Final Move of 2025: Strategy Unleashes Nearly $109M on Bitcoin Purchase
A major player just made its last big bet of the year, funneling a nine-figure sum into Bitcoin as the clock winds down on 2025.
The Final Tally
The move wasn't subtle. The strategy deployed a cool $109 million into the flagship cryptocurrency, marking what appears to be a definitive closing position for the calendar year. It's the kind of capital allocation that makes traditional portfolio managers sweat—allocating serious weight to a digital asset while Wall Street is likely finalizing its annual golf schedules.
Reading the Signals
This isn't spare change. A purchase of this magnitude, especially as a year-end anchor trade, signals deep conviction. It bypasses timid, dollar-cost averaging for a decisive strike. The move suggests a bet not just on Bitcoin's technology, but on its immediate trajectory as a core financial asset—a direct challenge to the old guard's treasury management playbook.
The Bottom Line
While pundits debate inflation hedges and ETF flows, one strategy just put $109 million where its mouth is. It's a stark reminder that in the new finance, real commitment is measured on the blockchain, not in a quarterly shareholder letter. Whether it's genius or folly will be written in the charts—not by some analyst with a downgrade and a cynical jab about 'digital tulips.'
Strategy was the main BTC buyer in 2025
Strategy remains the main buyer for 2025, though smaller companies are also growing their treasuries. For the past year, entering the top 100 of treasury companies has become a harder milestone, initially requiring as low as 23 BTC. At the end of 2025, the smallest corporate treasury holds 148 BTC.
Companies keep acquiring BTC sporadically or through mining. Strategy and 17 other buyers are still attempting to apply the playbook with stock sales and debt to buy BTC. In total, companies accumulated 1,089,345 BTC close to the end of 2025, with more buying plans for the coming year.
Saylor used MSTR common stock again
Strategy continues to issue MSTR common stock, despite the ongoing fears of dilution. To complete the latest sale, it issued an additional 663,450 MSTR shares.
In the past few weeks, MSTR stayed away from issuing new convertible notes. The company tries to balance its obligations, including upcoming dividends and maturing debt. Despite some appetite for passive income, Strategy has slowed down its preferred share sales, abandoning the various risk tiers of preferred stocks.
As a result, MSTR trades close to its 12-month low again. MSTR sank to $158.44, up from a recent low of $154.12. The common stock holds a market cap just above $49B, while the BTC reserves of Strategy are still valued at over $58B.
The current BTC price of just above $88,000 has not translated into a higher price for MSTR. The playbook requirement for the common stock was to allow dilution only at a higher valuation.
The playbook WOULD work better with an MSTR price around $379, but the common stock has not traded at a premium for months. As of December, the BTC reserves of Strategy were more valuable than the market capitalization of MSTR.
The common stock has acted as a BTC gains multiplier in the past. However, even at the lower range, Strategy has shown its conviction in buying more BTC despite the dilution. The company has positioned itself for long-term BTC growth, with the potential to survive a bear market or sideways trading.
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