As 2025 draws to a close, how has Strategy Inc.’s aggressive Bitcoin accumulation strategy positioned it amid market volatility and institutional debates? Strategy Inc. (Nasdaq: MSTR), led by Executive Chairman Michael Saylor, has solidified its role as a central figure in institutional cryptocurrency discussions through its massive Bitcoin holdings and leveraged equity structure. As of December 30, 2025, the company reported holding approximately 672,497 BTC, valued at around $59.5 billion based on a Bitcoin price of $88,413. This positions Bitcoin as the dominant asset on its balance sheet, representing nearly 90% of the company’s total assets and driving its enterprise value to roughly $62.4 billion, with shares trading at $155.61 for a market capitalization of about $48.4 billion. The company’s performance has been marked by significant volatility, with shares declining 52% over the past three months and 49% over the last year. Implied volatility stands at approximately 68%, while historical volatility measures 64% over 30 days and 75% over one year, underscoring MSTR’s function as a high-beta proxy for Bitcoin rather than a traditional operating company. Despite these fluctuations, the stock maintains a modest premium of 1.05x to its market net asset value, supported by its leverage and access to capital markets. Liquidity remains a key strength, with daily trading volume reaching about $2.0 billion and an average 30-day volume exceeding $3.4 billion. Options open interest totals roughly $41.4 billion, highlighting the stock’s appeal for derivatives trading and institutional interest. On the balance sheet, Strategy holds $2.2 billion in cash reserves against $8.2 billion in debt, resulting in net leverage of around 10%. Additionally, approximately $8.0 billion in preferred equity is outstanding. Management, including Saylor, emphasizes that the Bitcoin holdings provide over 70 years of dividend coverage in BTC terms, viewing the asset as long-duration collateral. Index inclusion plays a pivotal role in Strategy’s outlook. The company’s retention in the Nasdaq 100 index ensures ongoing passive and derivatives-driven demand. However, proposed changes to MSCI index rules, which target firms where digital assets exceed 50% of total assets, pose a potential risk, given Bitcoin’s overwhelming dominance in Strategy’s portfolio. Saylor continues to advocate for relentless Bitcoin accumulation and the development of digital credit mechanisms, arguing that sustained equity and credit market access, combined with Bitcoin’s long-term appreciation, will mitigate risks from dilution, volatility, and evolving index criteria. | Metric | Value | |————————–|————————| | Bitcoin Holdings | 672,497 BTC | | Valuation of Holdings | ~$59.5 billion | | Share Price | $155.61 | | Market Capitalization | ~$48.4 billion | | Enterprise Value | ~$62.4 billion | | 3-Month Performance | -52% | | 1-Year Performance | -49% | | Implied Volatility | 68% | | 30-Day Historical Volatility | 64% | | 1-Year Historical Volatility | 75% | | Daily Trading Volume | ~$2.0 billion | | 30-Day Average Volume | >$3.4 billion | | Options Open Interest | ~$41.4 billion | | Cash Reserves | $2.2 billion | | Debt | $8.2 billion | | Net Leverage | ~10% | | Preferred Equity | ~$8.0 billion | How do you see Strategy’s Bitcoin accumulation strategy impacting the future of institutional crypto investments?
Strategy Inc. Ends 2025 with 672,497 BTC as Saylor Maintains Hyper-Bullish Stance
