MicroStrategy announced the purchase of 10,645 BTC for $980 million. Despite this accumulation, the market reacted negatively: the price of Bitcoin fell 5% in the hours that followed. This counterintuitive reaction raises questions about the current sentiment surrounding BTC.
MicroStrategy buys, Bitcoin drops
Strategy continues its ambition to accumulate ever more Bitcoins, but this time, the market reacted contrary to expectations. As soon as the announcement was made—the purchase of 10,645 BTC for $980.3 million—the Bitcoin price dropped by 5% in the following hours.
Acquired at an average price of $92,098 per BTC, this purchase is the 9th made by the company since the last historic high of $126,000.
Bitcoin price chart showing the moment of the announcement
As soon as the announcement was published, Bitcoin began a correction, erasing half of the short-term rebound that began after the November crash, which had brought the price down to $80,128.
It is difficult, if not impossible, to determine whether this drop is directly linked to Michael Saylor’s announcement. However, the timing raises questions. In a market as volatile as Bitcoin’s, reactions to announcements—even those that appear positive—can often run counter to expectations.
In this case, it is likely that well-positioned investors took advantage of the announcement to trigger a wave of profit-taking, exploiting the FOMO effect among new entrants. The current correction, with a drop from $90,000 to $85,000, could thus be explained by leveraged speculative positions opened since last month’s lows.
Is the strategy sustainable?
In total, MicroStrategy now holds 671,268 BTC, acquired for approximately $50.33 billion, representing an average cost of $74,972 per Bitcoin. Despite a challenging market environment as the year draws to a close, the company is showing confidence and appears on track to fulfill its promise: to increase the amount of BTC held per share.
Indeed, while at the end of 2024, each MSTR share represented approximately 158,000 satoshis (0.00158 BTC), this figure has now risen to 198,000 satoshis, representing a 25% increase in Bitcoin reserves per share.
Evolution of the number of satoshis per MSTR share
However, it is important to remember that shares of so-called “Treasury Companies” like MicroStrategy carry significant risks. Their model is based on the promise of continuously increasing the number of BTC per share, which involves frequent borrowing or other sometimes risky financing mechanisms to continue buying Bitcoin.
While this strategy appears to be working for Michael Saylor, other similar companies have not been as fortunate: MicroStrategy (MSTR) stock has lost 65% since July, Metaplanet’s has lost more than 80%, and Nakamoto Games (NAKA) has lost more than 97.5% since March 2025. These declines, if they continue, could threaten the long-term future of its Bitcoin reserves.
Finally, this model raises a fundamental question: while Bitcoin was designed to eliminate intermediaries, these companies reintroduce a layer of centralization by placing Bitcoins under the control of a single company—or even multiple companies, if custody is managed by a third party. This situation undermines their resilience in the face of coercive state power.
