Strategy Buys 10,624 BTC in One of 2025’s Largest Bitcoin Purchases

Barely a week after revealing its $1.44 billion USD Reserve, Strategy pulls off another headliner and makes one of the largest Bitcoin purchases in 2025. The company’s reserves are now richer by 10,624 BTC, purchased at an average price of $90,615 per Bitcoin, amounting to a total outlay of $963 million.

According to the filing with the SEC, the purchases took place between December 1st and 7th, funded by combined STRD and MSTR at-the-market (ATM) equity programs. The firm has leaned on the ATM mechanism multiple times over the past two years, turning equity into a dollar-denominated fuel line for its ongoing Bitcoin accumulation strategy.

With this new purchase, the company’s ninth-largest and the largest since July this year, Strategy’s corporate treasury now holds 660,624 BTC, with the entire investment costing $49.35 billion (or $74,696 per coin). That’s a paper gain of $10.6 billion, meaning that the firm is currently sitting on a solid 21% profit.

Standing Tall Among Giants

The fresh batch of BTC further solidifies Strategy’s standing among the world’s most influential Bitcoin holders. As of December, the Virginia-based business intelligence and digital asset firm commands about 3% of Bitcoin’s $21 trillion market cap.

According to Arkham’s last week data, that’s right behind Satoshi Nakamoto (1.1 million), Coinbase (897k), and BlackRock (778k+) and has roughly double the BTC as the United States Government.

Meanwhile, the company’s firepower is far from depleted, with $13.4 billion remaining under its MSTR equity program, including the $4.1 billion still left in its STRD tank. Strategy’s funding capacity, as it were, remains robust as ever.

Michael Saylor Weighs in

The company Executive Chairman and co-founder, Michael Saylor, remains as vocal a BTC advocate as ever. Speaking at a conference in Abu Dhabi, Saylor framed Strategy’s purchases as part of a decade-long transition in which Bitcoin transforms from a volatile commodity into the backbone of a new global capital standard.

Saylor hinted at meeting with “hundreds” of sovereign wealth funds, hedge funds, banks, and regulators to discuss the “digital gold” that is Bitcoin. He emphasized BTC’s ability to transform into a digital credit asset, “stripping the volatility from the capital and providing yield,” much like gold does.

Strategy’s USD Reserve

The purchase comes fresh off the heels of another bold move. Namely, just last week, the company established a $1.44 billion USD reserve, financed by issuing Class A common shares via its at-the-market (ATM) equity program. It serves as a complementary part to the BTC reserves: dollars for stability, Bitcoin for long-term appreciation.

The company’s CEO, Phong Le, described it as a shock absorber in case things go south in the short term and MSTR shares decline further. The Reserve announcement also did much to reassure credit markets, which had been monitoring Strategy’s leverage following an unusually aggressive accumulation season throughout 2024. With the Reserves now covering the next 18 months of obligations, the company’s earliest debt maturity doesn’t arrive until February 2027.

A Sharp Pivot, or Just a Precautionary Measure?

But there’s no denying that creating a USD reserve was a surprise. For a company that has spent the past five years channeling nearly every available dollar into Bitcoin, the creation of a dollar-denominated reserve may sound like a noticeable strategic pivot, one aimed at reinforcing liquidity during a period of market turbulence.

Read in that light, perhaps the latest acquisition is a signal that Strategy hasn’t taken its foot off the BTC gas. That this is, in fact, just a precautionary measure, a short-term liquidity shield rather than a change in doctrine.

That the USD Reserve may simply give Strategy breathing room while it continues executing the same long-term goal straight from Michael Saylor’s playbook.