In response to short-term market corrections and year-end liquidity tightening, Strategy opted to purchase 1,229 bitcoins between December 22 and 28 at an average price of $88,568 per coin. Following this acquisition, the company led by Michael Saylor now holds a total of 672,497 bitcoins, with an average holding cost of $74,997 per coin.
Market Dynamics
Recently, the price of Bitcoin has experienced significant volatility. At the end of December, Bitcoin briefly reclaimed the $90,000 mark before facing renewed downward pressure. Analysts note that this rebound was driven more by technical factors than by any new market catalysts. During the year-end holiday period, market liquidity is typically thin, making prices more sensitive to relatively small capital flows. Although prices have rebounded, overall market sentiment remains cautious. For most of December, Bitcoin traded within a range of $86,500 to $90,000.
The market has also been weighed down by over $1 billion in ETF outflows related to tax-loss harvesting. According to the latest data from Gate on December 30, after a period of volatility, Bitcoin is now hovering between $88,000 and $90,000.
Contrarian Moves
Amid pressure on Bitcoin prices and a concurrent drop in its own stock price, Strategy once again made a notable contrarian move. According to filings with the US Securities and Exchange Commission, the company purchased 1,229 bitcoins in the latest week. The total value of this transaction was approximately $108.8 million, with an average purchase price of $88,568 per coin. Notably, all the funds for this significant Bitcoin purchase came from the company’s sale of its own common stock. During the same period, Strategy sold 663,450 shares of MSTR stock, using all net proceeds to buy Bitcoin.
Following this transaction, Strategy’s Bitcoin investment return for the year has reached 23.2%. Since the start of 2025, the company has deployed substantial capital into Bitcoin through its ongoing stock issuance program.
Asset Landscape
This latest accumulation further cements Strategy’s position as one of the world’s largest corporate holders of Bitcoin. As of December 28, the company’s total Bitcoin holdings reached 672,497 coins, with a total acquisition cost of approximately $50.44 billion. At current market prices, the value of these assets significantly exceeds their cost, resulting in substantial unrealized gains for the company.
Beyond its Bitcoin holdings, Strategy also prioritizes financial stability. The company previously increased its US dollar reserves to $2.19 billion. This reserve is intended to cover at least 12 months of preferred stock dividends and debt interest payments, with a long-term goal of covering 24 months or more.
Analysts are divided on this approach. Some believe it strengthens the company’s ability to weather a "prolonged crypto winter."
Diverging Market Views
Strategy’s continued accumulation of Bitcoin has sparked debate in the market. Long-term bulls see this as a strong vote of confidence in the company’s core strategy and Bitcoin’s long-term value. However, skeptics—such as well-known Bitcoin critic Peter Schiff—point out that despite Strategy’s aggressive buying over the past five years at an average cost of around $75,000, its current unrealized gains translate to a rather unremarkable annualized return.
From a broader asset comparison perspective, the debate continues. Since 2015, Bitcoin’s price appreciation has far outpaced traditional precious metals like gold and silver. Yet some argue that the market environment has changed significantly over the past four years, and simply comparing ultra-long-term historical data may not reflect current realities. Matt Golliher, co-founder of Orange Horizon Wealth, notes that a fundamental difference between Bitcoin and commodities is Bitcoin’s fixed supply, which shields it from the traditional mechanism where rising prices stimulate production and increase supply, thereby capping prices.
Looking Ahead
Looking into early 2026, market attention is shifting to several potential key catalysts, including a possible reversal of Bitcoin ETF outflows in January, regulatory developments, and Federal Reserve monetary policy moves. Historical data shows that Bitcoin has never posted two consecutive years of declines. This pattern keeps some market participants cautiously optimistic about the outlook for 2026.
Additionally, the macroeconomic trend toward "de-dollarization" may also support assets like Bitcoin. The market expects that, following a change in Federal Reserve leadership in 2026, policy may shift toward rate cuts, which could put pressure on the US dollar and benefit assets seen as stores of value, such as gold, silver, and Bitcoin.
Matt Hougan, Chief Investment Officer at Bitwise, believes that Bitcoin will continue to deliver strong returns over the next decade, though significant annual volatility is likely to persist.
When Bitcoin’s price dipped to around $88,000, Strategy decisively invested over $100 million to increase its holdings. This move not only pushed its total Bitcoin treasury to a record 672,497 coins but also brought its annual Bitcoin investment return to 23.2%. These actions clearly demonstrate its long-term commitment to positioning Bitcoin as its primary reserve asset. Currently, the Bitcoin market is experiencing year-end liquidity challenges and price consolidation. However, institutional accumulation—exemplified by Strategy—stands in stark contrast to short-term price swings.
For individual investors, maintaining rationality, making decisions based on personal risk tolerance, and keeping an eye on real-time data and in-depth analysis from platforms like Gate may be more important than simply chasing short-term price movements. The next chapter of the market will be shaped by a combination of institutional conviction, macroeconomic trends, and technological innovation.
