Strategy has returned to the Bitcoin market despite ranking as the worst-performing stock on the Nasdaq-100 this year, acquiring 1,229 Bitcoin just days after bolstering its cash reserves.
Strategy Defies Market Rout with $109mn Bitcoin Buy
30 December 2025 - 09:00 CET
By Sandmark staff
The purchase marks a defiant return to accumulation for the Digital Asset Treasury (DAT) pioneer, which had paused acquisitions as its stock price collapsed in the second half of the year. The company’s market valuation has eroded significantly against its underlying assets, with its multiple of Net Asset Value (mNAV) compressing to 1.06, meaning the company is now trading at just a 6% premium to its Bitcoin holdings.
Buying into weakness
Strategy purchased 1,229 Bitcoin for $108.8mn last week at an average price of $88,568 per coin, according to an SEC filing on Monday. The acquisition brings the company’s aggregate holdings to 672,497 Bitcoin.
The purchase follows a move to fortify the company balance sheet. Strategy, previously known as MicroStrategy, sold 4.5mn Class A shares for $747.8mn earlier this month, boosting its US dollar reserves to $2.2bn, per a 22 Dec 2025 filing. The reserve is intended to service dividends on Strategy’s preferred stock and interest on outstanding debt, offering a buffer against the volatility of its primary asset.
Premium collapse
The resumed buying comes as Strategy faces its most challenging quarter in years. Shares closed at $155.39 on 29 Dec, down 2.15% on the day. The stock has fallen 46.35% year-to-date and is down roughly 65% from its July peak, mirroring the downturn in the wider crypto market.
The collapse in Strategy's premium (mNAV) to near-parity suggests investors are no longer willing to pay significantly above spot price for the company’s Bitcoin exposure, a shift that threatens the "infinite money glitch" model of issuing premium-priced equity to buy assets.
Index threats
While Strategy survived the annual Nasdaq-100 index reconstitution on 22 Dec, it faces a more existential regulatory threat. MSCI is currently reviewing rules that would exclude companies from its global indexes if digital asset holdings exceed 50% of their total assets.
The index provider is expected to reach a decision by 15 Jan 2026. An exclusion would trigger forced selling by passive funds that track MSCI benchmarks, potentially piling further pressure on a stock already languishing at the bottom of the Nasdaq performance tables.
