Strategy has added $747.8 million to its cash reserves after selling common stock last week, while temporarily pausing its Bitcoin accumulation as crypto markets remain under pressure. The move reflects a shift toward balance sheet flexibility as the company manages dividend obligations and debt servicing during a market downturn.
According to a disclosure shared by executive chairman Michael Saylor, Strategy’s cash reserves now stand at $2.19 billion. At the same time, the company continues to hold 671,268 Bitcoin, maintaining its position as the largest corporate holder of the digital asset.
A regulatory filing shows that Strategy sold 4.535 million shares of its Class A common stock between Dec. 15 and Dec. 21 through its at-the-market offering program. The stock sale generated $747.8 million in net proceeds. The company did not issue or sell any preferred shares during the period.
Strategy slows Bitcoin purchases as USD reserve expands
The strengthened cash position comes alongside a slowdown in Bitcoin purchases. Strategy’s most recent acquisition occurred on Dec. 15, when it bought 10,645 Bitcoin for $980.3 million at an average price of $92,098 per coin. Since then, no additional Bitcoin purchases have been reported.
In early December, Strategy formally established a US dollar reserve, initially funded with $1.44 billion. The company said the reserve is intended to support preferred stock dividends and interest payments on outstanding debt.
Strategy stated that its current objective is to maintain a USD reserve sufficient to fund at least twelve months of dividend payments. Over time, the company aims to strengthen the reserve to cover 24 months or more of dividend obligations. The latest stock sale has pushed the reserve closer to that longer-term target.
Despite the pause in buying, Strategy’s Bitcoin exposure remains substantial. The company disclosed that its total Bitcoin holdings were acquired at an aggregate purchase cost of $50.33 billion, with an average purchase price of $74,972 per Bitcoin. At current market prices, the value of those holdings continues to fluctuate with broader crypto market sentiment.
Strategy’s stock performance has reflected these pressures. Shares of Strategy common stock are down nearly 50 percent over the past twelve months, according to Google Finance data.
Bitcoin treasury companies face pressure in 2025
Strategy’s recalibration comes as several companies that adopted Bitcoin treasury strategies in 2024 and 2025 face declining share prices. While initial announcements of Bitcoin accumulation often drove short-term rallies, prolonged market weakness has weighed on valuations.
Metaplanet, which announced its Bitcoin treasury strategy in April 2024 and now holds 30,823 BTC, has seen its shares fall around 75 percent over the past six months. Despite the decline, the stock remains up 26 percent year-to-date.
MARA Holdings, a Bitcoin mining firm and the second-largest corporate Bitcoin holder with 53,250 BTC, is down roughly 38 percent in 2025.
At the time of writing, Bitcoin was trading near $89,433, down about 4.4 percent over the past twelve months. The price action underscores the cautious approach being taken by companies like Strategy as they navigate capital allocation decisions during a volatile period.
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