MicroStrategy Inc. completed a $963 million at‑market sale of common and preferred stock to purchase 10,624 bitcoins, raising its total Bitcoin holdings to 660,624 BTC. The average acquisition price was $90,615 per bitcoin, a figure that reflects the market’s volatility in the first week of December 2025.
The equity sale generated $963 million in permanent capital, allowing the company to fund the purchase without taking on debt. The transaction also increased the company’s cost basis for Bitcoin holdings to approximately $49.35 billion, while the current market value of the portfolio exceeds $70 billion, representing more than 3 % of all bitcoin in circulation.
MicroStrategy’s Bitcoin‑first strategy is now more pronounced than ever. The company’s adoption of fair‑value accounting for bitcoin in January 2025 means that future gains and losses on the portfolio will be reflected directly in earnings, increasing volatility but providing a clearer view of the asset’s market value. The purchase also reinforces the company’s position as the largest corporate bitcoin holder, a status that has attracted attention from investors and analysts alike.
While the bitcoin acquisition dominates headlines, MicroStrategy’s core software business remains a smaller portion of its revenue mix. The company has experienced margin compression in recent periods due to higher cloud hosting costs and impairment losses related to digital assets. These headwinds suggest that earnings volatility will continue to be driven largely by bitcoin price movements rather than software operations.
Management reiterated its commitment to the bitcoin strategy. CEO Phong Le emphasized that the company will only consider selling bitcoin if its market‑cap‑to‑bitcoin‑holdings ratio falls below one and it cannot raise capital through equity. Chairman Michael Saylor highlighted bitcoin as a hedge against inflation and underscored the company’s confidence in its long‑term treasury policy.
In summary, the $963 million equity sale and the acquisition of 10,624 bitcoins represent a significant expansion of MicroStrategy’s digital‑asset balance sheet, a move that aligns with its long‑term strategy and underscores its leadership in corporate bitcoin ownership.
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