Strategy Inc. has concluded an active year of Bitcoin accumulation with another significant purchase, reinforcing its position as the leading corporate holder of the cryptocurrency. On Monday, December 29, 2025, the company announced the acquisition of 1,229 Bitcoins for approximately $108.8 million between December 22 and December 28. This latest investment, executed at an average price of $88,568 per Bitcoin (inclusive of fees and expenses), brings Strategy’s total Bitcoin holdings to an impressive 672,497.

Throughout 2025, Strategy has aggressively expanded its Bitcoin portfolio, disclosing purchases in 41 separate weeks, a significant increase from 18 in 2024 and eight in 2023. This year's accumulation strategy included some of the company's largest weekly purchases to date. A notable instance was on March 31, when Strategy acquired approximately 22,049 BTC for $1.92 billion. Other substantial buys occurred on July 29, with 21,021 BTC for $2.46 billion, and on February 24, with 20,356 BTC for $1.99 billion. In the first two weeks of December, Strategy acquired 21,269 bitcoin across two consecutive weeks, first buying 10,624 BTC for about $963 million at an average price of $90,615, followed by 10,645 BTC for roughly $980 million at an average price of $92,098.

The company's total investment in Bitcoin now stands at $5.044 billion, with an average purchase price of $74,997 per Bitcoin. Despite Bitcoin's price volatility, Strategy has maintained its long-term accumulation strategy, reflected in its year-to-date Bitcoin yield of 23.2%. The company has not reported selling any Bitcoin since adopting it as its primary treasury reserve asset.

Strategy funds its Bitcoin acquisitions through its at-the-market (ATM) offering program. The latest purchase was financed by selling 663,450 shares of its Class A common stock, generating $108.8 million in net proceeds. The company also updated its ATM program, noting substantial amounts available for issuance and sale: $1,619.3 million for STRF, $4,042.4 million for STRC, $4,014.8 million for STRK, $11,698.9 million for MSTR, and $20,335.0 million for STRD as of December 28, 2025.

The recent purchase follows a brief pause in Strategy's buying activity the previous week, where the company increased its U.S. dollar reserves to approximately $2.2 billion. This pause preceded a volatile session where Bitcoin briefly exceeded $90,000 before declining. Currently, Bitcoin is trading near $87,200, slightly below Strategy's most recent purchase price.

Michael Saylor's recent "Back to Orange" post on X also hinted at renewed Bitcoin accumulation. This phrase has become synonymous with Strategy's Bitcoin-focused treasury strategy, further solidifying its commitment to the cryptocurrency.

Despite Strategy's continued Bitcoin accumulation, its stock (MSTR) has reflected Bitcoin's volatility, experiencing a roughly 45% year-to-date decrease. However, with Bitcoin holdings valued at nearly $59 billion, Strategy maintains over $8 billion in unrealized gains.

While Bitcoin is heading towards a yearly loss, with a nearly 7% year-to-date decrease, historical data indicates that consecutive yearly losses are uncommon. Despite short term volatility, Strategy’s accumulation strategy aligns with a broader trend of increasing institutional adoption of Bitcoin. Bitcoin treasury companies have bought up 42,000 bitcoin since November, their largest accumulation since July, even as spot bitcoin exchange-traded funds (ETFs) retreated.