Michael Saylor’s Strategy acquires 10,645 bitcoin for $980 million, bringing total treasury holdings to 671,268 BTC

Bitcoin treasury company Strategy (formerly MicroStrategy) acquired more than 10,000 BTC for the second week in a row, adding another 10,645 BTC  to its treasury for approximately $980.3 million at an average price of $92,098 per bitcoin between Dec. 8 and Dec. 14, according to an 8-K filing with the Securities and Exchange Commission on Monday.

Strategy now holds a total of 671,268 BTC — worth around $60 billion — bought at an average price of $74,972 per bitcoin for a total cost of around $50.3 billion, including fees and expenses, according to the company’s co-founder and executive chairman, Michael Saylor. To put that in perspective, the haul represents more than 3% of Bitcoin’s total 21 million supply and implies around $9.7 billion of paper gains at current prices.

The latest acquisitions were made using proceeds from at-the-market sales of its Class A common stock, MSTR, perpetual Strike preferred stock, STRK, perpetual Stride preferred stock, STRD, and perpetual Strife preferred stock, STRF. Last week, Strategy sold 4,789,664 MSTR shares for approximately $888.2 million. As of Dec. 14, $12.56 billion worth of MSTR shares remain available for issuance and sale under that program, the firm said. Strategy also sold 7,036 STRK shares for approximately $0.6 million, with $20.34 billion worth of STRK shares remaining available for issuance and sale under that program, sold 163,306 STRF shares for $18 million, with $1.62 billion remaining, and sold 1,029,202 STRD shares for $82.2 million, with $4.01 billion remaining.

Strategy’s STRK, STRC, STRF, and STRD perpetual preferred stock’s respective $21 billion, $4.2 billion, $2.1 billion, and $4.2 billion ATM programs are in addition to the firm’s “42/42” plan, which targets a total capital raise of $84 billion in equity offerings and convertible notes for bitcoin acquisitions through 2027 — upsized from its initial $42 billion, “21/21” plan after the equity side was depleted.

STRD is non‑convertible with a 10% non‑cumulative dividend and the highest risk‑reward profile. STRK is convertible with an 8% non‑cumulative dividend, allowing equity upside. STRF is non‑convertible with a 10% cumulative dividend, making it the most conservative. STRC is a variable‑rate, cumulative preferred stock offering monthly dividends, with adjustable rates designed to keep it near par.

‘Back to more orange dots’ despite index scrutiny

Saylor again hinted at the firm’s latest acquisitions ahead of time, sharing an update on Strategy’s bitcoin acquisition tracker on Sunday, stating, “Back to more orange dots.”

Strategy’s bitcoin acquisitions. Image: Strategy.

Last Monday, Strategy announced it had purchased another 10,624 BTC for approximately $962.7 million at an average price of $90,615 per bitcoin. That took its total holdings to 660,624 BTC and marked its largest set of acquisitions since July — marginally beaten by last week’s addition.

During the week, Strategy also urged MSCI to drop a proposal that would bar companies whose digital-asset holdings exceed 50% of total assets from its global equity benchmarks, warning the move would create unstable index churn and contradict the U.S. government’s push to foster digital-asset innovation.

In a 12-page letter to the MSCI Equity Index Committee on Wednesday, Strategy argued that bitcoin-treasury firms would “whipsaw on and off” major indexes if bitcoin prices move or accounting standards differ, creating “chaos and confusion” for index providers and investors.

MSCI has argued that digital asset treasuries (DATs) like Strategy and BitMine function more like investment funds than traditional operating businesses, which MSCI’s core equity indexes typically avoid. Critics, however, have pushed back against that description, saying it could ignore other operational activities and that MSCI’s proposed 50% threshold is arbitrary, especially as more U.S. corporations build crypto treasuries.

A final decision by MSCI is expected by Jan. 15 ahead of its February index rebalancing.

Meanwhile, Strategy held onto its place in the Nasdaq 100 on Friday following the index’s annual rebalancing despite the growing scrutiny around its bitcoin-heavy business model.

DAT downturn

According to Bitcoin Treasuries data, there are 192 public companies that have adopted some form of bitcoin acquisition model. MARA, Tether-backed Twenty One, Metaplanet, Adam Back, and Cantor Fitzgerald-backed Bitcoin Standard Treasury Company, Bullish, Riot Platforms, Coinbase, Hut 8, and CleanSpark make up the remainder of the top 10, with 53,250 BTC, 43,514 BTC, 30,823 BTC, 30,021 BTC, 24,300 BTC, 19,324 BTC, 14,548 BTC, 13,696 BTC, and 13,011 BTC, respectively.

However, the value of many of the cohort’s shares is down significantly from their summer peaks and their market cap-to-net asset value ratios have sharply contracted, with Strategy itself down 61%, for example. Strategy’s mNAV currently sits at around 0.85.

Strategy’s common stock closed down 3.7% on Friday at $176.45 and is currently up 0.4% in pre-market trading on Monday, according to The Block’s Strategy price page. MSTR fell 3.8% last week overall, and is now negative to the tune of 41.2% year-to-date, compared to bitcoin’s 3.8% 2025 loss.

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