- Strategic and other Bitcoin treasury management companies are under pressure as market momentum slows:

Sharp rises and deep corrections in Bitcoin's price have led to stable or slightly negative performance in 2025, putting stress on corporate treasury models related to Bitcoin.
Strategic's stock has fallen more than 60% from its yearly high, resulting in a sharp decline in net asset value premiums.
Treasury companies that raised capital through private investments in public equities have experienced significant declines in their share values, as stock prices often revert to issuance levels.

Bitcoin bonds (BTC) issued by Strategies (MSTR) and other companies remain under pressure, as Bitcoin's volatile performance in 2025 — characterized by sharp gains and deep corrections — has led to stable or slightly declining annual returns. MSTR's stock price has fallen over 60% from its highs this year, while competing companies that raised capital through private investments in public equities (PIPE) have experienced similar declines, reaching their issuance levels.

Strategy: The Largest Institutional Owner of Bitcoin:
Michael Saylor's Strategy Company, formerly known as MicroStrategy, is a US-based business intelligence (BI) and mobile software company that has treated Bitcoin as a primary treasury reserve asset since August 2020.

As shown in the chart below, the company has accumulated 671,268 Bitcoins in reserves, valued at $60.04 billion, at an average price of $74,972 per Bitcoin. This makes it the largest Bitcoin reserve management company in the world, holding 3.19% of the total Bitcoin supply of 21 million.

Bitcoin Holdings Strategy Chart. Source: BiTBO

The company raises capital through convertible bonds, preferred shares, and market offerings to purchase Bitcoin, even during price declines.

In addition to these capital-raising methods, the company announced on November 30 the creation of a dedicated US dollar reserve, fully funded through the issuance of new common shares of MSTR in the (ATM) market.

The reserve explicitly aims to cover:
Cash distributions to Strategy's preferred stock classes (approximately $700 million annually).
Interest on its outstanding convertible bonds.
Short-term liquidity needs in case of tightening capital markets.
These reserves are managed separately from the company's Bitcoin reserves, making "Strategic" a dual-reserve entity for the first time. As of December 22, Strategy increased its US dollar reserves by $748 million to $2.19 billion, an amount sufficient to cover approximately $700 million of annual preferred stock dividends for over three years.$BTC