Strategy (MSTR) bought 1,229 bitcoin between Dec. 22 and Dec. 28, spending about $108.8 million at an average price of roughly $88,568 per BTC.

The purchase was funded by sales of 663,450 shares of its Class A common stock through an at-the-market program, generating net proceeds of $108.8 million after commissions, according to a Form 8-K filed Monday.

Purchase details

Michael Saylor, Strategy’s founder and chairman, signaled renewed buying on X after a brief pause.

Saylor posted:

“Back to Orange”

The pause came as Strategy added cash to a USD reserve that now stands at $2.19 billion, which the company says is intended to support dividend payments on preferred stock and interest on outstanding debt.

Treasury totals

With the latest purchase, Strategy’s total bitcoin holdings rose to 672,497 BTC.

The company said it has acquired those holdings for about $50.44 billion in aggregate, at an average cost basis of roughly $74,997 per bitcoin.

At roughly $87,300 per BTC at the time of writing, the position was valued at about $58.7 billion, implying a paper gain of more than $8 billion.

For a historical view of Strategy’s stack, see the Strategy bitcoin treasury tracker.

Analyst views diverge

TD Cowen analysts previously said the larger cash reserve improves liquidity and flexibility through a potential “prolonged bitcoin winter,” while other observers have been more cautious.

CryptoQuant said the USD reserve could indicate preparation for a “deep or extended bitcoin drawdown,” and JPMorgan argued Strategy’s ability to hold through volatility matters more for bitcoin’s near-term outlook than miner activity.

Strategy also faces index-related uncertainty, with markets watching whether MSCI will remove the company from equity indices, with a decision due Jan. 15 ahead of a February rebalancing.

For context on large holders across the market, see Bitbo’s bitcoin treasuries database.