Strategy Inc. (NASDAQ:MSTR) disclosed another major Bitcoin (CRYPTO: BTC) purchase on Monday, acquiring 10,645 BTC for about $980.3 million between Dec. 8 and Dec. 14, even as a key performance metric behind its stock turns negative.
Strategy Extends Bitcoin Accumulation
The company said it paid an average price of $92,098 per Bitcoin, funding the purchase through at-the-market sales of common stock and multiple preferred share offerings.
Nearly $989 million was raised during the week through MSTR and its STRF, STRK, and STRD securities.
As of December 14, Strategy holds 671,268 BTC, acquired for roughly $50.33 billion at an average cost of $74,972 per Bitcoin.
The filing reinforces that Bitcoin remains the firm’s central treasury asset, with accumulation driven primarily by capital markets activity rather than operating cash flow.
BTC Yield Turns Negative For First Time In Years
Despite continued buying, Strategy’s BTC Yield, a core metric tracking Bitcoin held per share of MSTR, has turned negative for the first time in years, according to Protos.
The company reported a quarterly BTC Yield of minus 1%, meaning it now holds less Bitcoin per share than it did at the end of September.
BTC Yield had been positive every year since 2020 and every quarter since April 2023, making the reversal a notable break from the narrative that dilution was consistently accretive for shareholders.
Dilution And Cash Reserves Weigh On Metrics
The decline follows Strategy’s decision to divert $1.44 billion into a USD cash reserve instead of deploying the capital into Bitcoin.
The reserve is intended to meet future dividend obligations tied to preferred shares.
Analysts note that BTC Yield only benefits shareholders when new equity or preferred issuance occurs at a premium to the company’s Bitcoin net asset value.
When that premium compresses, dilution becomes uneconomic.
mNAV Premium Collapses As Confidence Fades
Strategy’s multiple-to-net asset value, or mNAV, has been declining since mid-2023, reflecting waning investor willingness to pay a premium for Bitcoin exposure through MSTR rather than holding BTC directly.
Market data shows investors are now valuing Strategy at roughly a 16% enterprise-level premium to its Bitcoin holdings, down sharply from premiums above 240% seen as recently as November 2024.
On a basic basis, excluding preferred shares and bonds, Strategy’s market capitalization is now below the value of its Bitcoin.
MSTR Fails To Break Downtrend As Sellers Defend Resistance
Strategy Inc. Stock Price Action (Source: TradingView)
MSTR attempted to break out of its falling channel, but the move failed as price briefly pushed above resistance before slipping back inside the structure.
That behavior signals rejection rather than a confirmed trend change.
The broader structure continues to print lower highs, with sellers actively defending the $190–$195 zone.
Supertrend and SAR remain in bearish alignment, confirming that downside momentum has not flipped.
As long as MSTR trades below roughly $195, the downtrend remains active.
Near-term support sits around $175, with additional risk toward $160 if that level gives way.
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