Strategy, the bitcoin-focused treasury company led by founder Michael Saylor, has resumed its cryptocurrency purchases after a short pause, adding another 1,229 bitcoin to its balance sheet in late December.
According to a regulatory filing submitted Monday, the company bought the bitcoin between Dec. 22 and Dec. 28 for a total of about $108.8 million. The average purchase price came in at roughly $88,568 per bitcoin. The move marked a return to buying after Strategy briefly stepped back from the market earlier in the month.
The acquisition was funded through sales of Strategy’s Class A common stock (ticker: MSTR) under its at-the-market offering program. During the same period, the company sold 663,450 shares, generating net proceeds of $108.8 million after commissions.
Saylor had signaled the renewed activity a day earlier with a cryptic “Back to Orange” post on X, a phrase long associated with his support for bitcoin.
Back to Orange. pic.twitter.com/J3lnpOObER
— Michael Saylor (@saylor) December 28, 2025
Growing bitcoin holdings and a sizable cash buffer
With the latest purchase, Strategy now holds 672,497 bitcoin. The company has spent about $50.44 billion to build that position, translating to an average cost basis of approximately $74,997 per bitcoin.
At the time of writing, bitcoin was trading near $87,300. That puts the market value of Strategy’s holdings at roughly $58.7 billion, representing an unrealized gain of more than $8 billion.
The recent buying follows a brief pause during which Strategy focused on strengthening its cash position. The company’s USD reserve now stands at $2.19 billion, intended to support dividend payments on preferred stock and interest obligations on outstanding debt.
The filing also confirmed that there were no sales during the week across Strategy’s preferred stock offerings, including STRF, STRC, STRK, and STRD. As a result, the company still has substantial capacity remaining under those programs.
Analysts split on what comes next
Market observers have offered mixed interpretations of Strategy’s recent moves. Earlier this month, analysts at TD Securities said the expanded cash reserve improves liquidity and gives the company greater flexibility to operate through a prolonged downturn in crypto markets. TD Securities maintains a buy rating on Strategy shares, with a 12-month price target of $500.
Strategy’s stock was trading around $156 at the time of writing, down more than 45% so far this year.
Other analysts are more cautious. Onchain analytics firm CryptoQuant has suggested that building a large USD reserve could signal preparation for a deeper or longer bitcoin drawdown. JPMorgan analysts, meanwhile, have emphasized that Strategy’s willingness and ability to hold bitcoin through volatility may matter more for near-term market sentiment than mining activity.
Index inclusion under review
Investors are also watching developments around equity indices. MSCI is expected to decide by Jan. 15 whether to remove Strategy and other digital asset treasury companies from certain indices ahead of the February rebalancing.
Earlier this month, Strategy urged the MSCI Equity Index Committee to reconsider a proposal that would exclude companies whose crypto holdings exceed 50% of total assets. The company warned that such a change could introduce instability into index construction and run counter to broader U.S. policy goals aimed at supporting digital asset innovation.
Looking ahead
Strategy’s latest bitcoin purchase reinforces its long-standing approach: using equity issuance to steadily expand its digital asset holdings while maintaining liquidity through cash reserves. As debates continue over market risk, index inclusion, and bitcoin’s next move, the company remains one of the most closely watched bellwethers at the intersection of public markets and cryptocurrency.
