Strategy (bStocks Tokenized Stock) — Project Update

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Biggest Stories of 2025

• Strategy ended the year with another Bitcoin purchase. The firm bought an additional 1,229 BTC on December 29 at an average price of $88,568, bringing total holdings to 672,497 BTC, even as its stock declined 47% year-to-date 7. (December 29, 2025)
• Strategy expanded its dollar buffer. A $748 million stock sale lifted the USD reserve to $2.2 billion, covering dividend obligations for 32 months and the 2027 convertible note principal 6. (December 23, 2025)
• Tokenized stocks were crowned the winner of 2025. The sector achieved a 2,695% year-to-date market cap increase, far outpacing tokenized commodities (up 225%) and tokenized funds (up 148%) 2. (December 22, 2025)
• Peter Schiff predicted a 50% MSTR crash. The economist forecast MSTR could fall to $80 and push Bitcoin below $50,000, amid roughly $720 million in annual preferred dividend obligations and potential MSCI-driven outflows of up to $2.8 billion 8. (December 18, 2025)
• A "Darwinian phase" loomed for digital asset treasury companies. Bitcoin's October crash caused significant unrealized losses across more than 180 public companies holding crypto, with the mNAV ratio (market cap versus crypto value held) becoming the key metric; Strategy established a $1.44 billion cash reserve to sustain dividends and debt interest for 21 months 9. (December 14, 2025)
• Strategy's stock plunged 54% in six months. Its Bitcoin reserves fell from over $75 billion in July to $56 billion as BTC dropped to $86,000, with shares falling from $300 to $171 and declining 36% in December alone 10. (December 2, 2025)
• Benchmark reaffirmed a "buy" rating. Analysts maintained a $705 target based on Bitcoin reaching $225,000 by end-2026, noting Strategy could withstand Bitcoin dips unless BTC fell below $12,700 for an extended period 11. (December 1, 2025)
• Strategy faced potential reclassification as a Bitcoin investment vehicle. As its stock neared a 1:1 NAV ratio, MSCI's review raised the risk of forced sell-offs of up to $8.8 billion, potentially shifting Strategy from a growth model to a passive, asset-tracking entity 5. (November 22, 2025)
• Strategy climbed on a $3.9 billion Bitcoin gain. MSTR rose as Bitcoin rallied to $124,000, with the company announcing a $3.89 billion unrealized gain on its digital assets in Q3 2025 and over $74 billion in holdings 12. (October 6, 2025)
• MSTR lost $8 billion in market cap despite institutional inflows. The stock declined 38% from its 52-week high even as Norges Bank added over $1.1 billion and other Tier 1 institutions increased holdings; MSTR remained a Nasdaq 100 component but failed to join the S&P 500 13. (September 24, 2025)
• Strategy hit its 28th Bitcoin buy of 2025. Holdings reached approximately 638,460 coins worth over $46 billion, with plans to potentially reach around 40 buys by year-end 14. (September 16, 2025)
• Strategy doubled down on Bitcoin ahead of Q2 earnings. It acquired over 16,000 coins worth nearly $1.8 billion, bringing holdings to roughly 607,770 BTC, while expanding into AI-powered analytics and CRM solutions 15. (August 1, 2025)
• MSTR dipped 2% amid legal and dilution concerns. The stock fell to $395.67 despite a 40% Q2 surge, weighed by securities fraud lawsuits and a $4.2 billion equity sale, though it held $14 billion in unrealized Bitcoin gains 16. (July 8, 2025)
• Gemini launched tokenized MSTR stocks. The exchange introduced tokenized MSTR "dShares" for EU customers on the Arbitrum network, backed 1:1 by underlying securities through regulated provider Dinari, enabling fractional, 24/7 onchain trading 4. (June 27, 2025)
• Tokenized equity transformed digital investing. The asset tokenization market grew from $866 billion in 2024 to an estimated $1.24 trillion in 2025, with real-world asset tokenization surpassing $50 billion onchain 1718. (June 16, 2025)
• MicroStrategy rebranded to "Strategy." The company adopted a new logo featuring a stylized "B" and orange as its primary color, emphasizing its focus as a leading Bitcoin treasury company 19. (February 6, 2025)
• MSTR rose alongside Bitcoin to start 2025. The stock surged nearly 12% as Bitcoin approached $100,000, with CoinCodex forecasting a potential move to $476.62 20. (January 3, 2025)
• Strategy bought another 2,138 BTC. The $209 million purchase brought holdings to 446,400 BTC worth over $41 billion, representing 2.12% of total Bitcoin supply, as the company planned to expand its equity issuance program to 10 billion shares 21. (January 1, 2025)