Strategy Doubles Down On Bitcoin With $963M Purchase Despite New USD Reserve
Barely a week after unveiling a hefty $1.44 billion USD reserve, Strategy has signaled that its core playbook remains unchanged: aggressive Bitcoin accumulation. The company has executed one of the largest BTC buys of 2025, scooping up nearly $1 billion worth of the cryptocurrency in a single move.
Ninth-Largest USD Bitcoin Purchase In Company History
In a recent update on X, Strategy co-founder and chairman Michael Saylor disclosed details of the firm’s latest routine Monday purchase. While these weekly buys have become almost mechanical for the company, the size of this particular transaction stands out.
Between December 1 and December 7, Strategy acquired 10,624 BTC. The purchase was executed at an average price of 90,615 dollars per coin, bringing the total value of the acquisition to approximately 962.7 million dollars.
Measured in USD terms, this ranks as the ninth-largest single Bitcoin add to Strategy’s treasury to date. It is also the company’s biggest purchase since July, when it shocked the market by adding 21,021 BTC in what was then labeled a “mega-buy.”
USD Reserve Fails To Slow Bitcoin Accumulation
The scale of this new acquisition is particularly notable because it follows directly on the heels of a strategic shift: the creation of a 1.44 billion dollar USD reserve. When announcing that reserve, Saylor framed it as a way to help the company manage short-term market volatility while maintaining its long-term Bitcoin thesis.
That announcement was accompanied by a relatively modest BTC buy of just 130 coins, leading some observers to wonder whether Strategy might gradually move to a more balanced allocation between cash and Bitcoin. The latest 10,624 BTC purchase suggests otherwise. The USD reserve appears to be a risk-management buffer rather than a signal of reduced conviction in Bitcoin.
In practice, Strategy is now operating with a dual engine: a substantial cash reserve for flexibility and liquidity, and an aggressive BTC acquisition strategy aimed at long-term upside.
Funded Through At-The-Market Stock Sales
Regulatory filings with the US Securities and Exchange Commission clarify how Strategy financed this fresh BTC tranche. The company tapped its at-the-market (ATM) stock offering programs, selling shares of its STRD and MSTR stocks to raise the required capital.
This funding model has become a hallmark of Strategy’s approach: issuing equity to purchase Bitcoin, effectively converting shareholder capital into digital assets rather than traditional cash holdings or short-term securities. The firm is thus positioning itself not just as a software or tech company, but as a de facto Bitcoin holding vehicle.
660,624 BTC And Counting
Following the latest acquisition, Strategy’s Bitcoin stash has grown to a staggering 660,624 BTC. The company’s total cost basis now averages 74,696 dollars per coin, for a cumulative investment of around 49.35 billion dollars.
At the current market price, Strategy’s BTC holdings are valued at roughly 59.68 billion dollars. That places the firm’s unrealized profit at close to 21 percent. In other words, despite recent volatility and pullbacks, Strategy’s long-term dollar-cost-averaging strategy remains deeply in the green.
Strategy’s Role As A Corporate Bitcoin Bellwether
This continued accumulation solidifies Strategy’s role as one of the most closely watched corporate players in the Bitcoin ecosystem. For many institutional and retail investors alike, the company’s actions serve as a sentiment gauge and, in some cases, a de facto validation of Bitcoin’s long-term investment case.
Instead of using excess cash to buy back its own stock or pay larger dividends, Strategy is choosing to expand its BTC position, effectively betting that Bitcoin will outperform both its core operating business and traditional cash instruments over a multi-year horizon.
This approach carries obvious risk: a significant, prolonged drop in Bitcoin’s price could hit the company’s balance sheet hard and potentially sour investor sentiment. Yet so far, market reactions suggest many shareholders accept — and even endorse — this high-conviction, high-volatility strategy.
Contrast With Spot Bitcoin ETFs: Corporations vs. Funds
While Strategy has pressed ahead with record-sized purchases, the behavior of another major segment of the market tells a different story. US spot Bitcoin exchange-traded funds — which allow investors to gain BTC exposure through traditional brokerage accounts — have struggled with sustained inflows in recent months.
These ETFs hold Bitcoin directly but trade like regular stocks, offering regulated exposure without requiring investors to manage wallets, private keys, or on-chain transfers. Despite being hailed as a milestone for institutional adoption, their flows have recently turned mixed.
Since mid-October, most US spot ETFs have seen recurring weeks of net outflows, echoing Bitcoin’s broader bearish price action during that period. A brief period of positive netflows in the final week of November interrupted a four-week losing streak, but the relief was short-lived. The most recent week once again ended in net redemptions of roughly 87.8 million dollars.
While modest in scale compared to previous surges, these outflows point to lingering caution among ETF investors, many of whom tend to be more price-sensitive and shorter-term oriented than a corporate treasury like Strategy.
Diverging Risk Profiles: Why Strategy Buys When ETFs Bleed
The apparent contradiction — a corporation buying aggressively while ETF investors pull back — can be explained by differing time horizons and mandates.
ETF participants often react to short-term price moves, macro headlines, and interest rate expectations. In periods of tightening financial conditions or rising yields, some investors rotate out of risk assets like Bitcoin into cash or bonds, producing ETF outflows even if long-term fundamentals remain unchanged.
Strategy, by contrast, frames Bitcoin as a long-term monetary asset rather than a short-term trade. Its recurring “Monday buys” function as a form of disciplined, automated accumulation that deliberately ignores week-to-week volatility. By scaling up purchases even during pullbacks, the company aims to lower its average cost basis and maximize exposure ahead of any future bull cycles.
This divergence underscores an important dynamic: corporate treasuries, when committed, can act as stabilizing long-horizon buyers in a market where many participants are highly reactive.
Market Snapshot: Price Pullback After Brief Breakout
On the price front, Bitcoin recently pushed above 92,000 dollars, signaling that bullish momentum has not fully evaporated despite earlier weakness. However, the move was met with selling pressure, and BTC has since slipped back to around 89,900 dollars.
This type of behavior — sharp breakouts followed by quick pullbacks — is typical in phases where the market is torn between optimism about future macro conditions and anxiety about rate decisions, regulatory developments, or profit-taking after prior rallies.
Strategy’s decision to allocate nearly 1 billion dollars during such a choppy period suggests it views current levels as an acceptable accumulation zone rather than a danger area.
Why A USD Reserve And Massive BTC Buys Can Coexist
At first glance, it might seem contradictory for Strategy to build a 1.44 billion dollar USD reserve and simultaneously execute one of its largest-ever Bitcoin purchases. However, viewed through a treasury management lens, the two moves are complementary rather than conflicting.
A significant cash buffer allows the company to:
– Cover operational expenses and debt obligations without needing to sell BTC into unfavorable market conditions.
– Seize opportunistic buying windows if Bitcoin experiences sudden, deep corrections.
– Navigate macro shocks, such as abrupt policy changes or liquidity squeezes, while maintaining its long-term Bitcoin allocation.
In this light, the USD reserve functions as a volatility shock absorber, while the BTC stack remains the core long-term bet. This hybrid model could become a template for other corporates considering a Bitcoin allocation but wary of fully abandoning traditional cash reserves.
Implications For Other Corporate Treasuries
Strategy’s continued accumulation — especially at scale and in the face of ETF outflows — may influence how other companies think about Bitcoin on their balance sheets.
Key takeaways for potential corporate adopters include:
– Signal vs. noise: Strategy’s multi-year approach illustrates how a consistent policy can render short-term price swings less important than the long-term thesis.
– Funding strategy: Using equity issuance to acquire BTC is a bold but replicable model for firms that enjoy strong market demand for their stock.
– Risk framing: By publicly positioning Bitcoin not as a speculative side bet but as a central treasury asset, Strategy is reframing BTC exposure as a strategic decision rather than a fringe experiment.
Whether other corporations will emulate this aggressive stance remains to be seen, but each high-profile purchase by Strategy increases the visibility of Bitcoin as a potential treasury reserve asset.
What This Means For Individual Investors
For retail and smaller institutional investors, Strategy’s actions offer a different lens on the market:
– Persistent, large-scale buys from a major corporate player can provide a form of psychological support during corrections, suggesting that at least one deep-pocketed actor views current prices as attractive.
– At the same time, investors must remember that Strategy’s risk tolerance, access to capital, and regulatory context are not easily replicable by individuals.
– The contrast between ETF outflows and Strategy’s inflows is a reminder that market sentiment is not monolithic; different classes of investors can hold drastically different views at the same time.
Those evaluating their own positions may find value in watching not only price charts, but also on-chain data, ETF flows, and the behavior of large holders like Strategy to build a fuller picture of market dynamics.
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Strategy’s latest 10,624 BTC acquisition makes clear that the company’s new USD reserve is not a retreat from Bitcoin, but a structural enhancement of its balance sheet strategy. With 660,624 BTC now under its control and unrealized gains of around 21 percent, the firm is doubling down on its role as one of the most aggressive and influential corporate Bitcoin accumulators in the world, even as parts of the broader market remain cautious.