Did MicroStrategy Make Its Worst Bitcoin Purchase of 2025?
MicroStrategy’s latest Bitcoin buy has quickly come under scrutiny. Just one day after the firm disclosed a major purchase, Bitcoin fell sharply.
On December 14, MicroStrategy announced it had acquired 10,645 BTC for roughly $980.3 million, paying an average price of $92,098 per coin. At the time, Bitcoin was trading near local highs.
A Poorly Timed Buy, At Least in the Short TermThe timing was unfortunate. Only a day after Strategy’s reported purchase, Bitcoin had dropped toward the $85,000 range, briefly trading even lower. At the time of writing BTC remains below $80,000.
Strategy has acquired 10,645 BTC for ~$980.3 million at ~$92,098 per bitcoin and has achieved BTC Yield of 24.9% YTD 2025. As of 12/14/2025, we hodl 671,268 $BTC acquired for ~$50.33 billion at ~$74,972 per bitcoin. $MSTR $STRC $STRK $STRF $STRD $STRE https://t.co/VdAz7pqce1
— Michael Saylor (@saylor) December 15, 2025Bitcoin’s decline came amid a broader macro-driven sell-off, fueled by Bank of Japan rate-hike fears, leverage liquidations, and market-maker de-risking. MicroStrategy’s purchase landed just ahead of that cascade.
Bitcoin’s Price Drop Was Driven by Liquidations — Not Spot Selling
“In this context, the current move should be viewed less as a collapse in fundamental demand and more as a structural deleveraging event.” – By @xwinfinance pic.twitter.com/i1DSrt2Ttw
As Bitcoin slid, MicroStrategy shares fell sharply. Over the past five trading days, the stock dropped more than 25%, significantly underperforming Bitcoin itself.
While shares saw a modest rebound today, they remain far below levels seen before the purchase announcement.
MSTR Stock Prices Over The Past Week. Source: Google Finance
The Numbers Behind the Concern
As of now, MicroStrategy holds 671,268 BTC, acquired for approximately $50.33 billion at an average price of $74,972 per coin.
On a long-term basis, the firm remains deeply in profit.
However, short-term optics matter. With Bitcoin near $85,000, the latest tranche is already underwater on paper.
MicroStrategy’s mNAV currently sits around 1.11, meaning the stock trades only about 11% above the value of its Bitcoin holdings. That premium has compressed rapidly as Bitcoin fell and equity investors reassessed risk.
MicroStrategy mNAV. Source: Saylor Tracker
Why the Market Reacted So Harshly
Investors are not questioning MicroStrategy’s Bitcoin thesis. They are questioning timing and risk management.
The macro risks that triggered Bitcoin’s drop were well telegraphed. Markets had been warning about the Bank of Japan’s potential rate hike and the threat to the yen carry trade for weeks.
Bitcoin has historically sold off aggressively around BOJ tightening cycles. This time was no different.
Critics argue MicroStrategy failed to wait for macro clarity. The firm appeared to buy aggressively near resistance, just as global liquidity conditions tightened.