Strategy buys 10,624 BTC using MSTR stock proceeds

Strategy bought 10,624 bitcoin between Dec. 1 and Dec. 7 for about $962.7 million at an average price of $90,615, according to a Form 8-K filed Monday with the Securities and Exchange Commission (SEC). The purchase lifts the enterprise software company’s holdings to 660,624 BTC.

The company financed the latest buys with proceeds from at-the-market sales of its Class A common stock (MSTR) and newly issued perpetual preferred stock, the filing shows. At current prices, the bitcoin stash is worth roughly $60 billion, versus a total cost basis of about $49.4 billion including fees and expenses, reflecting around $10.6 billion in unrealized gains. It is the company’s largest purchase since July.

Co-founder and Executive Chairman Michael Saylor hinted at additional purchases ahead of the filing, posting “₿ack to Orange Dots?” on Sunday in an update to the company’s bitcoin tracker.

In a separate disclosure last week, Strategy added 130 BTC for approximately $11.7 million at an average price of $89,960. The company also established a $1.44 billion cash reserve to fund dividends on its preferred stock and interest on existing debt. Strategy’s first debt maturity is scheduled for February 2027.

Strategy has used a mix of financing to acquire bitcoin, combining equity offerings, convertible notes and preferred stock. The company outlined multiple preferred stock programs with different dividend features alongside its ongoing at-the-market equity program.

Strategy shares closed down 3.8% on Friday at $178.99 and were up 2.8% in premarket trading Monday. The stock fell 2.2% last week and is down 40.4% year to date. Bitcoin is down about 1.5% in 2025.

As we reported earlier, Cantor Fitzgerald cut its 12-month price target on Strategy (MSTR) by about 60% to $229 while keeping an overweight rating, citing bitcoin’s decline since early October and mNAV compression across digital-asset tracker stocks. 

The firm said Strategy holds about $60.7 billion of bitcoin against $8.2 billion of debt, has cash to fund dividends for 21 months, and has equity financing available; absent roughly a 90% drop in bitcoin, forced sales appear unlikely. Cantor also flagged potential index-related outflows under an MSCI review and noted the company buys bitcoin when accretive.