Bitcoin experienced a decline, nearing the $88,000 mark on Monday, amidst contrasting dynamics in the market as institutional entities continue to accumulate the cryptocurrency. This development follows a significant report from Strategy Inc., which revealed that it purchased 1,229 bitcoin during the week ending December 28, totaling approximately $108.8 million at an average price of $88,568 per coin, including transaction fees.
The funding for this acquisition came wholly from the company’s ongoing at-the-market offering of its Class A common stock. During this same period, Strategy sold about 663,450 shares of MSTR stock, matching the net proceeds to the amount allocated toward the bitcoin purchase. Notably, no preferred shares were issued during this time.
Despite a recent downturn in bitcoin’s market performance, Michael Saylor, Strategy’s executive chairman and a long-standing proponent of bitcoin, confirmed the transaction on social media. He highlighted that the company has achieved a bitcoin yield of 23.2% year-to-date in 2025. This latest purchase has brought Strategy’s total bitcoin holdings to 672,497 BTC, acquired at an estimated cost of $50.44 billion, which translates to an average buying price of about $74,997 per bitcoin.
As of late December, bitcoin’s trading dynamics reflected overall market weakness. After making an intraday high nearing $89,894, the cryptocurrency retreated to around $87,234, marking a slight 0.5% drop over the previous 24 hours and about 3.1% over the past week. Since the beginning of December, bitcoin’s price oscillated significantly, peaking at nearly $93,000 and dipping just above $84,000, showcasing a volatile trading environment.
Trading activity has surged with a 24-hour volume increase of more than 185%, reaching approximately $44.6 billion, indicating heightened market participation during this pullback. Bitcoin remains about 30% below its all-time high of $126,080, recorded in October.
Strategy Inc.’s growing bitcoin treasury is now one of the largest in the market, with current holdings valued around $58.65 billion, reflecting a gain of about 16% relative to their average purchase cost. The company, traded on Nasdaq under the ticker MSTR, has a basic market capitalization close to $46 billion, with a fully diluted market cap around $51 billion, and an estimated enterprise value of $59 billion. The net asset value metrics indicate the stock is trading below the underlying value of its bitcoin on both basic and diluted bases, but near parity based on enterprise value. Shares of MSTR remained stable at around $158.81.
This disclosure comes on the heels of earlier substantial purchases by Strategy. On December 15, the company acquired 10,645 BTC for $980.3 million at an average price of $92,098 per coin, and a week later, reported raising $747.8 million through stock sales under its ATM program, increasing its U.S. dollar reserves to $2.19 billion. These reserves are intended to sustain at least 12 months of dividend payments and interest expenses, with a goal of eventually covering two years or more.
Despite Strategy’s aggressive accumulation, bitcoin appears to be on track for a negative performance in 2025 unless it manages to rally more than 6% above its yearly opening price, which would mark the first post-halving year to close lower.
