Michael Saylor strikes again: Strategy invests $109 million to buy an additional 1,229 Bitcoins against the market trend

As Bitcoin prices experience year-end volatility and market sentiment turns cautious, the publicly traded company’s “Bitcoin Holdings King” Strategy once again demonstrates its unwavering conviction. According to the latest filings with the U.S. Securities and Exchange Commission, the company increased its holdings by approximately 1,229 Bitcoins during December 22 to 28, 2025, at a total cost of about $108.8 million, with an average purchase price of $88,568 per Bitcoin. This acquisition brings its total Bitcoin reserve to 672,497 coins, with a total cost of approximately $5.044 billion, and an average holding cost of $74,997 per Bitcoin. This move not only consolidates its position as the world’s largest publicly traded Bitcoin holder but also sends a strong signal to the market: even in the face of short-term fluctuations and potential annual losses, some institutions still view Bitcoin as a core strategic asset that must be held long-term.

Year-End Bold Bet: Strategy’s Additional Purchases and Market Reactions

As 2025, dubbed the “Mainstream Compliance Watershed” year for crypto assets, draws to a close, Michael Saylor, founder and executive chairman of Strategy, once again writes his Bitcoin story through action. The company disclosed in an 8-K filing with the SEC that it completed another substantial buy during the past week, after a pause since early December. The document shows that the $109 million used to purchase Bitcoin came from net proceeds of selling 663,450 Class A common shares, continuing its unique financial strategy of financing through capital markets to accumulate Bitcoin.

Technically, this operation was precise and calm. The average purchase price was about $88,568 per Bitcoin, while at the time of the announcement, Bitcoin’s price had slightly declined to around $87,000. Meanwhile, Strategy’s stock fell about 1% in pre-market trading to $157. The short-term synchronization of stock and Bitcoin prices reflects market caution during the relatively illiquid year-end period and investors’ awareness of this high correlation. However, over a longer timeframe, Strategy’s stock experienced significant volatility in 2025, retreating from a high of about $455 to a decline of 47% year-to-date, far exceeding Bitcoin’s own volatility, highlighting the magnified effect of leverage on a high-risk, single-asset holding.

Notably, prior to this purchase, Michael Saylor subtly hinted at the move in his usual Sunday social media post with the phrase “Return to Orange.” This ceremonial communication style has become part of his personal and corporate branding interaction with the crypto community. The purchase also followed the company’s actions the previous week—when Strategy did not buy Bitcoin but announced increasing its dollar reserves to $2.19 billion, preparing “ammunition” for subsequent purchases. Throughout December, Strategy was active, including a $962.7 million purchase of 10,624 Bitcoins in the week of December 7, and a large acquisition of up to $980 million in the week of December 14, the largest weekly purchase since July 2025.

Key Data Overview of This Purchase

To clearly present the core details of Strategy’s strategic move, here are the key transaction data:

Purchase Period: December 22–28, 2025

Number of Bitcoins Purchased: 1,229

Total Cost: approximately $108.8 million

Average Price per Bitcoin: $88,568

Funding Source: net proceeds from selling 663,450 Class A common shares

Total Holdings (Post-Purchase): 672,497 Bitcoins

Cumulative Total Cost: approximately $5.044 billion

Overall Average Cost: $74,997 per Bitcoin

The Logic of Going Against the Tide: Interpreting Saylor’s Strategy Amid 2025’s Market “Rollercoaster”

To truly understand the significance of Strategy’s year-end accumulation, it must be viewed within the grand and tumultuous landscape of the 2025 crypto market. This year, the crypto market experienced a full cycle from “institutional frenzy” to “leverage liquidation.” Early in the year, driven by pro-crypto policies of the Trump administration, market sentiment soared. Bitcoin soared to a record high of $126,000 in early October, but the rally was short-lived. A violent deleveraging event known as “10·11 Panic Night” caused Bitcoin to plummet nearly 37% from its peak, with many altcoins falling over 80%.

Against this backdrop, Strategy’s continued buying stands out. Its core strategy is to ignore short-term volatility and steadfastly implement a long-term plan to hold Bitcoin as the company’s primary reserve asset. Michael Saylor has repeatedly stated that Bitcoin is the ultimate tool to hedge against fiat inflation, and Strategy’s corporate strategy is to continually “Bitcoin-ize” its balance sheet. Even if Bitcoin’s price declines for the year and its stock suffers heavy losses, this fundamental logic remains unchanged.

This strategy has also sparked intense debate. Noted Bitcoin critic and economist Peter Schiff sharply pointed out that Strategy accumulated Bitcoin over five years at an average cost of $75,000, realizing only about 16% “book profit,” with an annualized return of just over 3%. He argued that investing in other assets could have yielded better returns. However, Saylor and his supporters believe that this short-term, traditional financial-centric view of returns fundamentally misunderstands Bitcoin’s value proposition. Bitcoin’s worth lies not in generating cash flow but in its absolute scarcity, unconfiscability, and its foundational role in global digital value transfer. For Strategy, holding Bitcoin is not just an investment but a profound transformation of the company’s very existence.

On a deeper level, Strategy’s actions are a microcosm and a leader of the 2025 wave of “digital asset treasury” trends sweeping the capital markets. After accounting standards permitted crypto assets to be measured at fair value, many small and medium-sized listed companies followed Strategy’s lead, swapping part of their cash reserves for Bitcoin and other crypto assets, attempting to replicate the “bond issuance to buy coins—coin price rise—market cap explosion” wealth effect. This trend boosted stock prices during the bull market but also exposed significant risks during reversals, creating a symbiotic relationship between these companies and the crypto market. As the “leading whale,” each of Strategy’s buys or holdings supports or bears the weight of the entire DAT corporate narrative.

From Company to Ecosystem: How Strategy Is Reshaping Bitcoin’s Institutional Narrative

Strategy’s influence has long surpassed that of an ordinary listed company; it has become a key node connecting traditional capital markets and the Bitcoin world, even reshaping Bitcoin’s institutional narrative to some extent. Its ongoing, transparent accumulation plan over several years provides Wall Street and traditional enterprises with a “compliant” template for observing and participating in Bitcoin.

First, Strategy proved that listed companies can systematically incorporate Bitcoin into their core financial strategies through capital market tools. Whether issuing convertible bonds or directly issuing new shares, the company successfully turned its belief in Bitcoin into actionable financing plans. This has paved a path for others, despite the high volatility involved. By the end of 2025, nearly 200 listed companies worldwide announced similar crypto treasury plans, raising over $120 billion to allocate to Bitcoin and other assets.

Second, Strategy’s existence and performance have become another compelling “story” attracting traditional capital to Bitcoin beyond spot ETFs. Many investors unable or unwilling to buy Bitcoin or Bitcoin ETFs directly view purchasing MSTR stock as an alternative way to gain Bitcoin exposure, despite the added risks to company operations and stock markets. This mode complements Bitcoin spot ETFs, forming a diversified pipeline for institutional and retail capital inflows into Bitcoin. Data shows that by 2025, the assets under management of Bitcoin spot ETFs in the U.S. exceeded $117 billion, holding about 6% of the total Bitcoin supply.

However, this deep linkage also introduces systemic risks. The market crash at the end of 2025 revealed a dangerous chain: Bitcoin price drops → DAT companies like Strategy’s stock plummets → market panic intensifies → more selling ensues. This indicates that the correlation between crypto and traditional financial markets has become unprecedentedly tight and complex. Strategy is no longer just an independent case; its health and market confidence are now intertwined.

Looking ahead, Strategy’s “5% alchemy” goal (aiming to hold 5% of the total Bitcoin supply long-term) is grand but faces practical challenges. As its holdings grow enormous, each incremental purchase has diminishing marginal impact, while the required capital increases geometrically. Meanwhile, rapid evolution of global regulation (such as the U.S. “GENIUS Act” and “CLARITY Act,” and the EU’s MiCA implementation) promises long-term industry compliance benefits but may also introduce new tax and disclosure requirements. Whether Strategy’s Bitcoin strategy can continue smoothly in the next market cycle will be a ultimate test of its financial resilience and Saylor’s foresight.

Standing at the Threshold of 2026: New Narratives and Market Outlook for Bitcoin

When Strategy executes its buy orders in the last week of 2025, the entire crypto world is also reflecting on scars, gathering strength, and looking forward to 2026. Bitcoin hovers below $90,000 at year-end, and its year-to-date (YTD) return may be negative, marking a rare annual decline in its history. However, a comforting historical data point is that Bitcoin has never experienced two consecutive years of decline. Statistically, the probability of a positive return in 2026 is relatively high.

Factors driving the 2026 market will be more diverse. On the macro front, the Federal Reserve’s monetary policy path and the global geopolitical-economic landscape will continue to play key roles. On the regulatory front, the U.S. SEC’s promised “innovation exemption” mechanism is expected to be implemented early in 2026, potentially providing a compliant buffer period for new crypto projects and stimulating innovation. If the “CLARITY Act” passes the Senate, it could offer clearer compliance pathways for decentralized projects, further optimizing market structure.

In application, “real-world asset tokenization” and “low-risk DeFi” are expected to become important narratives. Ethereum co-founder Vitalik Buterin recently likened “low-risk DeFi” to Google’s search business, viewing it as a core application capable of generating sustainable revenue for blockchain. This indicates a shift in industry focus from pure financial speculation to more practical and stable foundational services.

For Strategy and broader investors, 2026 may be a year to rebuild order and return to rationality after the “frenzy and liquidation.” Bitcoin’s narrative might shift from “price miracle” to “digital gold monetization” and “sovereign asset reserve options.” Discussions about establishing a “National Digital Asset Reserve” in the U.S., despite experiencing volatility in 2025, have taken root in the market. Strategy’s long-term bets, in a sense, align with this grand narrative.

Ultimately, Strategy’s purchase of 1,229 Bitcoins this week is both a routine implementation of its long-term plan and a declaration of resilience to the market. It reminds all participants that in the complex ecosystem driven by sentiment, leverage, narratives, and faith, there are always forces watching beyond the daily charts. As the curtain rises on 2026, these “whales” still active in the winter may very well be the leaders of the next tide.