Strategy Deploys $980M Into Bitcoin as BitMine Accelerates $320M Ethereum Treasury Push

Corporate Crypto Treasuries Test Market Conviction as Per-Share Metrics and Valuations Tighten

TL;DR

• Strategy bought 10,645 BTC for about $980 million, lifting holdings to 671,268 BTC, while a key per-share Bitcoin metric turned negative.
• Tom Lee–backed BitMine added roughly $320 million in Ether, pushing its ETH treasury near 4 million coins, about 3.2% of supply.
• Both strategies highlight growing corporate conviction in crypto price exposure amid tighter valuations and shifting market structure.

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Strategy, the company formerly known as MicroStrategy, disclosed one of its largest Bitcoin purchases of the year, spending roughly $980.3 million to acquire 10,645 BTC during the week of Dec. 8–14, 2025. The company paid an average price just above $92,000 per Bitcoin, capitalizing on a sharp weekend pullback that briefly dragged the crypto price into the high-$80,000 range before a rebound. Following the transaction, Strategy’s total Bitcoin holdings rose to 671,268 BTC, reinforcing its position as the largest corporate holder of the asset by a wide margin. The company’s aggregate cost basis for its Bitcoin treasury now stands at approximately $50.3 billion, translating to an average acquisition price of about $74,972 per coin.

Funding for the purchase again came not from operating cash flow but from aggressive use of capital markets. Strategy raised close to $989 million during the same week through at-the-market common stock sales and multiple preferred share offerings, including its STRF, STRK, and STRD instruments. Company disclosures indicated roughly $888 million was generated from common equity issuance alone, with the remainder largely tied to preferred shares. The approach underscores Strategy’s ongoing reliance on equity and hybrid instruments to expand its Bitcoin balance sheet, effectively transforming the company into a leveraged proxy for long-term crypto price exposure.

Despite the headline-grabbing size of the Bitcoin buy, one closely watched internal metric moved in the opposite direction. Strategy’s so-called “Bitcoin Yield,” which tracks the amount of Bitcoin held on a per-share basis, reportedly turned negative on a quarterly basis, slipping by about 1%. That marked the first quarterly decline since early 2023 and broke a multi-year streak of consistently positive readings. The reversal suggests recent dilution from stock and preferred share issuance has outpaced the rate at which new Bitcoin is being added, at least temporarily weakening the company’s long-standing narrative that dilution is always accretive for shareholders.

Market analysts pointed to several contributing factors behind the negative yield. Strategy reportedly parked about $1.44 billion into a U.S. dollar cash reserve rather than immediately deploying all proceeds into Bitcoin, a move interpreted as preparation for future dividend obligations tied to preferred shares. At the same time, the valuation premium investors are willing to assign to Strategy relative to its underlying Bitcoin holdings has compressed sharply. Estimates cited an enterprise-level premium of roughly 16%, down dramatically from levels above 240% seen in late 2024. On a simpler basis that excludes preferred shares and convertible debt, Strategy’s equity market capitalization was described as trading below the value of its Bitcoin alone, signaling a far less forgiving environment for equity-funded accumulation.

Broader market conditions provided the backdrop for the timing of the purchase. Bitcoin slid to around $87,600 late Sunday amid thin liquidity before recovering above $89,000, with traders citing macro uncertainty ahead of a Bank of Japan policy decision. Concerns around a potential yen carry trade unwind continued to ripple through risk assets, even as some analysts argued those risks were largely priced in. Expectations across the market have increasingly converged on a consolidation phase, with Bitcoin seen trading within a broad $80,000 to $100,000 range absent a fresh catalyst, a context that framed Strategy’s move as a high-conviction bet during choppy conditions reflected across the crypto price index.

While Strategy doubled down on Bitcoin, a parallel story unfolded on the Ethereum side. BitMine Immersion Technologies, chaired by Fundstrat co-founder Tom Lee, disclosed it added 102,259 ETH worth roughly $320 million over the same period. That purchase lifted BitMine’s Ethereum holdings to approximately 3.97 million ETH, valued at more than $12.4 billion and representing about 3.2% of Ethereum’s circulating supply. Alongside its Ether position, BitMine also reported holding 193 BTC, valued near $17 million, and about $1 billion in cash, underscoring the scale of its digital asset treasury.

Lee framed the accumulation as part of a steady, deliberate strategy rather than a one-off trade, noting that BitMine has continued to add Ether consistently as crypto prices stabilized following October market volatility. He reiterated the company’s longer-term ambition to approach ownership of roughly 5% of the total ETH supply, a target he has previously referred to as an “alchemy of 5%.” The latest addition followed an even larger ETH purchase disclosed earlier in December, signaling an accelerated pace of accumulation as the company seeks to entrench itself as a major institutional holder.

BitMine’s strategy extends beyond simple balance-sheet exposure. The company is building a staking infrastructure branded as the Made in America Validator Network, or MAVAN, designed to generate yield on its Ethereum holdings. Lee has suggested that, at scale, staking operations could produce up to $400 million in annual revenue, adding an income component that contrasts with Strategy’s largely non-yielding Bitcoin treasury. Market reaction, however, remained mixed, with BitMine shares trading near $32.50, down on the day and still far below highs reached earlier in the year, reflecting investor caution toward crypto-heavy equity plays despite rising coin market cap figures across the sector.

This article has been refined and enhanced by ChatGPT.