Strategy Increases Bitcoin Holdings to 660,624 BTC After Nearly $1 Billion Purchase — Despite Weakening Stock Price
In a move demonstrating its firm stance on Bitcoin, Strategy — formerly known as MicroStrategy — continued to expand its BTC holdings with a purchase of 10,624 Bitcoins last week. The total transaction value reached $962.7 million, equivalent to an average price of approximately $90,615/BTC, according to Cointelegraph data.
With this latest purchase, Strategy's Bitcoin holdings increased to 660,624 BTC, worth over $60 billion, according to BitcoinTreasuries.NET. Compared to the total investment cost of $49.35 billion, the company is recording a return of approximately 22%, despite the current low stock price.
📉 Stock plunges 51% – Bitcoin remains a bright spot on the balance sheet
While investments in BTC are yielding returns, Strategy's stock has experienced a difficult 12 months.
The stock price is currently around $178.99, down 51% from the previous year.
This is a result of market pressure on companies with significant exposure to crypto assets.
Despite this, the company remains committed to its “Bitcoin-first” strategy, pursued by Chairman Michael Saylor. Speaking at the Bitcoin MENA event in Abu Dhabi, Saylor emphasized that Bitcoin is “digital capital,” and revealed that he has met with numerous sovereign wealth funds and large institutions interested in BTC as a new credit instrument.
🏦 General pressure on Bitcoin treasury companies
The decline in Strategy's stock is not an isolated case. The entire industry is facing structural challenges:
25% of listed Bitcoin treasury companies are trading below their net asset value (NAV) as of September 2025.
Daily accumulation activity for these companies has fallen to its lowest level since May.
Strategy's stock premium has dropped to 1.26, its lowest level in over a year.
To address concerns about its ability to repay debt, Strategy has raised $1.44 billion. CEO Phong Le stated that the new capital aims to bolster market confidence amidst negative sentiment fueling a surge in short selling.
📊 Digital Asset Treasury Inflows Bottom in 2025
According to DLA Piper's November report:
Total inflows into Digital Asset Treasury (DAT) reached $1.32 billion, down 34% from October.
Companies focused on Bitcoin led with over $1 billion in inflows.
Strategy alone, its $835 million acquisition on November 17th contributed the majority of the industry's activity.
Meanwhile, treasury companies holding Ether saw $37 million in outflows, reflecting a shift in investor preference toward Bitcoin—where they see greater stability.
🧱 Businesses Continue Expanding BTC Holdings Despite Volatility
The Bitcoin treasury asset sector continues to thrive:
79 listed companies hold at least 100 BTC.
The total amount of BTC held by this group exceeds 1 million BTC, with a value of over $110 billion.
Strategy remains the largest Bitcoin holder globally.
From February 2025, the company changed its name to Strategy, reflecting a restructuring direction to become a Bitcoin-based capital management system, rather than a traditional software company as before.
Other companies are also pursuing similar strategies:
Marathon Digital & Riot Platforms accumulate BTC through mining.
Twenty One Capital operates as a “pure Bitcoin consortium” backed by institutions.
Metaplanet in Japan expands its BTC holdings through bond issuance.
⚠️ What is the future of the Bitcoin treasury model?
Analysts remain divided on the sustainability of the strategy of buying BTC with equity combined with debt:
Spot Bitcoin ETFs and a host of new companies entering the market have reduced Strategy's “first-mover advantage.”
MSCI is reviewing the classification of companies holding digital assets — which could force passive funds to sell if the classification changes.
However, Strategy remains unchanged in its accumulation plan:
“Bitcoin is a superior treasury asset compared to cash.” — Strategy Management.
🔍 Conclusion
Despite headwinds in the stock market, Strategy remains steadfast in its large-scale Bitcoin accumulation strategy.
Holds exceed 660,624 BTC
Value increased by more than 22% compared to the cost
Still the world's largest Bitcoin holder
Strategy's capital management could become a benchmark for global businesses, or a prime example of leveraged risk strategies in the emerging financial industry.