MicroStrategy Adds $980M in Bitcoin; BTC Yield Turns Negative

Summary: Major Bitcoin Buy Amid Shifting Metrics

MicroStrategy disclosed a significant Bitcoin acquisition in mid-December 2025, purchasing roughly 10,645 BTC for about $980.3 million. The move reinforces the company’s long-running treasury strategy of holding Bitcoin, but it coincides with a noteworthy reversal in a key shareholder metric — Bitcoin held per share — which turned negative for the first time in years.

Details of the Latest Accumulation

According to a regulatory filing covering the period from Dec. 8 to Dec. 14, MicroStrategy paid an average price near $92,098 per Bitcoin for the recent tranche. Funding for the purchase came from capital markets activity, including at-the-market sales of common stock and several preferred-share offerings.

During that week, the company raised nearly $989 million across its common and preferred securities. Following the buy, MicroStrategy’s reported holdings stand at approximately 671,268 BTC, acquired at an average cost basis of about $74,972 per BTC — a cumulative investment of roughly $50.33 billion.

What the Numbers Show

• Total BTC holdings: ~671,268 BTC
• Recent purchase: 10,645 BTC (Dec 8–14, 2025)
• Average price paid (recent tranche): ~$92,098 per BTC
• Average cost basis (all holdings): ~$74,972 per BTC
• Capital raised during the week: ~ $989 million

BTC-Per-Share (BTC Yield) Turns Negative

Despite the headline purchase, MicroStrategy reported a quarterly BTC-per-share metric — sometimes referred to by market participants as “BTC Yield” — of minus 1%. That means the company now holds slightly less Bitcoin on a per-share basis than it did at the end of the prior quarter.

This reversal is significant because the metric had been positive across recent years and every quarter since April 2023. Historically, share issuance that funded Bitcoin purchases tended to be accretive to existing holders when equity or preferred shares were issued at a premium to the firm’s Bitcoin net asset value. When that premium compresses, dilution can outweigh the accretive effect of additional BTC purchases.

Why BTC-Per-Share Matters

• It measures Bitcoin holdings relative to outstanding common shares, indicating how much BTC each share represents.
• A positive change implies dilution was accretive — new capital bought more BTC per share than the shares diluted existing holders.
• A negative change signals the opposite: share issuance outpaced BTC accumulation on a per-share basis, reducing BTC exposure for existing common shareholders.

Cash Reserves and Preferred Obligations

The company set aside approximately $1.44 billion in a USD cash reserve rather than deploying these funds into Bitcoin. Management indicated the reserve is meant to satisfy upcoming dividend and other obligations related to preferred-share issuances.

Analysts emphasize that holding cash to meet contractual obligations is prudent from a corporate-governance perspective. However, when that cash is substantial relative to funds available for BTC purchases, it can contribute to a decline in BTC-per-share if additional share issuance occurs.

Market Valuation: mNAV Premium Compresses

MicroStrategy’s multiple-to-net-asset-value (mNAV) premium — the premium investors pay for the company relative to the market value of its Bitcoin holdings — has retraced sharply during 2024–2025. In late 2024 the premium exceeded 240% in some periods. By December 2025, enterprise-level valuations placed the company at roughly a 16% premium to the value of its Bitcoin holdings.

That compression reflects changing investor preferences. As institutional access to spot Bitcoin exposure broadened in 2024–2025 through exchange-traded products and broader custody solutions, some market participants shifted toward direct Bitcoin ownership or specialised investment vehicles, making a premium for corporate wrappers harder to justify.

Drivers behind the premium decline

• Increasing availability of regulated spot Bitcoin investment products.
• Greater market transparency around corporate Bitcoin holdings and accounting for preferred instruments.
• Investor sensitivity to dilution when new equity or preferred shares are issued.
• Macro and liquidity dynamics influencing equity risk premia in 2025.

Price Action and Technical Outlook for the Stock

Technically, the stock has struggled to establish a sustained breakout. Recent trading failed to hold above resistance in the $190–$195 zone, suggesting sellers remain active around that level. Momentum indicators such as Supertrend and Parabolic SAR have signalled a bearish alignment, indicating that downside pressure has not yet reversed.

Near-term support levels identified by market watchers sit around $175, with deeper downside risk toward $160 if those supports give way. Until the price decisively clears the resistance zone, the downtrend is considered intact from a technical perspective.

What This Means for Investors and the Bitcoin Market in 2025

The development highlights several broader market implications relevant to both crypto and equity investors as they navigate 2025:

• Corporate Bitcoin accumulation strategies are increasingly subject to capital-markets dynamics. The ability to raise equity or preferred capital at attractive terms determines whether such strategies are accretive to shareholders.
• Investor appetite for a premium on corporate Bitcoin exposure has cooled as direct and regulated Bitcoin investment alternatives have grown in availability and popularity.
• Cash management decisions, including the creation of reserves for preferred dividend obligations, can influence per-share Bitcoin exposure even when the total BTC stack grows.
• Market participants should consider both crypto-market fundamentals (supply, demand, ETF flows, miner activity) and equity-financing mechanics (dilution, preferred instruments, issuance timing) when valuing companies with significant crypto treasuries.

Macro and market context for 2025

In 2025, the macro environment and institutional adoption trends continued to shape Bitcoin price action. Central bank policy developments, evolving ETF flows, and retail participation influenced volatility and directional moves. As significant holders of Bitcoin, corporate balance-sheet strategies have become an additional source of fundamental and narrative-driven volatility.

Risks and Considerations

Investors should weigh several risks associated with corporate Bitcoin accumulation strategies:

• Equity dilution risk if companies repeatedly issue shares or preferred securities to fund purchases.
• Valuation risk when market participants apply discounts to corporate wrappers versus direct crypto ownership.
• Operational and custodial risk related to large-scale crypto holdings, including counterparty and custody arrangements.
• Regulatory developments that could affect accounting, disclosure or tax treatment of corporate crypto holdings and preferred instruments.

Investor Takeaways

For investors considering exposure to companies that hold Bitcoin on their balance sheets, the recent disclosure illustrates that headline BTC purchases do not automatically translate into improved shareholder economics on a per-share basis. Key takeaways include:

• Examine BTC-per-share trends across reporting periods to understand how capital raises affect shareholder exposure.
• Monitor the terms and timing of equity and preferred issuances; issuance at a premium can be accretive, while issuance at a discount can dilute per-share exposure.
• Assess liquidity and cash-reserve strategies, especially when cash is earmarked for obligations rather than deployed to the core treasury asset.
• Consider alternatives for obtaining Bitcoin exposure — direct purchase, regulated ETFs, or diversified crypto exposure — and compare costs, custody, and tax implications.

Conclusion

MicroStrategy’s December 2025 purchase of roughly $980 million in Bitcoin underscores the company’s continued commitment to using Bitcoin as a primary treasury asset. Yet the simultaneous turning of BTC-per-share to negative territory highlights the complex interplay between capital markets activity, corporate cash management, and investor valuation. As 2025 progresses, market participants will be watching both on-chain and capital-markets indicators to gauge whether corporate accumulation strategies remain a compelling route to Bitcoin exposure relative to other available instruments.

Disclaimer: This post is a compilation of publicly available information.
MEXC does not verify or guarantee the accuracy of third-party content.
Readers should conduct their own research before making any investment or participation decisions.