What does the market see when Michael Saylor's Strategy once again invests $109 million to purchase 1,229 BTC?

Amid the end-of-year volatility in the cryptocurrency market and Bitcoin’s price retracement from its yearly high, a familiar figure once again demonstrates unwavering faith through concrete actions. The world’s largest publicly traded Bitcoin holder—Strategy (Nasdaq: MSTR)—executed a precise “counter-cyclical buy-in” in the last week of December 2025.

According to documents filed with the U.S. Securities and Exchange Commission (SEC), Strategy purchased 1,229 Bitcoins between December 22 and 28, at a total cost of approximately $108.8 million, with an average purchase price of about $88,568 per Bitcoin. After this increase, the company’s Bitcoin holdings, managed by Michael Saylor, have grown to an astonishing 672,497 BTC, with a total invested capital of around $5.044 billion, and an average holding cost of $74,997.

This not only marks Strategy’s return to action after a brief one-week pause but also signifies December 2025 as one of its “most aggressive buying months” this year. In the midst of market price fluctuations, the moves of this “whale” level BTC holder undoubtedly inject confidence into the market and provoke deep reflection among investors about future trends.

Going Against the Tide: Strategy’s “Greed” and Logic

This purchase was made within a specific market context. After Bitcoin hit a record high of approximately $126,000 in October 2025, it entered a sustained correction in the fourth quarter. By the end of December, the price hovered around $89,000, down nearly 30% from the annual high, turning the year’s performance into a decline. Meanwhile, the stock price of MSTR also came under pressure, with a year-to-date decline of about 47%.

However, Strategy chose to continue buying amid widespread market caution. Its Executive Chairman, Michael Saylor, even posted a cryptic “Back to Orange” message on social platform X before the transaction was disclosed, widely interpreted as a hint of Bitcoin purchase. This behavior perfectly exemplifies its core strategy of “long-term holding and ignoring short-term volatility.”

Funding Sources and Financial Strategy

The funds for this purchase came from the sale of 663,450 shares of MSTR common stock through the company’s “at-the-market” (ATM) program, raising exactly $108.8 million, enabling seamless capital conversion. This demonstrates Strategy’s adept capital management: continuously raising low-cost funds through stock and preferred stock issuance and converting nearly all of it into Bitcoin assets.

According to the filings, this additional buy-in has boosted Strategy’s Bitcoin investment return for the year to 23.2%. While critics (such as long-term Bitcoin bear Peter Schiff) argue that its five-year annualized return isn’t spectacular, Strategy’s entire business model is deeply tied to Bitcoin’s long-term value, with goals far beyond short-term price swings.

Market Perspective: Bitcoin’s Current State and Top Player Outlook

Strategy’s counter-cyclical accumulation signals confidence in the future, but the current market indeed faces complex challenges.

On one hand, short-term pressures persist. Blockchain consultant Li Sicong pointed out that this year, some market funds were diverted to the booming AI sector, and a large-scale leverage liquidation event in October severely impacted liquidity and investor sentiment. Additionally, some “ancient whales” (addresses holding Bitcoin for over 10 years) began selling after years of dormancy, leading to a period of turnover and adjustment.

On the other hand, positive long-term drivers remain intact, and institutionalization continues to deepen. Michael Saylor himself revealed rumors that major U.S. banks will start purchasing and custodying Bitcoin in the first half of 2026, even using it as collateral for loans. He believes this wave of institutional adoption will provide strong support for Bitcoin’s price.

Top Predictions: Divergence and Consensus

Top analysts and institutions have issued bold and optimistic forecasts for Bitcoin’s future price, albeit with some adjustments from early in the year:

• Michael Saylor predicts Bitcoin will be in the range of approximately $143,000 to $170,000 in 2026.
• Fundstrat co-founder Tom Lee offers a more aggressive forecast, suggesting Bitcoin could reach $250,000 by the end of January 2026.
• Standard Chartered Bank has revised its 2026 target price downward from $300,000 to $150,000 but remains optimistic about its upside potential.
• JPMorgan forecasts Bitcoin could climb to $170,000 in 2026.

The common basis for these predictions is that Bitcoin’s financial infrastructure (such as ETFs) and institutional acceptance have advanced far beyond previous cycles, potentially helping it break the historical “peak around 18 months after halving” pattern. Li Sicong also believes that with continued entry from large investment banks, funds, and even governments, Bitcoin could challenge a new high of $150,000 in 2026.

Investor Takeaways: Finding Anchors Amid Volatility

For ordinary investors, Strategy’s latest move and top market forecasts send a clear signal: Bitcoin’s long-term narrative remains intact, but the path will be bumpy.

1. Understand “Leveraged Bitcoin Exposure”: Investing in MSTR shares essentially means investing in a high-leverage, high-conviction Bitcoin investment vehicle. Its stock price volatility often exceeds that of Bitcoin itself, presenting both opportunities and risks. Investors should be clear that they are investing in Strategy’s management and capital operation capabilities, not just Bitcoin itself.
2. Adopt a Long-term and Disciplined Approach: In the highly volatile crypto market, trying to precisely “bottom-fish” or “top-sell” is extremely difficult. Experts generally recommend using dollar-cost averaging (DCA) for regular, systematic investing in core assets like Bitcoin to smooth risk and capture long-term trends.
3. Focus on Fundamentals and Macro Trends: Future price movements will be more influenced by ETF capital flows, mainstream financial institution adoption, and global macroeconomic policies (such as interest rate cycles) rather than just technical charts or market sentiment.

How to Act?

If you want to track the latest real-time prices of Bitcoin and MSTR, you can follow data from major trading platforms like Gate. As of December 30, market data shows Bitcoin fluctuating between $87,000 and $89,000. Gate provides detailed market charts and depth data for investors to make independent judgments.

Strategy’s purchase of 1,229 Bitcoins again signifies more than a single trade. It is a public declaration of faith amid market volatility and a consistent move within its grand strategy. For the market, every breath of this “whale” is worth listening to carefully. It reminds us that in the turbulent crypto world, true long-termists are drawing their vision of the future with steadfast actions. As 2026 approaches, a new narrative led by institutions may just be beginning.