Strategy Inc., the company formerly known as MicroStrategy, disclosed another large Bitcoin purchase, extending a buying streak that has made it the biggest corporate holder of the token even as the broader crypto market struggles to regain momentum.
In a Form 8-K filed Monday, Strategy said it acquired 10,645 Bitcoin in the week ended Dec. 14 for an aggregate $980.3 million, at an average of $92,098 per BTC. The company’s total stash rose to 671,268 Bitcoin, accumulated for about $50.33 billion at an average cost of $74,972.
The purchase was financed through Strategy’s routine playbook: selling securities and funneling proceeds into Bitcoin. The filing shows Strategy sold 4.79 million shares of its common stock as well as portions of multiple preferred-stock offerings, generating $989 million in net proceeds during the period.
Two straight weeks of heavyweight buying
The latest disclosure marks a second consecutive near-$1 billion weekly purchase. In the prior week, Strategy bought 10,624 Bitcoin for roughly $962.7 million at an average price of $90,615, lifting holdings at the time to 660,624 Bitcoin.
That acceleration followed a brief slowdown: Strategy had bought only 130 Bitcoin over the two weeks ending Nov. 30, according to reporting on its earlier filings, after a sharp pullback in the token.
Michael Saylor, Strategy’s executive chairman and the public face of its Bitcoin strategy, has used X to telegraph the cadence of purchases to investors. Ahead of the latest disclosure, he posted “₿ack to More Orange Dots,” a recurring hint that traders have come to associate with fresh buying. After the filing, Saylor posted the updated figures, saying the company had achieved a 24.9% Bitcoin yield year-to-date—a Strategy-defined performance metric it highlights alongside its weekly buying updates.
In other recent remarks, Saylor has continued to project long-run optimism. A Yahoo Finance report last week cited him arguing that Strategy’s approach could help push Bitcoin toward dramatically higher long-term valuations, underscoring how closely the firm has tied its identity—and market narrative—to the asset.
A bigger footprint—amid a weaker tape
At 671,268 Bitcoin, Strategy now holds roughly 3.2% of Bitcoin’s capped 21 million supply, by simple arithmetic—an enormous position for a public company and a scale that can shape sentiment even if it doesn’t determine price day-to-day.
That signaling effect matters right now because Bitcoin has been trading with a distinctly risk-off tone. Prices slipped below $90,000 again at the start of the week and remain well off highs set earlier in the quarter, with investors watching macro catalysts and year-end positioning. Barclays has also pointed to deteriorating sentiment gauges—back toward “extreme fear”—as crypto traders grapple with weak risk appetite.
In that context, Strategy’s repeated willingness to deploy nearly $1 billion a week can act as a psychological backstop: it’s a high-profile reminder that at least one deep-pocketed buyer is still treating drawdowns as opportunities. Some analysts have framed the company’s buying as a potential positive signal for frustrated shareholders, even as Strategy’s own equity has been volatile.
But there’s a second, less flattering interpretation: the mechanism depends on capital markets staying open to Strategy’s issuance machine. MarketWatch has noted that Strategy’s expanding stack of preferred stock and related obligations increases the pressure to keep raising funds—making continued buying less discretionary than it appears.
The dividend reserve, the “sell” question, and index scrutiny
Strategy has taken steps to reassure investors that it won’t be forced into a sale of Bitcoin to meet cash obligations. On Dec. 1, the company disclosed it established a $1.44 billion U.S. dollar reserve to support dividend and interest payments, funded by sales of its common stock. The same period also brought a more cautious tone on near-term expectations: Reuters reported Strategy cut its annual earnings forecast, citing a weak run in Bitcoin.
Still, the possibility of selling has entered the conversation. CEO Phong Le recently said Strategy could sell Bitcoin under certain conditions—particularly if the company’s market valuation falls below the value of its Bitcoin holdings—though it characterized the scenario as conditional rather than imminent.
The company is also facing increasing scrutiny over what it is, exactly: a software firm, a Bitcoin treasury vehicle, or something closer to a fund wrapped in a public listing. Reuters reported this weekend that Strategy will remain in the Nasdaq 100 during the annual reconstitution, while index provider MSCI continues to review the eligibility of digital-asset-heavy firms for inclusion.
What the latest buy means for a “struggling” Bitcoin market
Strategy’s purchases are large enough to matter symbolically, and—on thin liquidity days—can influence short-term flows. But the broader market is still being driven by macro risk appetite, ETF and derivatives positioning, and the same cyclic forces that have pulled Bitcoin down sharply from its October peak.
the latest buy adds to a narrative tug-of-war:
- Bull case: a persistent, price-insensitive buyer keeps absorbing supply and reinforces the “institutions still want Bitcoin” storyline.
- Bear case: Strategy’s influence is tied to ongoing share and preferred issuance; if the stock’s premium evaporates—or financing costs rise—the feedback loop could weaken, with knock-on effects for sentiment given how visible Saylor’s bid has become.
For now, Strategy is doing what it has repeatedly promised: issuing securities, buying Bitcoin, and publicly framing volatility as an entry point—even as the rest of the market searches for the next catalyst to turn a choppy year-end tape into a sustained rebound.
Disclaimer: This article is for informational purposes only and does not constitute investment advice.
AI Disclaimer: Parts of this article were drafted with the assistance of AI tools and subsequently reviewed, edited, and verified by the author and our editorial team to ensure accuracy and journalistic integrity. The final version reflects human editorial judgment and fact-checking.
