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MicroStrategy’s latest Bitcoin purchase quickly came under further scrutiny. Just a day after the company revealed a major purchase, Bitcoin fell sharply.
On December 14, Micro Strategy announced that it had purchased 10,645 Bitcoins for approximately $980.3 million, at an average price of $92,098 per coin. At the time, Bitcoin was trading near its local highs.
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A poorly timed purchase, at least in the short term
The timing was not right. After just one day From a purchase reported by StrategyBitcoin fell towards the $85,000 range, and briefly traded lower. At the time of writing, the price of Bitcoin is still below $80,000.
came Bitcoin decline Amid broader macro-led selling, driven by… With the Bank of Japan’s fears of raising interest ratesliquidation of leverage, and reduction of risks by market makers. The purchase of MicroStrategy came right before that streak.
As Bitcoin declined, MicroStrategy shares fell sharply. Over the past five trading days, the stock has fallen by more than 25%, significantly underperforming Bitcoin itself.
Although the shares have seen a slight rebound today, they are still well below the levels that existed before the purchase announcement.
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The numbers behind this issue
So far, MicroStrategy has 671,268 Bitcoins Bought for approx $50.33 billion At an average price $74,972 per coin.
In the long run, the company remains very profitable.
However, short range optics are important. With Bitcoin approaching $85,000, the latest push is already under the surface on paper.
MicroStrategy’s mNAV indicator It is currently at 1.11, which means that the stock is only trading at about 11% above the value of its Bitcoin holdings. This premium is decreasing rapidly as Bitcoin declines and equity investors reassess the risks.
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Why did the market react so hard?
Investors do not doubt MicroStrategy’s thesis on Bitcoin. They ask about timing and risk management.
The general risks that led to the decline of Bitcoin were very clear. The markets have taken notice The possibility of an increase in interest rates from the Bank of Japan The threat to yen trading has been present for weeks.
Historically, Bitcoin has been sold heavily around Bank of Japan tightening cycles. This time was no different.
Critics argue that MicroStrategy has failed to wait for total clarity. The company appeared to be buying aggressively near resistance as global liquidity conditions tightened.
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Was it really a mistake?
This depends on the weather.
From a business perspective, the purchase appears to be short-term. Bitcoin immediately fell, and the stock suffered compound losses due to leverage, sentiment, and a decrease in the pure premium of net worth.
From a strategic perspective, MicroStrategy has never targeted the bottom line. The company continues to frame its purchases around long-term accumulation, not short-term price improvement.
To argue CEO Michael Saylor repeatedly that Owning more Bitcoin is more important than the exact entry.
The real risk is not in the buying process itself. This is what happens next.
If Bitcoin stabilizes and the overall pressure eases, the latest Micro Strategy buy will fade into the long-term cost base. However, if Bitcoin falls further, the decision will remain a focus for critics.
MicroStrategy may not have made the worst Bitcoin Buy of 2025. But maybe it was It’s the most annoying.
