment to Treasury Strategy

Despite weak share performance and a short-term disparity between purchase price and market value, Strategy remains steadfast in executing its treasury strategy. The pace of buying in early December even exceeds the activity seen in the third quarter of 2025. This signals that the management team, led by Executive Chairman Michael Saylor, aims to maximize the Bitcoin balance sheet before the fiscal year-end.

The company's communication pattern is also notable. Saylor's recent "Orange Dots" signals on platform X had previously hinted at substantial purchases, a pattern that has preceded official announcements in the past. The market has learned to interpret these signals as indirect preparation for further accumulation.

While the average price of the new tranche is above the existing cost basis, it remains below Bitcoin's all-time highs. From the viewpoint of a consistent long-term strategy, market observers categorize these transactions as a reinforcement of an existing policy rather than an attempt at short-term market timing.

Outlook: Navigating Continued Volatility

In the near term, technical factors will be closely watched. A key focus is whether Strategy can maintain the premium of its share price over the Net Asset Value (NAV) of its Bitcoin holdings. The remaining capacity of the ATM program is also crucial; the company's ability to continue its aggressive accumulation into 2026 depends on having sufficient room for further equity sales.

Upcoming milestones include the year-end financial report and potential regulatory changes to accounting standards for digital assets. New rules governing the valuation and impairment of crypto holdings could significantly impact reported book value and, consequently, market perception of the stock. Until then, Strategy solidly holds its position as the largest publicly traded Bitcoin holder, with its shares acting as a leveraged bet on the future price trajectory of the cryptocurrency.