Strategy, the leading Bitcoin treasury firm, has significantly accelerated its accumulation over the past year, with a latest purchase announced yesterday bringing the total amount of these acquisitions to 227,000 BTC over this period. How is it positioning itself in the face of the crisis currently affecting this sector?
Strategy has stepped up its Bitcoin purchases in 2025 like never before
Since 2020, Strategy has established itself as the undisputed leader in Bitcoin Treasuries with steady accumulation, bringing its total holdings to 672,497 BTC by the end of this year—a portfolio estimated at just over $59 billion, making it the world’s largest holder of Bitcoin.
This accumulation includes a final reported purchase on December 29, adding 1,229 BTC for an announced amount of $108.8 million (approximately $88,600 per BTC). This confirms 2025 as a record-breaking year, with a total of 227,000 BTC purchased during this period.
Strategy has acquired 1,229 BTC for ~$108.8 million at ~$88,568 per bitcoin and has achieved a BTC yield of 23.2% YTD 2025. As of 12/28/2025, we hold 672,497 $BTC acquired for ~$50.44 billion at ~$74,997 per bitcoin. $MSTR $STRK $STRF $STRD $STRE https://t.co/UGvjHj5WPg
— Strategy (@Strategy) December 29, 2025
In fact, Strategy made its BTC purchases over a total of 41 weeks, with near-weekly consistency over the past 12 months. This record alone far surpasses the combined total of the 17 purchases made in 2024 (220,300 BTC in total) and the 8 transactions carried out in 2023 (56,650 BTC in total).
According to the Form 8-K filed by Strategy with the SEC to formalize its latest transaction, the average purchase cost of its BTC currently stands at $74,997 per unit.
Overall, this has been a sound investment, though it appears less favorable over the past year, with “a negative average acquisition cost for 2025 of approximately $100,000 per BTC,” according to Bloomberg analysts.
Michael Saylor should have “bought just about any other asset instead of Bitcoin”
A mixed record for 2025 that the notorious Bitcoin skeptic Peter Schiff was quick to point out on X, stating that Strategy “posts a ‘paper profit’ of only 16%, representing an average annual return of just over 3%”—which should have prompted its founder, Michael Saylor, to “buy just about any other asset instead of Bitcoin.”
A statement quickly criticized and corrected by crypto analyst and investor Willy Woo, who added an internal rate of return (IRR) that would allow Strategy to post a result closer to 35% annualized. The debate remains open on X…
In any case, the annual return on Bitcoin displayed on Strategy’s website shows a rate of 23.2% year-to-date (YTD). Furthermore, Michael Saylor’s company recently announced the raising of $748 million to bolster its U.S. dollar cash reserves, now estimated at over $2 billion, in anticipation of a “prolonged crypto winter .”
Interestingly, this accumulation of dollars was supposed to be accompanied by a pause in Bitcoin purchases for the end of the year. A strategy that the leader of Bitcoin Treasuries seems clearly unable to adhere to.
