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Strategy Hoards Bitcoin, But Yield Dips
16 Dec
Summary
- Company acquired 10,645 BTC for $980.3 million recently.
- Total Bitcoin holdings now exceed 671,268 BTC.
- Key metric BTC Yield turns negative for the first time in years.
Strategy Inc. has once again expanded its Bitcoin holdings, acquiring 10,645 BTC for approximately $980.3 million between December 8 and December 14. This latest purchase brings the company's total Bitcoin reserves to 671,268 BTC, acquired at an average cost of $74,972 per Bitcoin. The firm funded this expansion through stock sales and preferred share offerings, underscoring Bitcoin's central role as its treasury asset.
However, this period of accumulation coincides with a critical downturn in a key metric. For the first time in years, Strategy's BTC Yield, which tracks Bitcoin held per share of MSTR, has turned negative. This means the company now holds less Bitcoin per share than it did at the end of September, breaking a consistent positive trend since 2020.
Analysts attribute this shift partly to Strategy diverting $1.44 billion into a USD cash reserve for future dividend obligations. The company's multiple-to-net asset value premium has also collapsed, indicating investors are less willing to pay a premium for Bitcoin exposure through MSTR compared to holding Bitcoin directly.
