Strategy Doubles Down on Bitcoin Despite Market Decline and Dilution Pressures

Washington – December 15, 2025 | EcoPulse24

Strategy Inc., known previously as MicroStrategy, has continued to bolster its Bitcoin bets for the second consecutive week, acquiring approximately $980.3 million in cryptocurrency from December 8 to 14, according to a regulatory filing released on Monday. This marks the largest buying spree for the company since July and the second week in a row it has added over 10,000 Bitcoin to its balance sheet, a feat not seen since January.

Most of the recent purchases were financed through selling common stock in the market (ATM) and divesting shares from three classes of preferred perpetual stock. This method has reignited long-standing criticisms of the company's model, as critics argue that relying on equity issuance to finance digital asset purchases could lead to shareholder dilution and erode the premium the stock enjoyed compared to the book value of Bitcoin holdings, estimated at around $59 billion.

The announcement coincided with visible selling pressures: Strategy's stock fell about 6.7% to approximately $164.6 in morning trading in New York, while Bitcoin dropped about 1.8% to $86,885, remaining roughly 30% below its all-time high of over $126,000 reached in early October.

On the indicators front, NASDAQ 100's decision to keep Strategy in its components following annual rebalancing alleviated concerns of potential forced selling. However, the company is still engaged in a sensitive discussion with MSCI after the latter called for the exclusion of “digital asset vault” companies, where cryptocurrencies represent more than half of their assets, from certain global indices. Strategy has warned in an official letter of “deep detrimental consequences” if this trend is approved, with a final decision expected on January 15.

The acceleration in purchases reflects management's belief that price declines present a stacking opportunity, but it simultaneously raises volatility risks for the stock, especially as operations continue to be funded through issuances. As the gap between the stock price and the value of digital assets narrows, Strategy's sensitivity to any further decline in Bitcoin increases, potentially putting pressure on its valuation and raising the likelihood of risk repricing by investors and indices.

Ultimately, this approach places Strategy in a position of high conviction and high risk: significant potential gains if the crypto market regains momentum, contrasted with structural pressures on the stock and index governance if the correction persists or listing rules change.