Strategy Sells Stock to Buy 10,000+ Bitcoin, Treasury Grows

Key Highlights:

• Strategy Inc., sells $989M in ATM securities.
• The company bought 10,645 Bitcoin for $980M.
• Cumulative BTC cost basis at $75K trails spot prices, signalling unrealized treasury gains.

Strategy Inc., (formerly known as MicroStrategy) (MSTR), filed Form 8-K with the U.S. Securities and Exchange Commission today, December 15, 2025 as announced by Michael Saylor on X. This filing provides a brief of the company’s recent financial moves, particularly during the week of December 8-14, 2025.

This report shows that MicroStrategy has been actively using its at-the-market (ATM) offering program, a way for a company to sell new shares directly into the stock market over time. This is a flexible method to raise money without doing a single big stock sale, letting the company gradually get funds as market conditions allow.

The main goal of this fundraising appears to be buying more Bitcoin. The filing indicates that the company has purchased a significant amount of cryptocurrency during the past week. This reflects MicroStrategy’s strategy of keeping a large portion of its treasury in Bitcoin. Moreover, the company is doubling down on its crypto-focused approach, where it is using newly raised capital to strengthen its BTC holdings rather than making any other types of investments.

If you put it simply, MicroStrategy is selling some of its own stock bit by bit, then using the money to buy Bitcoin. This shows the company’s strong belief in the digital currency and its commitment in making BTC a core part of its corporate assets.

ATM Sales Surge to $989M

During the last week, December 8-14, 2025, MicroStrategy sold a mix of its stock and special units, which raised nearly $1 billion after fees, most notably about 4.8 million MSTR shares bringing in $888 million.

Smaller sales of STRF, STRK, and STRD shares added tens of millions more, while STRC shares were not sold. Even after this fundraising, the company still has billions of dollars of capacity left to sell more shares under its programs.

The cash raised is expected to fund additional BTC purchases, showing that MicroStrategy remains strongly committed to growing its cryptocurrency treasury.

Bitcoin Holdings Hit  674,268 BTC

MicroStrategy used the cash it raised from its stock sales to buy 10,645 more Bitcoins during this period. On average, each BTC cost the company about $92,098 including all fees, for a total spending of $980.3 million.

This purchase increased MicroStrategy’s total BTC holdings to 671,268 BTC. In total, the company has spent approximately $50.33 billion to acquire all its Bitcoin, which works out to an average price of $79,972 per Bitcoin. What this means is that MicroStrategy’s average cost is well below the recent market price, which is hovering around $90,000 per Bitcoin.

Basically, MicroStrategy raised almost a billion dollars, and used it to buy more than 10,000 Bitcoins. All of this at a price lower than today’s market and the company continues to grow its massive BTC treasury, potentially benefiting if prices stay high or climb further.

Market Implications

This update shows that MicroStrategy is aggressively buying Bitcoin, taking advantage of growing interest from large institutions in cryptocurrencies. By acting as a kind of leveraged Bitcoin proxy, the company allows investors to gain BTC exposure indirectly through its stock.

While selling large amounts of its common stock might put short-term pressure on MicroStrategy’s share price, the bigger picture is that these sales are helping fund long-term BTC accumulation, which could create significant value over time.

The company still has plenty of room under its at-the-market (ATM) programs to sell more shares if needed, giving it flexibility to continue buying BTC as ETF inflows, market trends, and regulatory changes shape the crypto landscape.

Moreover, MicroStrategy is positioning itself to keep growing its Bitcoin holding steadily, betting on the long-term potential of the cryptocurrency market even if short-term stock price swings occur.

Also Read: BTC Dips to $89K as LTH Covered Calls Trigger Market Maker Hedging