In the midst of ongoing fluctuations in the Bitcoin market, with most investors choosing to wait and see, one company has boldly spent nearly $2 billion in just two weeks to increase its holdings by over 21,000 Bitcoins. This daring move is backed by a story of walking a tightrope between survival and expansion.

During the week from December 8 to 14, Strategy acquired 10,645 Bitcoins at a cost of approximately $980.3 million, averaging $92,098 per Bitcoin. Just the week before (December 1 to 7), the company had already spent about $962.7 million to purchase 10,624 Bitcoins.

1. Counter-Trend Accumulation: An Aggressive Move Amid Market Fluctuations

● While most market participants are still hesitating, Strategy has activated its "crazy buying mode." The world's largest corporate holder of Bitcoin increased its holdings by a total of 21,269 Bitcoins in the first two weeks of December, investing nearly $2 billion.

● This accumulation scale has reached a new high since July 2025, even slightly exceeding the previous week's purchase volume. Strategy's total Bitcoin holdings have now reached 671,268 Bitcoins, accounting for over 3% of the total Bitcoin supply.

● As of December 15, the total cost of these Bitcoins is approximately $50.33 billion, with an average cost of about $74,972 per Bitcoin. At current prices, this translates to an estimated $9.7 billion in unrealized gains.

● Bitcoin remains within a structurally fragile range, with the upper boundary being the cost basis of short-term holders ($102,700) and the lower boundary being the real market average ($81,300).

2. Funding Strategy: Purchase Power Supported by Stock Sales

● The funding for Strategy's large-scale Bitcoin purchases primarily comes from its stock sale plan. In the week ending December 14, Strategy sold 4,789,664 shares of MSTR common stock, raising approximately $888.2 million.

● Additionally, the company raised extra funds through the sale of preferred stock. According to the company's "42/42" plan, it aims to raise $84 billion for Bitcoin acquisitions through equity issuance and convertible notes by 2027. This figure has been increased from the initial "21/21" plan ($42 billion) due to exhaustion in equity.

● Strategy's financing plan indicates that as of December 15, there are still $12.56 billion worth of MSTR shares available for issuance and sale under this plan. The company's preferred stock plan also has a significant amount available: STRK at $20.34 billion and STRD at $4.01 billion.

3. Cash Reserves: Strategic Buffer in a Defensive Stance

● While aggressively accumulating Bitcoin, Strategy also took another key financial measure in early December—establishing a $1.44 billion cash reserve. This reserve is specifically intended to cover preferred stock dividends and debt interest, aiming to "decouple" shareholder returns from Bitcoin price fluctuations.

● The company stated that this cash reserve is sufficient to cover at least 12 months of dividend obligations and plans to expand it to 24 months or longer in the future.

● From the overall valuation of the company, this $1.44 billion cash reserve accounts for about 2.2% of Strategy's enterprise value, 2.8% of its equity, and approximately 2.4% of its Bitcoin asset value.

4. MSCI Challenge: A Survival Battle for Index Inclusion

● While Strategy is busy accumulating Bitcoin, a potential threat is looming. The global index provider MSCI is considering a new rule that may exclude companies with more than 50% of their total assets in digital assets from its main indices.

● For Strategy, which has the vast majority of its assets in Bitcoin, this proposal poses a direct threat. If implemented, it could force passive funds to sell up to $2.8 billion worth of Strategy stock.

● Strategy has submitted a 12-page letter of opposition to the MSCI equity index committee. In the letter, the company argues that excluding companies with more than 50% digital asset holdings would lead to these companies "repeatedly entering and exiting" the main indices due to Bitcoin price fluctuations or differing accounting standards.

MSCI is expected to make a final decision by January 15, ahead of its index rebalancing in February.

5. Market Reaction: Weak Stock Prices Amid Industry Slump

● Despite Strategy's aggressive Bitcoin accumulation, its stock price has shown weakness. As of December 13, Strategy's common stock fell 3.8% overall last week and has dropped 41.2% year-to-date.

● This contrasts with Bitcoin's performance, which has only seen a loss of 3.8% so far in 2025. As of December 15, Strategy's market value to net asset value ratio (mNAV) is approximately 0.808, indicating that its stock price is below the value of its Bitcoin holdings.

● Strategy is not the only Bitcoin treasury company facing challenges. According to Bitcoin treasury data, there are currently 192 publicly traded companies employing some form of Bitcoin acquisition model. Many of these companies, including Strategy, have seen their stock prices significantly decline from summer highs, with their market value to net asset value ratios also contracting sharply.

6. Market Background: Bitcoin's Dilemmas and Opportunities

● Strategy's accumulation actions occur during a time when the Bitcoin market faces multiple challenges. On-chain analysis shows that the market has failed to reclaim key thresholds, particularly the cost basis of short-term holders, reflecting ongoing selling pressure from recent high buyers and long-term holders.

● Realized losses are also on the rise, with the 30-day simple moving average of realized losses reaching $555 million per day after adjustments, the highest level since the FTX collapse.

● The U.S. Bitcoin ETF experienced a quiet week, with a three-day average net inflow remaining negative. This continues a cooling trend that began in late November, marking a stark contrast to the strong inflow mechanisms that supported price increases earlier this year.

7. Financial Adjustments: Realistic Considerations for Lowered Expectations

● In response to market changes, Strategy has had to adjust its financial expectations. When the company initially set its 2025 performance guidance, it anticipated Bitcoin prices would reach $150,000 by year-end. Due to recent declines in Bitcoin prices, Strategy has significantly lowered its financial expectations. The company now assumes Bitcoin prices will range between $85,000 and $110,000 by the end of 2025.

● Based on this new price range, Strategy has updated several key targets: the Bitcoin yield target has been reduced from the previous 30% to 22% to 26%; the Bitcoin to USD appreciation target has been lowered from the previously expected $2 billion to $840 million to $1.28 billion.

● In terms of operating income, the company expects a loss of about $700 million to a profit of about $950 million. This significant fluctuation reflects new accounting standards requiring Strategy to mark its Bitcoin holdings to market each quarter.

8. Industry Outlook: The Future of Bitcoin Treasury Models

● Strategy's aggressive accumulation actions and financial strategy adjustments reflect the dilemma faced by Bitcoin treasury companies in the current market environment. On one hand, they hope to increase Bitcoin reserves through continued purchases; on the other hand, they must contend with the financial challenges posed by Bitcoin price volatility.

● This situation will only occur when a company's stock price falls below its net asset value, causing Strategy to lose access to new capital markets. Feng Le stated that this move is purely a "mathematical" consideration aimed at protecting shareholder interests.

● The Bitcoin treasury model is facing a market repricing. Many digital asset treasury companies have seen their stock prices significantly decline from summer highs, with their market value to net asset value ratios contracting sharply. As more U.S. companies establish cryptocurrency asset treasuries, how to define the nature of these companies will become an important issue for index providers and regulators.

Strategy's Bitcoin reserves have swelled to 670,000, resembling a mountain of digital code quietly shimmering on the Nasdaq trading screen.

As Bitcoin prices hover around $90,000, this largest publicly traded Bitcoin company has completed nearly $2 billion in bets in just two weeks.

Market analysts shake their heads at Glassnode's on-chain data, noting that ETF funds continue to flow out, and interest in the futures market is lacking, while Strategy's stock seems to be in a forgotten corner, with its market value to net asset value ratio shrinking to 0.85.

Join our community to discuss and grow stronger together!

Official Telegram community: https://t.me/aicoincn
AiCoin Chinese Twitter: https://x.com/AiCoinzh

OKX benefits group: https://aicoin.com/link/chat?cid=l61eM4owQ
Binance benefits group: https://aicoin.com/link/chat?cid=ynr7d1P6Z

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。