Michael Saylor has concluded 2025 exactly how he started it: buying Bitcoin. MicroStrategy (MSTR) disclosed in an SEC filing on Monday that it acquired an additional 1,229 BTC for $108.8 million, bringing its corporate treasury to a staggering 672,497 BTC. But while the stack hits record highs, the stock’s once-lucrative premium has evaporated.
The Math of 672k BTC
The enterprise analytics firm now controls roughly 3.2% of the total Bitcoin supply. The latest tranche was purchased between Dec. 22 and Dec. 28 at an average price of $88,568 per coin, slightly above the current spot price of roughly $87,300.
The aggregate numbers are massive:
- Total Holdings: 672,497 BTC
- Cost Basis: ~$50.44 billion ($74,997 avg)
- Market Value: ~$58.7 billion
The Premium Unwind
Despite the buying spree, MSTR shareholders are facing a harsh reality. The stock’s premium to Net Asset Value (NAV), which historically allowed the company to raise cheap capital, has collapsed. Reports indicate MSTR is now trading at roughly 1.05x NAV, a stark drop from the multiples seen earlier in the cycle. The stock slid 1.4% in pre-market trading Monday, continuing a Q4 bleed that has seen shares decouple from Bitcoin’s performance.
The purchase was funded by sales of 663,450 shares of its Class A common stock through an at-the-market program, generating net proceeds of $108.8 million.
The market’s appetite for dilution is waning. Saylor’s strategy relies on issuing equity at a premium to buy Bitcoin at par. As that premium nears parity, the “infinite money glitch” faces friction. Investors are now eyeing the Jan. 15, 2026 decision by MSCI regarding index inclusion, a catalyst that could either restore liquidity or force further re-pricing.
