- Strategy Inc. acquired 10,645 BTC for $980.3M, increasing its holdings to 671,268 BTC.
- Despite a 60% drop in MSTR stock, Bitcoin’s performance has led to a 62% return for MSTR.
- CEO Phong Le anticipates a significant surge in Bitcoin adoption and buying in 2026.
Strategy Inc. added to its Bitcoin treasury in mid-December, extending a funding-focused accumulation strategy. The decision comes as part of the company’s long-term strategy to increase its Bitcoin holdings despite its stock, MSTR, facing the fluctuating price of Bitcoin. However, the CEO of the company, Phong Le, shows optimism about the potential of Bitcoin in the coming years, with a massive buying spree anticipated in 2026.
CEO Phong Le says Bitcoin adoption could accelerate into 2026
On Dec. 15, Strategy CEO Phong Le appeared on Fox Business and outlined an adoption case. He called Bitcoin a “generational technology invention.” He called it a “capital markets breakthrough.” Le said Strategy designs MSTR to outperform Bitcoin over time. In a separate post, the company compared returns since it adopted the treasury strategy. The post cited BTC up 45% and MSTR up 62%.
Le tied his 2026 outlook to broader participation. He said he expects more “risk-on” buying as the US heads toward mid-term elections. He also pointed to potential increases in bank adoption and increased involvement by nation-states.
Reportedly, Strategy (MSTR) retained its position in the Nasdaq 100 after the annual reconstitution, despite holding more than 50% of its assets in Bitcoin. The company successfully avoided removal, but MSCI is considering excluding Strategy and similar firms from its indexes by February 2026. JPMorgan estimates that such an exclusion could result in $8.8 billion in outflows.
Strategy Expands Bitcoin Holdings by 10,645 BTC
Strategy said it bought 10,645 BTC between Dec. 8 and Dec. 14 for about $980.3 million. The company reported an average purchase price of $92,098 per Bitcoin. As of Dec. 14, Strategy held 671,268 BTC, with a total cost of about $50.33 billion. The firm reported an average cost basis of $74,972 per coin in the same update.
The December purchase extended a larger weekly buying streak, with Strategy spending about $962.7 million on Bitcoin the prior week. That brought two-week spending close to $2 billion. The pace has increased after smaller buys in late November.
Strategy linked the purchase directly to capital markets activity. The Form 8-K filing showed about $989 million in net proceeds. Strategy raised the funds through at-the-market sales of common stock and preferred share series. Strategy said it used those proceeds to buy Bitcoin. The company also reported a year-to-date BTC Yield of 24.9% as of Dec. 14 on its dashboard.
Related: Phong Le Outlines When Strategy Might Sell Its Bitcoin
MSTR Stock Drops Amid Bitcoin Price Volatility
Strategy’s MSTR fell over 8% on Monday after the disclosure of the latest buy. Meanwhile, Bitcoin traded near $90,000 in late November, with a drop below $86,000 on Monday. Bitcoin’s price fluctuations have heavily impacted the stock, with the price trading more than 30% below its October peak.
MSTR stock has faced continued pressure, with the company’s key performance metric, mNAV, slipping to its lowest ever. The “mNAV,” or the multiple of net asset value, compares a company’s market value to its crypto holdings. A higher mNAV multiple allows new issuances to be accretive, as the company raises more capital per Bitcoin held. However, when the multiple narrows, dilution can negatively impact per-share value.
Strategy has also built a liquidity buffer for fixed obligations. A company filing dated Dec. 1 noted that Strategy established a $1.44 billion US-dollar reserve to support preferred dividends and interest payments. According to Strategy, it funded the reserve through its common stock at-the-market program. The company said it aims to keep at least 12 months of coverage and targets 24 months over time.
