Strategy's Bitcoin Accretion Continues: Is the Momentum Durable?

Strategy Inc. MSTR continues to deepen its identity as the world’s largest corporate Bitcoin holder, with 2025 marking a decisive acceleration in Bitcoin accretion. In 2025, the company has meaningfully stepped up its accumulation pace, expanding holdings to roughly 671,000 BTC, including a recent 10,645 BTC purchase in mid-December. With its Bitcoin ownership exceeding 3% of the global supply, Strategy’s accumulation has evolved into an ongoing process rather than opportunistic trades.

That momentum is clearly reflected in key operating metrics. BTC Yield reached 26% year to date, while BTC Gain climbed to 116,555 BTC, marking a sharp rise from earlier quarters. Importantly, Bitcoin per share continued to rise even as new equity was issued, indicating that capital raises remain adding value on a per-share basis. These metrics suggest that Bitcoin accumulation is being executed with discipline.

The durability of this momentum is further supported by recent structural tailwinds. Regulatory clarity following IRS guidance on fair-value taxation reduces uncertainty for long-term Bitcoin holders, while the company’s new S&P B- credit rating expands access to global high-yield capital markets. At the same time, growing institutional adoption of Bitcoin via ETFs and derivatives has improved liquidity and reduced volatility, creating a more supportive macro backdrop for treasury adoption.

Looking ahead, management reaffirmed its target of a 30% BTC yield and $20 billion in BTC dollar profits for 2025, indicating confidence in maintaining this trajectory. While Bitcoin remains volatile, the company’s expanded access to capital supports more sustainable compound growth.

MSTR Faces Growing Pressure From Crypto Rivals

MARA Holdings MARA challenges MSTR with a fundamentally different crypto strategy. MARA Holdings blends Bitcoin production and accumulation, leveraging large-scale mining alongside strategic purchases. At the end of the third quarter of 2025, MARA Holdings held 52,850 BTC, supported by an energized hash rate of 60.4 EH/s, indicating scalable, long-term competitive pressure.

Riot Platforms RIOT presents a growing threat to MSTR by monetizing Bitcoin through large-scale mining operations. RIOT strengths include cost efficiency and strategic expansion, and digital infrastructure supporting the Bitcoin network directly. At the end of the third quarter of 2025, RIOT held 19,287 BTC, produced 1,406 BTC and deployed a 36.5 EH/s hash rate. With $180.2 million in revenues and $104.5 million in net income, RIOT highlights growing competitive pressure on MSTR.

MSTR’s Price Performance, Valuation & Estimates

MSTR has significantly underperformed both its sector and key competitors. Shares of Strategy have plunged 54.1% over the past year against a 15.7% gain in the Zacks Finance sector. Riot Platforms rose 23.4% during the same period, while MARA Holdings declined 49.7%.

MSTR’s One-Year Price Performance

MSTR has a Value Score of F. It is currently trading at a Price/Book ratio of 0.9X compared to the sector’s 4.28X.

MSTR’s Valuation

The Zacks Consensus Estimate for MSTR’s 2025 earnings is pegged at $78.04 per share, unchanged over the past 30 days. The estimate also indicates a strong year-over-year recovery from a loss of $6.72 per share.

MSTR stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

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