Strategy Resumes Spending Billions on Bitcoin. How Its Reserve Has Grown

RBK-cryptoPublished on 2025-12-15Last updated on 2025-12-15

Abstract

MicroStrategy, the largest corporate holder of Bitcoin, has significantly increased its reserves, purchasing nearly $2 billion worth of Bitcoin in the first half of December. On December 15, the company reported buying 10,645 BTC for $980.3 million, following a $962.7 million purchase the previous week. This brings its total holdings to 671,268 BTC, representing over 3% of Bitcoin's total supply. Since 2020, MicroStrategy has spent approximately $50.33 billion on Bitcoin, with an average purchase price of $74,972 per BTC. The company funded these acquisitions primarily through the issuance of additional MSTR shares and other preferred shares. Despite its stock trading 53% below its July peak, MicroStrategy continues its strategy of accumulating Bitcoin using debt and equity financing. Additionally, MicroStrategy has established a $1.4 billion dollar reserve to cover investor obligations, a move analysts interpret as preparation for a potential "crypto winter." This strategy has inspired other companies, termed Digital Asset Treasuries (DAT), such as BitMine—the largest corporate holder of Ethereum—which also reported increasing its ETH reserves to 3.97 million coins.

The largest corporate holder of Bitcoin, Michael Saylor's company Strategy, has purchased nearly $2 billion worth of Bitcoin in total during the first half of December. Despite the decline in its stock price, Strategy continues to replenish its crypto reserve.

On December 15, Strategy reported purchasing 10,645 bitcoins for $980.3 million (average purchase price of $92,098 per BTC) between December 8 and 14. A week earlier, the company announced the acquisition of cryptocurrency for $962.7 million, which was the largest purchase since July.

As of the end of November, Strategy's reserve held exactly 650,000 BTC. According to data as of December 14, the balance is now 671,268 BTC (over 3% of the total supply). Since 2020, the company has spent approximately $50.33 billion to acquire its coins, with an average purchase price of $74,972 per bitcoin.

Funds for the latest purchase were raised primarily through the issuance of additional MSTR shares, as well as preferred shares STRD, STRK, and STRF. On December 15, MSTR shares were trading 53% below the record high set in July, according to TradingView data.

At the beginning of the month, Strategy 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. The creation of a reserve in US dollars indicates that the company is preparing for a 'crypto winter,' analysts at CryptoQuant believe.

Strategy's approach involves purchasing cryptocurrency using borrowed funds—through bond issuances and share placements. Many companies, dubbed Digital Asset Treasuries (DATs), have followed Strategy's example.

The DAT company BitMine—the largest corporate holder of Ethereum—also reported on December 15 that it had increased its crypto reserve to 3,967,210 ETH ($12.45 billion) over the week. In seven days, it purchased 102,259 ETH ($321 million). BitMine's altcoin holdings exceed 3.2% of Ethereum's market capitalization, but the company's target is 5%.

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