Strategy Buys $109M in Bitcoin as Corporate BTC Treasuries Expand in 2025

Strategy announced its latest Bitcoin purchase of 2025, adding 1,229 BTC after a year of accelerated accumulation that saw the company disclose more acquisitions than in the previous two years combined.

According to a Form 8-K filed on Monday, the coins were acquired Dec. 22-28 for an aggregate purchase price of $108.8 million, funded through at-the-market stock sales.

The purchase brings Strategy’s total Bitcoin holdings to 672,497 BTC (BTC) at an average purchase price of $74,997 per coin, according to the filing.

It also ranks among the company’s smaller acquisitions this year. According to data from SaylorTracker.com, Strategy’s largest Bitcoin purchase in 2025 came on March 31, when it acquired about 22,049 BTC for roughly $1.92 billion, followed by buys of about 21,021 BTC for $2.46 billion on July 29 and 20,356 BTC for $1.99 billion on Feb. 24.

SaylorTracker data also shows Strategy disclosed Bitcoin purchases in 41 separate weeks in 2025, up from 18 purchases in 2024 and eight in 2023. The company ended 2024 holding 447,470 Bitcoin, based on its regulatory filings.

Led by co-founder and executive chairman Michael Saylor, Strategy began accumulating Bitcoin in 2020 and remains the largest corporate holder by a wide margin. MARA Holdings ranks second among public Bitcoin treasury companies, with 53,250 BTC on its balance sheet, data from BitcoinTreasuries.NET shows.

Strategy has been funding its Bitcoin purchases through at-the-market stock offerings, tapping both common and preferred share programs to raise capital. From Dec. 22 to Dec. 28, the company sold 663,450 shares of its Class A common stock for $108.8 million in net proceeds.

The latest buy brings Strategy’s year-to-date BTC yield to 23.2%, a metric the company uses to measure how much its Bitcoin holdings have grown relative to shares outstanding.

Related: Bitcoin market fundamentals ‘couldn’t be better,’ says Strategy CEO

Public companies holding Bitcoin expand in 2025

Publicly traded companies now hold more than 1.08 million Bitcoin across 192 public companies, the majority of which are based in the United States, followed by Canada, the United Kingdom and Japan.

Corporate holders also account for the largest share of Bitcoin-holding entities by count, outpacing governments, private companies and DeFi protocols. 

A Bitcoin treasury company is a company that uses Bitcoin as a core balance-sheet asset, raising capital through equity or debt to acquire and hold BTC.

Following Strategy’s steps, Twenty One Capital launched its Bitcoin treasury strategy in April and now holds more than 43,500 BTC. The company is backed by Cantor Fitzgerald, Tether, SoftBank and Bitfinex, and added roughly 5,800 BTC from Tether in July.

Several other companies either went public or announced Bitcoin treasury strategies in 2025, including Bullish, which went public in August and holds roughly 24,300 BTC, followed by Bitcoin Standard Treasury Company with about 30,021 BTC, Trump Media & Technology Group with about 11,542 BTC, and GD Culture Group with about 7,500 BTC.

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