Bitcoin is holding at just above $93,000 per coin this morning after staging a nearly 11% rally since its low on Nov. 22 of just above $84,000. Its recovery seems to have rescued Michael Saylor’s Strategy, the Bitcoin treasury company whose stock rose 3.9% yesterday and is up 8.4% over the past five sessions. It was up marginally this morning in overnight trading.
Although Strategy’s market cap ($55.7 billion) remains below the value of the $60.6 billion in Bitcoin it owns, its mNAV ratio (net asset value expressed as enterprise value over its Bitcoin holdings) has risen to 1.16 this morning. If Strategy’s mNAV falls below one, owning the stock becomes a money-losing prospect, and the company said it may be theoretically forced into selling part of its Bitcoin hoard.
Saylor may have BlackRock and its retail investors to thank for helping it avoid that crisis. In Q4 2025 so far, BlackRock’s Bitcoin exchange-traded fund (ETF) continued to add Bitcoin while most of the other ETFs sold off. “BlackRock, which, despite heavy outflows of roughly 23,226 BTC between Nov. 1 and Dec. 1, has still added a net 24,411 BTC compared with the previous quarter,” analyst Paul Hoffman wrote in a research note for BestBrokers.com, a site that ranks trading platforms.
BlackRock’s iShares Bitcoin Trust (IBIT) now owns just under 60% of all Bitcoins owned by ETFs, he said, bringing its total to 776,474.65 coins as of Dec. 1. Its Q4 buying was preceded by the acquisition of another 71,236 coins in Q3, Hoffman wrote.
