Bitcoin treasury company Strategy continued its aggressive bitcoin accumulation, announcing Monday it had acquired an additional 10,645 BTC between December 8 and December 14.
According to an 8-K filing with the Securities and Exchange Commission, the latest haul cost approximately $980.3 million, translating to an average purchase price of $92,098 per bitcoin.
The acquisition marks the second consecutive week Strategy has added over 10,000 BTC to its reserves, slightly surpassing the 10,624 BTC bought in the prior week.
Following the transaction, Strategy’s total bitcoin treasury now stands at 671,268 BTC. This massive holding, currently valued at approximately $60 billion, was acquired at a total cost of about $50.3 billion, with an average purchase price of $74,972 per bitcoin.
Company co-founder and executive chairman Michael Saylor highlighted the scale of the company’s commitment, noting that its total holdings represent over 3% of Bitcoin’s total 21 million supply. The current market value implies an estimated $9.7 billion in paper gains for the firm.
Funding the Acquisition Spree
The latest acquisitions were funded through the firm’s ongoing at-the-market (ATM) sales programs for its various classes of stock, including Class A common stock (MSTR), and perpetual preferred stocks (STRK, STRD, and STRF).
Key details from the funding included:
MSTR Stock Sales: The firm sold 4,789,664 shares of MSTR, generating approximately $888.2 million in proceeds.
Preferred Stock Sales: Additional funds were raised from the sale of STRK ($0.6 million), STRF ($18 million), and STRD ($82.2 million) shares.
Strategy’s expansive capital raising strategy, known as the “42/42” plan, targets a total capital raise of $84 billion through 2027 via a combination of equity offerings and convertible notes for bitcoin acquisitions.
Scrutiny and Index Debate
The latest accumulation comes amid growing scrutiny of the firm’s business model, particularly from index providers. Last week, Strategy strongly urged MSCI to reject a proposed change that would exclude companies whose digital-asset holdings exceed 50% of total assets from its global equity benchmarks.
In a 12-page letter to the MSCI Equity Index Committee, Strategy argued that the proposal would create “chaos and confusion” by causing “whipsaw” movement for companies like Strategy—classified as Digital Asset Treasuries (DATs)—on and off major indexes as Bitcoin prices fluctuate.
MSCI has contended that DATs function more like investment funds than traditional operating businesses, which their core indexes generally exclude. A final decision by MSCI is expected by January 15, ahead of its February index rebalancing.
Despite the ongoing index debate, Strategy maintained its position in the Nasdaq 100 following the index’s annual rebalancing last Friday.
