Strategy has acquired 1,229 BTC for $108.8 million at an average price of $88,568, increasing total holdings to 672,497 BTC acquired for $50.44 billion at $74,997 per coin, achieving 23.2% BTC yield year-to-date.
According to a Form 8-K filed on Monday, the coins were acquired Dec. 22-28 and funded through at-the-market stock sales. This purchase extends CEO Michael Saylor’s aggressive Bitcoin treasury strategy since August 2020, positioning the firm as the largest corporate holder and leveraging debt and equity issuances to fund acquisitions amid BTC’s 116% rise from the average cost basis.
The latest buy brings Strategy’s year-to-date BTC yield to 23.2%, a metric the company uses to measure how much its Bitcoin holdings have grown relative to shares outstanding.
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As BTC dipped ~1.7% to $87,122, reactions split between supporters celebrating the milestone and critics alike questioning the timing and value extraction from existing Strategy’s reserves versus stock discounts.
While the company remains confident in Bitcoin’s long-term value, analysts such as Peter Schiff and Christopher Bloomstran are increasingly questioning the risks and balance-sheet impact of such aggressive accumulation.
Gold advocate and strong Bitcoin critic Peter Schiff critiques MicroStrategy’s Bitcoin strategy, noting a 16% unrealized gain on holdings bought at an average price of $75,000 since 2020, yielding just a 3% annualized return compared to other assets.
He wrote in a post on X,
“Strategy has been buying Bitcoin for five years. With an average cost of $75K, the company has a “paper profit” of just 16%. That’s an average annual return of just over 3%. $MSTR would have been much better off had Saylor bought just about any other asset instead of Bitcoin.”
Schiff argues that MicroStrategy would have been better off investing in almost any other asset rather than Bitcoin. He further pointed to gold and silver, both of which have recently reached record highs, suggesting that diversification into precious metals would have been a more prudent strategy. He maintains a bearish outlook on Bitcoin and has warned that a potential crash could further undermine MicroStrategy’s Bitcoin-heavy approach
Also, President and Chief Investment Officer of Semper Augustus Investments Group LLC Christopher Bloomstran, has criticized Michael Saylor’s decision to issue shares for MicroStrategy’s latest 1,229 BTC purchase, labeling it desperate and idiotic as the company’s $46 billion market cap trades at an 82% discount to its $58.5 billion Bitcoin holdings valued at $87,000 per BTC.
He wrote,
“Selling shares (to suckers) when your equity market value traded at a large premium to your Bitcoin was smart, albeit immoral. Now selling shares to buy yet more Bitcoin, but with your market cap now at 82% of the market value of your Bitcoin is just plain desperate. And idiotic.”
This contrasts with prior share sales at NAV premiums, which Bloomstran calls smart yet immoral, highlighting ongoing shareholder dilution amid a 52% stock decline since July 2025 versus Bitcoin’s 15% drop.
Amidst the criticism, MicroStrategy’s aggressive strategy has achieved 23.2% BTC yield year-to-date and outperformed traditional value funds over five years, though it amplifies volatility through $16 billion in debt and preferred stock leverage.
Outlook
Looking ahead, Strategy’s Bitcoin-centric treasury strategy is likely to remain highly polarizing. On one hand, management’s conviction is clear: the company continues to treat Bitcoin as a long-term, scarce monetary asset and a core measure of corporate performance, as reflected in its emphasis on BTC yield rather than traditional earnings metrics.
If Bitcoin resumes a strong upward cycle, Strategy could benefit disproportionately due to its scale, early accumulation, and leveraged exposure, potentially restoring equity premiums and validating Michael Saylor’s long-term thesis.
On the other hand, risks are becoming more pronounced. Continued equity issuance at or below net asset value (NAV) raises concerns around shareholder dilution, while the growing debt and preferred stock obligations amplify balance-sheet fragility during prolonged market downturns.
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