Strategy (MSTR) Scoops 1229 BTC as mNAV (1.08) Lingers Near Record Low

Bitcoin (BTC) treasury company Strategy (formerly MicroStrategy) now holds 672,497 BTC. Its mNAV, a key metric, is near its all-time low; this metric has been in a downtrend this year.

The BTC price struggled to break the $90,000 zone yesterday, trading at $87,171 at press time. A highly volatile period on Sunday briefly took the largest cryptocurrency by market cap above $90,000. Observers accused market makers of manipulating the market to liquidate leveraged retail traders.

Earlier this month, Saylor and Strategy’s CEO Phong Lee announced a $1.4 billion USD reserve amid growing investor concerns. That reserve has now ballooned to $2.1 billion.

Strategy Expands BTC Stash as mNAV Continues to Dip

In his third Bitcoin acquisition announcement of the month, Michael Saylor announced that Strategy had acquired 1,229 BTC for approximately $88,568. Strategy purchased the Bitcoin using proceeds from selling 663,450 MSTR Class A common stock. The latest announcement was for purchases made between December 22nd and December 28th.

Strategy has acquired 22,628 BTC so far this month. Its total BTC stash stands at $58.7 billion as of press time.

The largest BTC treasury company, by BTC holdings, intensified its purchases in the second half of 2025. Bitcoin price surged to an all-time high by early October at around $126,000 before plummeting below $90,000.

Strategy now holds 3.2% of the maximum Bitcoin supply (21 million). However, that percentage share is likely to be significantly larger if only the circulating supply is considered. Note that around 7 million of the max supply has either been lost or has not moved in years.

Although the public company has been aggressively expanding its BTC stash, true to its mantra of ‘hodling,’ investors are concerned about its mNAV.

As of December 26th, Strategy’s mNAV stood at 1.08X. The lowest level of this year, reported for December 24th, was 1.07X.

Its important for Strategy to have an mNAV above 1.0X because it is critical to their BTC acquisition strategy. Above 1.0X, MSTR is effectively trading at a premium, indicating that the Strategy’s market cap is larger than its BTC holdings. The higher the mNAV, the higher the Bitcoin per share for investors.

MSTR Price Down Over 45% Year to Date

MSTR was trading at $158.81 pre-market, reflecting a 45.1% YTD slump, and its lowest price level this year. Over the last six months, MSTR price was down by nearly 60%, and over the last month, it fell by around 10%.

December 31st marks the end of Morgan Stanley Capital International’s (MSCI) consultation period for its proposal to remove Strategy and similar digital asset treasuries from its global indices.

MSCI will pronounce its decision on January 15th, 2026. Earlier this month, Strategy, in a 12-page letter to MSCI, argued that the index provider’s proposal was discriminatory and stifled innovation.

Markets are eagerly awaiting MSCI’s decision, which is expected to have a significant impact on the entire cryptocurrency market.