TL;DR
- Strategy purchased another 10,645 BTC for $980 million, lifting its treasury to 671,268 BTC, more than 3% of the total supply, reaffirming that its model will continue.
- The company operates as a direct Bitcoin accumulation vehicle, with $50.3 billion invested and gains of roughly $9.7 billion.
- The purchases are funded through equity and preferred stock issuance under the 42/42 plan.
Strategy bought Bitcoin for a second consecutive week and reaffirmed a corporate model that leaves no room for nuance.
Between December 8 and December 14, the company acquired 10,645 BTC for approximately $980 million, at an average price of $92,098 per coin. With that transaction, its total treasury reached 671,268 BTC, a figure that represents more than 3% of the network’s maximum supply.
The Model Will Not Change, Regardless of Circumstances
The size of the position no longer allows these purchases to be viewed as a hedge or a diversification play. Strategy operates as a direct Bitcoin accumulation vehicle, financed through traditional capital markets. The total acquisition cost of its holdings stands at roughly $50.3 billion, with a historical average price near $74,972 per BTC. At current prices, the company holds unrealized gains of about $9.7 billion and a stockpile worth more than $60 billion.
The mechanics behind the purchases matter as much as the volume. Strategy funded this round through at-the-market issuances of MSTR common stock and multiple series of perpetual preferred shares. Last week alone, the company placed nearly $890 million in common equity. That was supplemented by issuances of STRK, STRF, and STRD, each with distinct risk profiles and dividend structures. The company still retains the capacity to issue tens of billions of dollars more under these programs.
That structure is part of the “42/42” plan, which targets up to $84 billion in equity and convertible debt issuance through 2027. The objective is clear: to continue acquiring Bitcoin systematically, without relying on operating cash flow or short-term macro conditions. The signal to the market is unambiguous. As long as access to capital exists, accumulation continues.
Strategy Doubles Down on Its Bet
Even so, the model has already shown some friction. MSCI is evaluating whether to exclude companies whose digital assets exceed 50% of their balance sheets from its indexes. Strategy pushed back against the proposal and warned about potential distortions for investors and index providers.
The market has begun to respond. MSTR shares are down more than 40% year to date, compared with a much smaller decline in Bitcoin. The mNAV sits below 1, reflecting lingering concerns over future dilution and extreme dependence on the asset’s price.
Far from changing course, Strategy is doubling down. The final outcome will depend less on financial engineering and more on a single variable: Bitcoin’s long-term trajectory
