Strategy (MSTR) Stock: Nearly $1 Billion Bitcoin Purchase Sends Shares Higher

TLDR

• Strategy purchased 10,624 Bitcoin tokens between December 1-7 for $962.7 million at an average price of $90,615 per token
• The company’s total Bitcoin holdings now stand at 660,624 BTC valued at over $60.6 billion with an average acquisition cost of $74,696 per token
• This marks the largest Bitcoin purchase in Q4 2025, a sharp increase from just 130 tokens bought in the prior two-week period
• The purchase was funded through common equity ATM offerings and STRD preferred sales
• Strategy stock rose 1.9% in premarket trading following the announcement, though shares remain down 61% from July highs

Strategy made its biggest Bitcoin move of the quarter last week. The company snapped up 10,624 tokens worth $962.7 million between December 1 and December 7.

The average purchase price came in at $90,615 per Bitcoin. That’s well below the cryptocurrency’s October peak above $126,000.

Strategy disclosed the purchase in a securities filing Monday morning. The buy brings the company’s total stash to 660,624 Bitcoin tokens.

MicroStrategy Incorporated, MSTR

At current prices, that holdings sits north of $60.6 billion. The average cost basis across all purchases stands at $74,696 per token.

The stock jumped 1.9% to $182.38 in premarket trading after the news broke. But the gain barely dents recent losses.

Shares have crashed 61% from their July record high. The decline mirrors Bitcoin’s own 27% drop from its October peak.

Back in the Game

The December splurge marks a dramatic shift in strategy. During the two weeks ending November 30, the company bought just 130 tokens.

That pause came as Bitcoin tumbled from its highs. Strategy and chairman Michael Saylor sat out the volatility.

Now they’re back in buying mode. The message seems clear: they’re buying the dip.

The purchase dwarfs other Q4 buys. Strategy grabbed 8,178 tokens on November 17, its previous quarterly high. October and November saw much smaller weekly purchases ranging from 168 to 525 tokens.

Strategy funded the latest purchase through equity sales. The company used proceeds from its common stock ATM offering and STRD preferred shares.

What It Means for the Stock

Cantor Fitzgerald analysts Brett Knoblauch and Gareth Gacetta had predicted this move before Monday’s filing. They noted Strategy buys Bitcoin when purchases can expand the company’s mNAV premium.

That’s the multiple Strategy trades at relative to its Bitcoin holdings. The metric has deteriorated as the stock fell faster than Bitcoin.

The analysts kept their Overweight rating but slashed their price target. The new target sits at $229, down from $560.

Strategy’s buying signals confidence in Bitcoin’s direction. The cryptocurrency traded at $91,611 Monday morning, a slight uptick.

The Bitcoin price barely budged after Strategy’s announcement. It’s still hovering just below $92,000.

Strategy stock rose 3% in premarket trading. That’s the clearest reaction to the news.

The company’s model ties it directly to Bitcoin’s fate. When the cryptocurrency moves, Strategy stock follows.

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