Did MicroStrategy Make Its Worst Bitcoin Purchase of 2025?
MicroStrategy's recent $980.3 million Bitcoin purchase at $92,098 per coin was poorly timed, as Bitcoin immediately dropped, causing MSTR stock to underperform.Summary
MicroStrategy announced on December 14, 2025, that it acquired 10,645 BTC for approximately $980.3 million, averaging $92,098 per coin. This purchase was immediately scrutinized because Bitcoin subsequently dropped toward the $85,000 range and below $80,000, putting the latest tranche underwater on paper. The decline was attributed to broader macro factors, including fears over the Bank of Japan's rate hike and subsequent leverage liquidations. Consequently, MicroStrategy shares fell sharply, dropping over 25% in five days and significantly underperforming Bitcoin. While the company remains profitable overall, holding 671,268 BTC at an average cost of $74,972, the short-term optics are poor, causing MicroStrategy's mNAV premium to compress. Critics argue the timing was a failure in risk management, as the firm bought aggressively near resistance just as global liquidity tightened. However, CEO Michael Saylor's strategy prioritizes long-term accumulation over precise entry timing, suggesting the purchase may only be deemed a mistake if Bitcoin continues to fall.
(Source：BeInCrypto)