Strategy Buys 10,645 Bitcoin for $980 Million as Firm Retains Nasdaq 100 Spot

The company paid an average price of $92,098 per Bitcoin, according to a regulatory filing released on December 15.

This marks the second consecutive week Strategy has spent nearly $1 billion on Bitcoin. The previous week, the company acquired 10,624 BTC for $962.7 million at an average price of $90,615 per coin. These back-to-back purchases represent Strategy’s largest Bitcoin acquisitions since July 2025.

With the latest purchase, Strategy now holds 671,268 Bitcoin, making it the world’s largest corporate Bitcoin holder. The company has spent a total of $50.33 billion acquiring its entire Bitcoin position, with an average purchase price of $74,972 per coin. At current market prices near $90,000, Strategy’s holdings are worth over $60 billion.

Funding Through Stock Sales

Strategy funded the Bitcoin purchase through its at-the-market offering program by selling shares of its stock. During the December 8-14 period, the company raised $989 million in net proceeds from various stock sales.

The bulk of the funding came from selling 4,789,664 shares of MSTR common stock, which generated $888.2 million. Additional proceeds came from selling preferred stock, including $82.2 million from 1,029,202 shares of STRD (10% Series A Perpetual Stride Preferred Stock). Smaller amounts came from STRF and STRK preferred shares, while no STRC shares were sold during the period.

Source: @saylor

Strategy’s financing approach allows it to continuously raise capital for Bitcoin purchases without taking on additional debt. The company has billions of dollars in remaining capacity under its current stock offering programs.

Bitcoin Yield Reaches 24.9%

Strategy reported achieving a Bitcoin yield of 24.9% year-to-date for 2025. This metric measures how much the company’s Bitcoin holdings per share have grown compared to its outstanding shares, regardless of Bitcoin’s dollar price movements.

The Bitcoin yield demonstrates Strategy’s ability to increase its Bitcoin holdings faster than it dilutes shareholders through stock sales. Executive Chairman Michael Saylor has made this metric central to the company’s strategy, viewing it as a key performance indicator for Bitcoin treasury companies.

In early December, Strategy established a USD Reserve of $1.44 billion to cover dividend payments on preferred stock and interest on outstanding debt. CEO Phong Le stated the reserve currently covers 21 months of payments, with plans to eventually cover 24 months or more.

Nasdaq 100 Status Secured

Strategy retained its position in the Nasdaq 100 index following the annual reconstitution announced on December 12, 2025. The changes will take effect on December 22, with six companies removed and six new ones added to the technology-heavy benchmark.

The companies removed from the index include Biogen, CDW Corporation, GlobalFoundries, Lululemon Athletica, On Semiconductor, and Trade Desk. New additions are Alnylam Pharmaceuticals, Ferrovial, Insmed, Monolithic Power Systems, Seagate Technology, and Western Digital.

Remaining in the Nasdaq 100 avoids a potential crisis for Strategy. Analysts had warned that removal could trigger approximately $1.6 billion in passive fund outflows as index-tracking funds would be forced to sell their shares. The company joined the Nasdaq 100 in December 2024 under the index’s technology category.

MSCI Index Decision Looms

While Strategy secured its Nasdaq 100 position, another significant challenge awaits in January 2026. Global index provider MSCI is consulting on whether to exclude companies with more than 50% of their assets in digital currencies from its Global Investable Market Indexes.

The consultation period runs through December 31, 2025, with a final decision expected by January 15, 2026. If implemented, the changes would take effect during the February 2026 Index Review.

JPMorgan analysts estimate that MSCI exclusion could trigger up to $2.8 billion in passive outflows for Strategy alone. If other major index providers adopt similar policies, total outflows could reach $8.8 billion. Approximately $9 billion of Strategy’s current market capitalization is held by passive index funds.

Strategy has formally opposed MSCI’s proposal. In a letter to MSCI, Executive Chairman Michael Saylor and CEO Phong Le argued that digital asset treasury companies are operating businesses, not investment funds. They called the proposed 50% threshold “arbitrary and discriminatory,” noting that other industries with concentrated holdings, such as oil companies and real estate investment trusts, face no similar restrictions.

The company emphasized that it actively uses its Bitcoin treasury to generate returns for shareholders through digital credit instruments and enterprise analytics software. Strategy maintains that index standards should remain “neutral, consistent, and reflective of global market evolution.”

Market Performance and Outlook

Despite Strategy’s aggressive Bitcoin accumulation, the company’s stock has faced challenges in 2025. MSTR shares are down over 40% year-to-date, even though Bitcoin’s price has remained relatively flat over the same period. The stock closed at $176 per share on December 13, well below its November 2024 peak of nearly $474.

The disconnect between Bitcoin’s price performance and Strategy’s stock reflects growing investor concerns about the sustainability of the company’s business model. The premium investors once paid for Strategy shares above the value of its Bitcoin holdings has largely disappeared. The company’s market capitalization now sits only slightly above the actual value of its cryptocurrency reserves.

Bitcoin itself has declined nearly 30% from its October 2025 all-time high of $126,210. The cryptocurrency currently trades around $89,500, representing a modest decline of about 4% year-to-date.

Strategy’s 2025 Bitcoin purchases have already exceeded $22.46 billion, surpassing the company’s record $21.97 billion spent in 2024. However, the 2025 spending has resulted in acquiring 225,228 Bitcoin compared to 257,250 BTC purchased in 2024, due to higher average prices throughout the year.

The Bottom Line

Strategy continues executing its Bitcoin treasury strategy despite market volatility and regulatory uncertainty. The company’s retention in the Nasdaq 100 provides stability in the near term, but the January MSCI decision could significantly impact its access to passive investment flows. With over 670,000 Bitcoin and counting, Strategy remains the most aggressive corporate adopter of Bitcoin as a treasury asset, a position that will face its biggest test in early 2026.