Strategy Acquires Nearly $1 Billion in Bitcoin

Strategy bolsters bitcoin treasury with $962.7M purchase, average price $90,615 per coin.

Michael Saylor’s company, Strategy, has bolstered its bitcoin treasury with the purchase of 10,624 BTC for approximately $962.7 million. The average price was $90,615 per coin.

Strategy has acquired 10,624 BTC for ~$962.7 million at ~$90,615 per bitcoin and has achieved BTC Yield of 24.7% YTD 2025. As of 12/7/2025, we hodl 660,624 $BTC acquired for ~$49.35 billion at ~$74,696 per bitcoin. $MSTR $STRC $STRK $STRF $STRD $STREhttps://t.co/4rCL87nbYk

— Strategy (@Strategy) December 8, 2025

The firm’s cryptocurrency reserve has reached 660,624 BTC—approximately $59.5 billion at the time of writing. Since August 2020, Strategy has spent a total of around $49.35 billion on acquiring digital gold.

The latest purchases were financed through the sale of STRD and MSTR shares via an at-the-market (ATM) offering program.

In early December, Strategy established a cash fund amounting to $1.44 billion for “stable and continuous” dividend payments in case of a decline in the price of the leading cryptocurrency. 

CryptoQuant analysts interpreted this move as preparation for a prolonged bear market, especially since Strategy’s management confirmed their readiness to sell cryptocurrency if necessary. Previously, Saylor had repeatedly stated that the company’s policy did not include such measures.

Strategy CEO Phong Le noted that liquidating part of the crypto reserve is possible, for instance, if the mNAV indicator falls below one. This metric value is critical for all companies with digital asset treasuries (DAT), as it allows for raising funds to expand balances in digital assets.

Has the DAT Bubble Burst?

CoinShares experts believe that the correction in the cryptocurrency market has exposed structural weaknesses in the current DAT strategy. 

The initial goals of Strategy’s bitcoin initiative in 2020 were asset diversification and currency risk management. However, over time it transformed into a tool for investing in cryptocurrency using borrowed funds. 

Numerous imitators of Strategy followed a similar path, with the boom reaching its peak this year. However, the vast majority of participants in the segment have a primary business (if any) that does not generate cash flow comparable to their crypto reserves.

In the summer, many DAT stocks traded at a premium of 3x and even 10x. However, the median mNAV value has now fallen below one.

CoinShares sees two main paths for future developments:

• price declines will trigger aggressive sales of treasury assets, leading to a cascading collapse;
• companies will maintain their balances in cryptocurrencies and benefit from price recovery.

Analysts lean towards the second option but are certain that the segment will undergo reformatting. One possible consequence could be consolidation—stronger participants absorbing weaker ones.

A similar opinion was expressed by Galaxy Research specialists. They noted that the current DAT strategy has reached its natural limit, and companies have entered a “Darwinian phase.” Experts consider one of the most likely scenarios to be the acquisition of insolvent firms by more resilient competitors.

Leaders Hold Firm

BitMine Immersion Technologies, the world’s largest corporate holder of Ethereum, continued its purchases of the second-largest cryptocurrency by market capitalization.

Tom Lee(@fundstrat)’s #Bitmine just bought another 22,676 $ETH($68.67M) 4 hours ago.https://t.co/H5PQRjt2oBhttps://t.co/Oyc0Cm1tob pic.twitter.com/vey8AwqmnF

— Lookonchain (@lookonchain) December 6, 2025

On December 5-6, the company acquired 64,622 ETH for approximately $199.5 million. 

According to StrategicEthReserve, BitMine has accumulated 3.86 million ETH (3.2% of the market supply) currently valued at $11.99 billion. However, the company’s mNAV has already dropped to 0.79.

For Strategy, the metric value at the time of writing stands at 1.17.

Earlier, JPMorgan analysts linked bitcoin’s short-term prospects to Saylor’s firm’s financial stability.