Strategy Adds 1,229 Bitcoin as Holdings Reach 672,497

Strategy disclosed on December 29, 2025, that it had acquired 1,229 bitcoin for approximately $108.8 million during the period from December 22 through December 28. The purchases were made at an average price of $88,568 per bitcoin, including fees and expenses, according to the company’s Form 8-K.

The acquisition brought Strategy’s holdings to 672,497 bitcoin as of December 28. The filing put the aggregate acquisition cost at approximately $50.44 billion and the average cost at $74,997 per bitcoin, inclusive of fees and expenses.

That disclosure mattered beyond the size of a single weekly purchase. Strategy had turned access to public capital markets into a recurring mechanism for accumulating bitcoin, linking its shareholders and several classes of listed securities to the economics and volatility of one digital asset. Each additional purchase increased that concentration while reinforcing the company’s position as a prominent institutional proxy for bitcoin exposure.

Common stock financed the purchase

Strategy reported selling 663,450 shares of MSTR Class A common stock through its at-the-market offering program between December 22 and December 28. Those sales generated $108.8 million of net proceeds after sales commissions. The filing said the bitcoin purchases were funded with proceeds from MSTR stock sales under the program.

No shares of Strategy’s STRF, STRC, STRK or STRD preferred securities were reported sold during that measurement window. The transaction therefore paired common-stock issuance with the acquisition of additional bitcoin: investors supplied new equity capital, and the company converted the disclosed proceeds into bitcoin rather than leaving them as cash or directing them to the software business.

That structure carried two distinct considerations. The bitcoin acquisition increased the company’s absolute holdings, but issuing common shares also expanded the equity base across which those holdings and the company’s other assets were distributed. The filing disclosed the transaction amounts; it did not establish that the purchase improved bitcoin per share, increased shareholder value or produced a future return. Those conclusions require separate calculations and subsequent market evidence.

A purchase amid thin year-end trading

The announcement arrived during an unsettled session for bitcoin. A contemporaneous CoinDesk report published at 5:35 a.m. Eastern Time on December 29 said its market data showed bitcoin moving above $90,000 before falling below $88,000. The report also described a contraction in worldwide bitcoin-futures open interest from approximately 540,000 BTC to 533,000 BTC after the price reversal.

The Block separately reported that bitcoin had reached $90,200 late on December 28 and was trading at $89,536 at 2:55 a.m. Eastern Time on December 29. Its sources attributed the move primarily to technical positioning and cautioned that holiday liquidity was thin.

These observations provide market context, not proof that Strategy moved the price. The filing did not disclose execution times, venues, counterparties or individual trade sizes. The reported $88,568 average covers purchases made across December 22–28 and cannot be compared directly with a single December 29 quotation to infer trading profit, market impact or timing skill.

What the filing established

The central record was a signed current report dated December 29, 2025. It established the quantity acquired, aggregate and average purchase prices, total holdings, cumulative cost, financing source and measurement periods. Strategy also described its website dashboard as a channel for Regulation FD disclosures.

The filing did not independently verify custody addresses, ownership on a public blockchain or the absence of liens and other claims. It also warned that information furnished under Item 7.01 was not deemed filed for purposes of Section 18 of the Securities Exchange Act. The development was therefore a documented corporate disclosure—not an audited, wallet-level attestation and not evidence that bitcoin’s subsequent price would rise.