MicroStrategy's Market Cap Recovers to $54.6 Billion, Bitcoin Holdings Approach $60 Billion

MicroStrategy, the enterprise software firm turned Bitcoin treasury company, saw its market capitalization recover to $54.6 billion today, according to a recent tweet by Hebbia. The social media post highlighted the company's substantial Bitcoin (BTC) holdings, valued at close to $60 billion, alongside approximately $8 billion in debt, resulting in a net asset value of almost $52 billion. This development comes as the company navigates significant volatility in the cryptocurrency market.

The company, rebranded as Strategy Inc. in August 2025, has aggressively accumulated Bitcoin since August 2020 under the leadership of Executive Chairman Michael Saylor. As of December 2025, MicroStrategy holds approximately 650,000 bitcoins, making it the world's largest corporate Bitcoin holder. The average purchase price for these holdings is reported to be around $74,436 per coin.

To manage its financial obligations, MicroStrategy recently established a $1.44 billion USD reserve, funded through the sale of Class A common stock. This reserve is intended to cover dividend payments on preferred stock and interest on outstanding indebtedness, with a goal to eventually cover 24 months of such obligations. The company's total debt stands at around $8.2 billion, which includes convertible debt.

Despite its strategic Bitcoin accumulation, MicroStrategy's stock (MSTR) has experienced considerable fluctuations, with its market cap recently falling below the net value of its Bitcoin holdings. This "disconnect" between the company's valuation and its underlying assets has raised concerns among investors regarding leverage and liquidity. Analysts closely monitor MicroStrategy's mNAV ratio, which compares its enterprise value to the net asset value of its Bitcoin holdings, noting its recent recovery to 1.16 after trading at tighter ranges.

The company has also updated its fiscal year 2025 guidance, now assuming a year-end Bitcoin price range of $85,000 to $110,000, down from an earlier projection of $150,000. This adjustment reflects the high volatility of Bitcoin, which saw its price decline from approximately $111,612 in late October to as low as $80,660 in late November 2025. MicroStrategy's financial performance remains highly sensitive to these Bitcoin price movements.