Bitcoin treasury company Strategy (formerly MicroStrategy) acquired an additional 10,624 BTC for approximately $962.7 million at an average price of $90,615 per bitcoin between Dec. 1 and Dec. 7, according to an 8-K filing with the Securities and Exchange Commission on Monday — its largest purchase since July.

Strategy now holds a total of 660,624 BTC — worth around $60 billion — bought at an average price of $74,696 per bitcoin for a total cost of around $49.4 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 $10.6 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, and perpetual Stride preferred stock, STRD. Last week, Strategy sold 5,127,684 MSTR shares for approximately $928.1 million. As of Dec. 7, $13.4 billion worth of MSTR shares remain available for issuance and sale under that program, the firm said in the filing. Strategy also sold 442,536 STRD shares for $34.9 million, with $4.1 billion remaining under that ATM program.

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.

Saylor again hinted at its latest acquisitions ahead of time, sharing an update on Strategy’s bitcoin acquisition tracker on Sunday, stating, "₿ack to Orange Dots?"

Strategy’s bitcoin acquisitions. Image: Strategy.

Strategy’s new $1.44 billion USD Reserve

Last Monday, Strategy announced it had purchased another 130 BTC for approximately $11.7 million at an average price of $89,960 per bitcoin — taking its total holdings to 650,000 BTC.

The firm also announced a $1.44 billion USD Reserve to support the payment of dividends on its preferred stocks and interest on its existing debt.

That cash reserve is enough to cover its commitments for a year and a half, according to Bitwise CIO Matt Hougan. With its first debt maturity also not due until February 2027, he said that Strategy is nowhere close to needing to liquidate its bitcoin to meet obligations right now, pushing back against a growing narrative.

However, CryptoQuant argued the reserve signaled that Strategy was preparing for a bear market, with Head of Research Julio Moreno predicting that bitcoin could trade between $70,000 and $55,000 next year.

Meanwhile, analysts at JPMorgan said Strategy’s resilience was key to bitcoin’s price direction in the near term.

Saylor, at least, remains confident in that resilience. In an interview earlier this year, he said Strategy’s capital structure is designed to withstand a 90% drop in bitcoin that persists for four to five years, thanks to its mix of equity, convertible debt, and preferred instruments — though he acknowledged that shareholders would still "suffer" in such a scenario.

DAT struggle

According to Bitcoin Treasuries data, there are 190 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 as their market cap-to-net asset value ratios sharply contract — with Strategy itself down 61%, for example. Strategy’s mNAV currently sits at around 0.86.

CoinShares Head of Research James Butterfill wrote in a recent report that while DATs were born from a sensible idea (corporates diversifying treasury reserves away from fiat currencies and toward digital assets), the rapid expansion of token treasuries, shareholder dilution, and the pursuit of token-per-share growth at all costs have diluted that purpose.

"As the bubble deflates, the market is re-evaluating which companies genuinely fit the DAT model and which were simply riding momentum," he said.

Strategy’s stock closed down 3.8% on Friday at $178.99 and is currently up 2.4% in pre-market trading on Monday, according to The Block’s Strategy price page. MSTR fell 2.2% last week overall, and is now negative to the tune of 40.4% year-to-date, compared to bitcoin’s slight 1.5% 2025 loss.

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