Strategy disclosed its latest Bitcoin purchase of 2025, adding 1,229 BTC in late December and closing a year defined by accelerated accumulation and consistent market engagement. The company acquired Bitcoin between December 22 and December 28 for a total of $108.8 million, funded through at-the-market sales of its Class A common stock, according to a Form 8-K filing.
Strategy has acquired 1,229 BTC for ~$108.8 million at ~$88,568 per bitcoin and has achieved BTC Yield of 23.2% YTD 2025. As of 12/28/2025, we hodl 672,497 $BTC acquired for ~$50.44 billion at ~$74,997 per bitcoin. $MSTR $STRC $STRK $STRF $STRD $STRE https://t.co/UGvjHj5WPg
— Strategy (@Strategy) December 29, 2025
The purchase lifted Strategy’s total Bitcoin holdings to 672,497 BTC, acquired at an average cost of $74,997 per coin. While notable in scale, the transaction ranks among the company’s smaller buys this year, following several multibillion-dollar acquisitions earlier in 2025 as Bitcoin prices and liquidity expanded across global markets.
A Year Defined by Frequency, Not Size
Strategy’s activity in 2025 stood out less for individual transaction size and more for its consistency. The company disclosed Bitcoin purchases in 41 separate weeks during the year, more than double the total reported in 2024 and far above levels seen in 2023, underscoring a systematic approach to capital deployment.
Earlier in the year, Strategy completed several large acquisitions, including a roughly $1.92 billion purchase in March and additional buys exceeding $2 billion during the summer. By comparison, the December transaction reflected a measured pace as markets entered a period of consolidation following strong year-to-date gains in digital assets.
The company ended 2024 with approximately 447,470 BTC, meaning its holdings expanded by more than 225,000 BTC over the course of 2025. Strategy reports a year-to-date BTC yield of 23.2 percent, a proprietary metric measuring Bitcoin accumulation relative to shares outstanding.
Institutional Capital and Balance Sheet Strategy
Led by co-founder and executive chairman Michael Saylor, Strategy has positioned Bitcoin as a core treasury asset since 2020, maintaining a strategy closely watched by equity and credit investors. The company continues to fund purchases primarily through equity issuance, utilizing both common and preferred share programs to access capital without drawing on operating cash flow.
This approach reflects a broader institutional backdrop in which risk appetite for Bitcoin exposure has improved amid moderating inflation, expectations for easier monetary policy, and growing acceptance of digital assets within portfolio construction. Strategy’s balance sheet model has become a reference point for other corporates evaluating similar strategies.
Competitive Landscape Widens
Strategy remains the largest corporate Bitcoin holder by a wide margin, with second-ranked MARA Holdings holding just over 53,000 BTC. However, competition among public Bitcoin treasury companies intensified in 2025 as new entrants adopted variations of Strategy’s model.
Public companies now collectively hold more than 1.08 million BTC, spanning 192 firms globally. New and expanding participants such as Twenty One Capital, Bullish, and Bitcoin Standard Treasury Company signal that while Strategy’s scale remains unmatched, the corporate Bitcoin treasury sector is becoming more crowded and institutionalized.
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