MicroStrategy, the largest corporate holder of Bitcoin, has made its most significant purchase since July 2025, acquiring 10,624 BTC for $962.7 million at an average price of $90,615 per Bitcoin. As of December 7th, the company holds 660,624 BTC, representing 3% of the total Bitcoin supply, acquired for a total of $43.35 billion at an average price of $74,696 per BTC.

The company’s business model, pioneered by founder Michael Saylor, involves purchasing cryptocurrency using funds raised through debt and equity offerings. This has inspired other firms, known as Digital Asset Treasuries (DATs). However, 2025 has been challenging for the DAT sector. According to Bloomberg, the median stock of U.S. and Canadian public DAT companies is down 43%, and 70% of these stocks are expected to finish the year lower than they started, with most companies being unprofitable.

Despite the industry's difficulties, other firms are also accumulating crypto. BitMine, the largest corporate holder of Ethereum, purchased 138,452 ETH in the first week of December, bringing its total holdings to 3,864,951 ETH ($12.1 billion), which is 3.2% of its market capitalization. The company plans to increase its reserve to 5% of the Ethereum supply.

Additionally, MicroStrategy announced the creation of a $1.4 billion dollar reserve to cover investor obligations, ensuring it would not be forced to sell its Bitcoin holdings.

<html><head></head><body>Company Strategy (MicroStrategy) reported the purchase of 10,624 bitcoins for $962.7 million at an average purchase price of $90,615 per bitcoin between December 1 and 7. The latest batch of bitcoins became Strategy's largest purchase since July 2025.As of December 7, Strategy holds 660,624 bitcoins (3% of the total supply) on its balance sheet. Since 2020, the company has spent approximately $43.35 billion to acquire them at an average purchase price of $74,696 per BTC.Strategy is the largest corporate holder of bitcoin. Its business model, implemented by the company's founder Michael Saylor, involves purchasing cryptocurrency using borrowed funds—through bond issuances and stock placements. Many companies have followed Strategy's example, earning the name Digital Asset Treasuries (DAT).DAT projects in 2025 became one of the most popular trends in public markets. Their stock prices soared at the start, sometimes by thousands of percent, but the year is ending less successfully than it began.According to Bloomberg, the median drawdown for stocks of public companies in the U.S. and Canada was 43%, while bitcoin itself has fallen 2% since the beginning of the year, as of December 8. According to the publication's calculations, most of these companies were unprofitable, and by the end of the year, 70% of DAT project stocks will be worth less than at the start.The company Metaplanet, known as the "Japanese Strategy," has not purchased bitcoins for over two months. At the end of September, the DAT project's reserves reached 31,000 bitcoins and have not changed since then, according to information on the company's website. In late November, it collateralized its bitcoins to raise funds for the purchase of additional bitcoins.Despite the challenging situation in the industry, Strategy is not the only one continuing to increase its cryptocurrency reserves. The largest corporate holder of Ethereum, the company BitMine, announced on December 8 that it purchased 138,452 ETH in the first week of the month and increased its altcoin reserves to 3.2% of its market capitalization.BitMine owns 3,864,951 ETH ($12.1 billion). The average purchase price is $3,139 per 1 ETH. The company plans to increase its reserve to 5% of Ethereum's supply ($380 billion at the rate of $3,160 on December 8). The company stated that it is confident in the altcoin's growth in the coming months.Last week, Strategy also announced the creation of a $1.4 billion dollar reserve. It is planned that these funds should cover the company's obligations to investors, and it will not be forced to sell bitcoins for this purpose.Polymarket: Chances of a Crypto Reserve in the U.S. in 2025 Fell by 98%Cryptocurrency Exchange Bybit to Promote USDC Stablecoin. What's the PlanBitcoin Entered a 'Sideways Trend'. What About Other Cryptocurrencies</body></html>

Strategy Bought the Largest Batch of Bitcoin Since July

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Twenty One Capital (NYSE: XXI), a Bitcoin-focused asset reserve company backed by Tether and SoftBank, debuted on the New York Stock Exchange on December 9. Despite its strong backing and large Bitcoin holdings, its stock plunged nearly 20% on the first trading day. The company holds 43,514 BTC, making it the third-largest corporate Bitcoin holder globally, yet its market valuation sits at just $186 million—a mere 4.6% of its Bitcoin's market value.

This extreme discount stems from its reliance on "shareholder injections" rather than open-market purchases. Most of its Bitcoin came directly from Tether, raising transparency and sustainability concerns. The broader Digital Asset Treasury (DAT) model is under pressure, with most major Bitcoin-holding companies trading below their net asset value. While proponents like Michael Saylor argue Bitcoin will become a foundational asset in the digital economy, the market remains skeptical in the short term, demanding more proof of the model’s resilience.

<html><head></head><body>Original | Odaily Planet Daily (@OdailyChina)Author | Ding Dang (@XiaMiPP)<div><img style="max-width:100%;overflow:hidden;" src="https://d1x7dwosqaosdj.cloudfront.net/images/2025-12/d1a2116ea1e9447f880eb80a934495a6.jpg" alt=""></div>Twenty One Capital (NYSE: XXI), a "Bitcoin asset reserve company" backed by stablecoin giant Tether and Japanese conglomerate SoftBank Group, officially listed on the New York Stock Exchange on December 9. However, in stark contrast to its resource advantages of "heavy assets" and "strong backing," the stock price plummeted immediately after the first day's opening, with a intraday drop of nearly 20%. The capital market's initial report card was not friendly.Twenty One was founded in early 2025 and is led by Strike founder and CEO Jack Mallers. It is positioned as a company with Bitcoin as its core asset allocation. It has strong backing from stablecoin issuer Tether, Japan's SoftBank Group, and Wall Street investment bank Cantor Fitzgerald.It is important to note that Twenty One did not undergo a traditional IPO but instead completed a backdoor listing by merging with Cantor Equity Partners (a SPAC), officially listing on the NYSE on December 9. Cantor Equity Partners is a key platform under Cantor Fitzgerald. The company is headed by Brandon Lutnick, son of the U.S. Secretary of Commerce, who personally led this merger. He emphasized in the announcement that Cantor's partnership was key to engaging innovative participants like Tether and SoftBank. This relationship adds a "dimension of institutional prestige" to Twenty One Capital, especially in the context of the Trump administration's promised crypto-friendly policies.But market sentiment is clearly more complex. The company initially under the ticker CEP saw its stock price surge from $10.2 to a high of $59.6 after the announcement, a gain of nearly 6 times. The initial enthusiasm for the "Bitcoin reserve company" narrative was almost written on the K-line chart. However, as speculative sentiment faded, the price quickly fell back and is currently hovering around $11.4, erasing almost all of the premium.This forms an extremely strong contrast with its massive Bitcoin holdings. As of the listing, Twenty One held 43,514 BTC, with a market value of approximately $4.03 billion, ranking third in the global corporate Bitcoin holdings list, behind only Strategy and MARA Holdings.<h2>Valuation Puzzle: Causes Behind the Extreme Discount</h2>What truly puzzles the market is its valuation structure. At the current stock price level, Twenty One's overall market capitalization is only about $186 million, with a market multiple (mNAV) as low as 0.046. This means the capital market is only willing to price its Bitcoin assets at about 4.6% of their book value. Why such an extreme discount?A deep dive into its asset acquisition method reveals that Twenty One's Bitcoin reserves were not primarily formed through long-term purchases on the open market but highly relied on a "shareholder infusion" model: its initial reserve of approximately 42,000 BTC came from a direct capital injection by Tether. Subsequently, on May 14, 2025, the company added 4,812 BTC through Tether, costing about $458.7 million at the time, corresponding to a cost of about $95,300 per coin; and before the listing, it completed an additional plan to acquire about 5,800 BTC through PIPE financing and convertible bond mechanisms.The advantage of this model is its high efficiency, avoiding the lengthy process of building positions in the secondary market and allowing for scaled-up reserves in a short time; but the cost is equally obvious: assets are highly concentrated from a few related parties, making it difficult for investors to fully penetrate its internal transaction structure, custody form, and potential agreement constraints. Transparency and sustainability naturally become important discount factors in market pricing.<h2>Collective Dilemma of the "Digital Asset Reserve Company" Model</h2>From an industry perspective, Twenty One's problem is no longer an isolated case. According to defillama.com data, there are currently over 70 "crypto-stock companies" (i.e., listed companies holding crypto assets) globally. Among the top 20 holders, the mNAV of most companies has fallen below 1, including Strategy, which pioneered this model.<div><img style="max-width:100%;overflow:hidden;" src="https://d1x7dwosqaosdj.cloudfront.net/images/2025-12/bf1486b5c2934d7384d209d781afe098.png" alt=""></div>As the overall crypto market retreats, these "crypto-stock companies" have gradually retreated from being the core of the narrative to marginal assets in risk models. The current valuation of these crypto asset reserve companies has generally turned cautious.However, there is an order of magnitude difference between Strategy and Twenty One. Strategy currently holds about 660,600 Bitcoin, accounting for about 3% of the total Bitcoin supply, a scale more than 15 times that of Twenty One. This size not only gives it stronger market influence but also a certain symbolic meaning of "systemic anchoring." When Strategy's mNAV falls below 1, the market naturally raises deeper questions: Will it be forced to sell coins? Could its debt structure trigger a stampede? Has the DAT model lost its logical foundation in the face of the macro cycle?In fact, with the significant retreat of the crypto market in 2025, the DAT model faces severe tests. The core of this model is to accumulate Bitcoin through debt and equity financing, treating it as the "ultimate asset" to hedge against inflation and currency devaluation. But when Bitcoin's price volatility significantly amplifies, the stability of this model begins to waver. Some companies, despite holding large amounts of BTC, face valuation pressure due to operational costs and market sentiment. Twenty One's extreme discount, while related to its asset acquisition method, is also a concentrated reflection of the market's risk pricing for the entire DAT model.<h2>Conclusion: The Narrative Remains, But the Market Needs Time</h2>At the Binance Blockchain Week on December 4, Michael Saylor provided a broader perspective. In his speech titled "Why Bitcoin Remains the Ultimate Asset: The Next Chapter of Bitcoin," he reiterated his core judgment about Bitcoin's next decade: Bitcoin is transitioning from an investment product to the "basic capital" of the global digital economy, and the rise of the digital credit system will reshape the traditional $300 trillion credit market. From policy shifts and changes in bank attitudes, to the institutional absorption of ETFs, and the explosive growth of digital credit tools, Saylor描绘s a new financial order accelerating into being: digital capital provides energy, digital credit provides structure, and Bitcoin will become the underlying asset supporting it all.From this perspective, companies like Twenty One do possess a potential for being "correct in the long term"—if Bitcoin ultimately completes its migration from a high-risk asset to "digital gold," then these companies may become core carriers in this migration process.But the problem is, "correct in the long term" does not automatically equate to "reasonably priced in the present." The market still needs time to verify Bitcoin's true role in the macro system, and it also needs time to reassess the resilience of the DAT model under different cycle conditions.Related reading: "Full Text of Saylor's Dubai Speech: Why Bitcoin Will Become the Underlying Asset of Global Digital Capital"</body></html>

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