MicroStrategy Defies Index Threats with $980M Bitcoin Buy

• MicroStrategy deployed $980M to acquire 10,645 BTC, pushing total holdings to a staggering 671,268 coins.
• The purchase was funded entirely by equity dilution (ATM offerings), leveraging MSTR’s premium to acquire assets.
• The aggression comes as MSCI weighs removing “crypto treasuries” from global indices, a move that risks triggering billions in forced passive selling.

As Bitcoin volatility persists near cycle highs, Strategy has accelerated its accumulation pace with another large-scale purchase. The company added 10,645 Bitcoin last week, spending roughly $980 million at an average price near $92,098. 

Consequently, Strategy has reinforced its position as the world’s largest corporate Bitcoin holder, while signaling continued conviction despite rising market and regulatory questions.

The latest acquisition pushed total holdings to 671,268 Bitcoin, acquired for approximately $50.33 billion. Hence, the firm’s average purchase price now stands near $74,972 per coin. 

Related: Michael Saylor Bets On Bitcoin-Backed Credit After Strategy’s Biggest BTC Buy Of 2025

At current market levels, those holdings carry a valuation exceeding $60 billion. Additionally, Strategy reported a Bitcoin yield of 24.9% year to date in 2025, underscoring its aggressive treasury approach.

Funding Strategy and Capital Market Activity

MicroStrategy financed this latest tranche solely through its At-The-Market (ATM) equity program. By selling MSTR common stock and preferred shares (STRF, STRD, STRK), the firm effectively converted fiat equity premium into hard assets without touching traditional debt markets.

This strategy drove a reported BTC Yield of 24.9% YTD, a key metric Saylor uses to demonstrate how the firm generates accretive value for shareholders despite the share count dilution. The firm has now purchased over 21,000 Bitcoin in just two weeks, proving that management prioritizes scale and “share of network” over short-term NAV protection. 

CEO Phong Le recently emphasized that raising billions reflected strong financial resilience. Hence, Strategy appears focused on scale rather than timing short-term market swings.

The Index War: MSTR vs. MSCI

However, Strategy’s expanding Bitcoin exposure has drawn increasing attention from index providers. The company retained its place in the Nasdaq 100 following a recent review. 

Nevertheless, MSCI continues to assess whether firms with large crypto treasuries should remain in its benchmarks. Analysts warn that removal could trigger forced selling by index-tracking funds.

Strategy has countered these concerns by stressing its status as an operating company. Additionally, management argues that Bitcoin holdings support long-term corporate strategy rather than passive investment exposure. Consequently, the outcome of MSCI’s expected January decision remains a critical near-term risk.

Related: Strategy Challenges MSCI Crypto Treasury Plan and Warns of Forced Outflows