Bitcoin is currently trading at just above $93,000 per coin, marking a significant recovery of nearly 11% since it dipped to a low of approximately $84,000 on November 22. This resurgence in value has breathed new life into Michael Saylor’s strategy with his Bitcoin treasury company, whose stock enjoyed a 3.9% increase yesterday and has risen by 8.4% over the past five trading sessions. As of this morning, the stock was slightly up in overnight trading.
Despite this positive trend, Strategy’s market capitalization stands at $55.7 billion, which is still below the $60.6 billion value of its Bitcoin holdings. The mNAV (net asset value expressed as enterprise value over its Bitcoin holdings) ratio has improved to 1.16, indicating a healthier financial position. However, if this ratio dips below one, the company risks losing value on its stock, which may force it to consider liquidating some of its Bitcoin reserve.
This precarious situation seems to have been averted, in part, thanks to the involvement of BlackRock. During the fourth quarter of 2025, BlackRock’s Bitcoin exchange-traded fund (ETF) continued to accumulate Bitcoin while many other ETFs were offloading their assets. Analyst Paul Hoffman noted in a research report that BlackRock added a net total of 24,411 BTC despite experiencing heavy outflows of roughly 23,226 BTC between November 1 and December 1.
As of December 1, BlackRock’s iShares Bitcoin Trust (IBIT) controls nearly 60% of all Bitcoin held by ETFs, totaling 776,474.65 coins. This massive buying spree follows another acquisition of 71,236 coins in the third quarter, positioning BlackRock’s ETF to own 3.9% of the entire Bitcoin supply—more than Strategy itself.
BlackRock has not responded to inquiries regarding these developments. However, IBIT is reportedly now the firm’s most profitable product. BlackRock CEO Larry Fink recently expressed a more positive outlook on Bitcoin, stating during the New York Times’ DealBook Summit that his views on cryptocurrency have evolved since he initially perceived Bitcoin as a tool for money laundering. Now, he recognizes significant use cases for Bitcoin based on insights gained through his extensive interactions with clients and government officials.
Compounding this bullish sentiment in the crypto space, news has emerged that Vanguard, a company traditionally skeptical of cryptocurrencies, is planning to offer a Bitcoin ETF to its substantial customer base.
In broader market movements, futures for the S&P 500 remained flat this morning after closing up 0.3% in the last session. European markets showed slight gains, with the STOXX Europe 600 and the U.K.’s FTSE 100 increasing by 0.3% and 0.14%, respectively. Japan’s Nikkei 225 saw a notable rise of 2.33%, while China’s CSI 300 was up 0.34%. Conversely, the South Korea KOSPI dipped by 0.19%, and India’s Nifty 50 edged up by 0.18%. The overall environment reflects a cautious yet positive sentiment as markets await the opening bell in New York.
