Strategy splashes nearly $109M in final BTC purchase of 2025

Strategy completed its last weekly purchase of BTC for 2025, with a relatively small addition of 1,229 BTC. The company returned to buying BTC after securing over $2.1B in US dollar reserves. 

Strategy announced the last BTC purchase for 2025, adding another 1,229 BTC to its treasury. The relatively small purchase follows two weeks of adding more than $10K BTC, as well as two large-scale MSTR sales to secure $2.1B in US dollar reserves. 

The latest purchase was once again pre-announced by the company’s Executive Chairman Michael Saylor, mentioning a return to “orange dots.” 

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

Strategy acquired the BTC at an average price of $88,568 per BTC, leading to an average purchase price of just below $75,000 per BTC. In 2025, the company acquired around 641 BTC per day on average. 

Strategy was the main BTC buyer in 2025

Strategy remains the main buyer for 2025, though smaller companies are also growing their treasuries. For the past year, entering the top 100 of treasury companies has become a harder milestone, initially requiring as low as 23 BTC. At the end of 2025, the smallest corporate treasury holds 148 BTC. 

Companies keep acquiring BTC sporadically or through mining. Strategy and 17 other buyers are still attempting to apply the playbook with stock sales and debt to buy BTC. In total, companies accumulated 1,089,345 BTC close to the end of 2025, with more buying plans for the coming year. 

Saylor used MSTR common stock again

Strategy continues to issue MSTR common stock, despite the ongoing fears of dilution. To complete the latest sale, it issued an additional 663,450 MSTR shares. 

In the past few weeks, MSTR stayed away from issuing new convertible notes. The company tries to balance its obligations, including upcoming dividends and maturing debt. Despite some appetite for passive income, Strategy has slowed down its preferred share sales, abandoning the various risk tiers of preferred stocks.

As a result, MSTR trades close to its 12-month low again. MSTR sank to $158.44, up from a recent low of $154.12. The common stock holds a market cap just above $49B, while the BTC reserves of Strategy are still valued at over $58B.

The current BTC price of just above $88,000 has not translated into a higher price for MSTR. The playbook requirement for the common stock was to allow dilution only at a higher valuation.

The playbook would work better with an MSTR price around $379, but the common stock has not traded at a premium for months. As of December, the BTC reserves of Strategy were more valuable than the market capitalization of MSTR. 

The common stock has acted as a BTC gains multiplier in the past. However, even at the lower range, Strategy has shown its conviction in buying more BTC despite the dilution. The company has positioned itself for long-term BTC growth, with the potential to survive a bear market or sideways trading.

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