CHART: Strategy’s BTC growth slows to multi-year low
Strategy, the world’s largest bitcoin (BTC) treasury company, is adding coins at its slowest rate in five years.
So far this quarter, the firm has added just 388 coins to the 640,031 it held at the end of Q3 — growth of just 0.1%.
In previous quarters, Strategy has grown its treasury by high single and even high double-digit percentages. Indeed, in Q4 2024, its BTC holdings growth hit a multi-year high of 77%.
Unfortunately, the price of Strategy’s MSTR common stock has also declined 10% this quarter alongside its dwindling purchases of BTC.
In 2020, Michael Saylor’s 1990s enterprise software company pivoted into leveraged BTC purchases and, from a small base, the company had amassed 70,470 BTC by the end of that year.
Growth in its BTC treasury continued at robust, double and high single-digital percentages throughout 2021, slowed in 2022, and then picked up again in 2023 and 2024.
By Q4 of 2024, as the price of BTC was rallying amid Donald Trump’s successful presidential campaign, BTC holdings growth peaked at 77%. The company has yet to regain that high.
The four quarters of 2025 have stepped-down BTC growth to a multi-year low: 18.3% in Q1, 13.1% in Q2, 7.1% in Q3, and just 0.1% in Q4 so far.
Read more: Michael Saylor says short seller deployed bots to bash MSTR
Worse, the premium that investors are placing on the company’s ongoing ability to accrete BTC per share on a dilution-adjusted basis has also been declining since Q4.
After hitting a peak above 3.2x multiple-to-Net Asset Value (mNAV), the company’s basic mNAV today is just 1.2x.
Basic mNAV divides the company’s market capitalization by its BTC holdings. A recently introduced enterprise Value mNAV adds debt and other assumptions to boost the figure slightly to 1.4x.
Using either multiplier, MSTR’s mNAV has more than halved since is Q4 2024 peak. Over the same time period, its BTC growth rate has declined more than 99%.
Strategy looking abroad for BTC growth
On various interviews, Saylor has forecasted confidence that the company will be able to create credit products and other types of financial derivatives to cater to bond and fixed income investors around the world.
He’s particularly optimistic about his 10.25% yielding preferred share STRC which is intended to trade near a $100 quasi-peg and serve the interests of high-yield bond traders or sophisticated fixed income investors.
Saylor has also mentioned the potential for STRC-type offerings for euro, Japanese yen, British pound, or Canadian dollar investors.
“In essence, everybody in the world would love to have a high yield bank account that yielded 10% or more,” Saylor told Bloomberg in reference to STRC.
He added, “or they’d love to have a money market that gave them double or triple their normal money market.”
Unfortunately, that incredible plan hasn’t yet materialized into BTC accretion within Q4 2025. For now, growth at the company’s treasury remains at multi-year lows.
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