Bitcoin Dips, Saylor Buys More — Strategy Keeps Stacking While the Market Hesitates
Strategy’s Relentless Bitcoin Buying Shows Unshaken Conviction Amid Market Volatility
While much of the cryptocurrency market has been rattled by months of sharp price swings, one corporate buyer has continued to act with striking consistency. Strategy Inc., the software company long associated with Bitcoin accumulation, has once again reinforced its reputation as the most aggressive corporate holder of the digital asset.
Led by executive chairman Michael Saylor, Strategy has continued to buy Bitcoin during market pullbacks, signaling a level of confidence that stands in contrast to the caution seen among many institutional investors. The firm’s latest disclosures show that volatility has not slowed its appetite. Instead, price dips appear to be treated as strategic entry points.
Buying the Dip, Again
Between December 22 and December 28, 2025, Strategy acquired an additional 1,229 BTC for approximately $108.8 million, paying an average price of $88,568 per coin. With this purchase, the company’s total Bitcoin holdings climbed to 672,497 BTC, making it by far the largest corporate holder of Bitcoin in the world.
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| Source: Official Release |
At year-end prices, those holdings were valued at roughly $59 billion, underscoring how deeply Bitcoin has become embedded in the company’s financial identity. For Strategy, Bitcoin is no longer a hedge or a side investment. It is the centerpiece of its treasury strategy.
“Our accumulation strategy continues,” Saylor said in a recent statement. “Bitcoin remains the ultimate store of value.”
December: One of the Most Aggressive Buying Months
December 2025 stands out as one of the most active months in Strategy’s Bitcoin acquisition history. Over the course of just three weeks, the company executed three major purchases, each adding materially to its balance sheet.
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December 8: Strategy purchased 10,624 BTC for approximately $962.7 million, at an average price of $90,615, bringing total holdings to 660,624 BTC.
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December 15: The company added another 10,645 BTC for about $980.3 million, paying an average of $92,098, increasing total holdings to 671,268 BTC.
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December 22–28: An additional 1,229 BTC was acquired for $108.8 million, lifting total holdings to 672,497 BTC.
Together, these transactions represent billions of dollars deployed during a period when Bitcoin prices were fluctuating sharply, hovering in the high-$80,000 to low-$90,000 range.
For many investors, such volatility would be a reason to pause. For Strategy, it has been a signal to act.
A Long-Term Philosophy, Not a Trading Strategy
Saylor has repeatedly emphasized that Strategy does not view Bitcoin as a short-term trade. Instead, the company treats it as a long-duration asset tied to broader beliefs about monetary policy, property rights, and digital scarcity.
In public comments and social media posts, Saylor often frames Bitcoin as a superior form of money—one designed to withstand inflation, political risk, and currency debasement. This philosophical foundation helps explain why the company continues to buy even when prices dip and headlines turn cautious.
Rather than attempting to time market bottoms, Strategy has adopted a disciplined accumulation approach, steadily increasing its exposure over multiple years.
Is Strategy Still Profitable After the Dip?
The obvious question raised by critics is whether this strategy remains profitable amid recent price weakness. Bitcoin has pulled back from its highs and has recently traded in the $87,000 to $88,000 range, prompting concerns about unrealized losses on recent purchases.
Based on disclosed figures, Strategy’s total Bitcoin cost basis stands at approximately $50.44 billion. With the market value of its holdings estimated near $59 billion, the company is sitting on an unrealized gain of roughly $8 to $9 billion, representing a return of about 17 to 18 percent.
The key to this resilience lies in timing. Strategy began accumulating Bitcoin in 2020, when prices were significantly lower. As a result, the company’s average purchase price across all holdings is approximately $74,997 per BTC.
Even though December’s purchases were made at higher prices—between $88,000 and $92,000—the majority of Strategy’s Bitcoin was acquired well below current market levels. This cushions the impact of recent volatility and helps keep the overall portfolio in profit.
The Role of Average Cost
Average cost has become one of the most important metrics for evaluating Strategy’s Bitcoin exposure. While individual tranches may show temporary paper losses, the blended acquisition price remains below market value.
This structure allows Strategy to absorb short-term price fluctuations without fundamentally altering its balance sheet position. It also reinforces the company’s narrative that Bitcoin accumulation is a long-term strategy, not a quarterly performance play.
From a corporate finance perspective, this approach is unusual. Few public companies are willing to tolerate such large swings in asset valuation. Strategy, however, has embraced that volatility as a feature rather than a flaw.
BTC Yield and Shareholder Value
Beyond headline profit and loss figures, Strategy has introduced another metric to communicate the impact of its Bitcoin strategy: BTC Yield. For 2025, the company reported a BTC Yield of 23.2 percent year-to-date, a measure designed to show the growth of Bitcoin per diluted share.
The metric is intended to demonstrate how ongoing accumulation can enhance shareholder value over time, even if short-term market movements are unfavorable. By increasing Bitcoin holdings faster than share dilution, Strategy argues that it is creating long-term value for investors who share its thesis.
Still, the market has not always rewarded this approach. Strategy’s stock, traded under the ticker MSTR, has at times traded below the net value of its Bitcoin holdings, reflecting broader concerns about volatility, leverage, and macroeconomic uncertainty.
Market Skepticism Remains
Despite Strategy’s confidence, skepticism persists. Critics argue that the company’s fortunes are now almost entirely tied to Bitcoin’s price trajectory. A prolonged downturn could quickly erase unrealized gains and turn the strategy into a liability.
At current levels, Bitcoin remains comfortably above Strategy’s average cost. However, if prices were to fall below $74,997, the company’s unrealized profits would flip into paper losses. December’s higher-priced purchases have already experienced temporary drawdowns, highlighting the risk inherent in buying near market highs.
For now, Strategy appears unfazed.
Volatility as Opportunity
Saylor has repeatedly framed market turbulence as an opportunity rather than a threat. In December posts, he described volatility as a test that strengthens Bitcoin over time, reinforcing his belief in the asset’s long-term resilience.
“Challenges make Bitcoin,” Saylor wrote in one message. “It grows stronger.”
This mindset has become central to Strategy’s public identity. Rather than retreating during uncertain periods, the company has leaned into its role as Bitcoin’s most vocal corporate champion.
Looking Ahead
As 2026 approaches, Strategy’s position remains both powerful and precarious. With 672,497 BTC on its balance sheet, the company has more exposure to Bitcoin than many ETFs and nation-states. That scale amplifies both upside potential and downside risk.
If Bitcoin continues to hold above Strategy’s average cost, the company’s long-term thesis remains intact. Continued appreciation would further validate Saylor’s vision and potentially strengthen Strategy’s influence in both corporate finance and crypto markets.
If prices fall sharply, however, the strategy will face its most serious test yet.
For now, Strategy shows no sign of slowing down. In a market defined by uncertainty, it has chosen conviction.
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