Key highlights:
- Strategy sold $747.8 million worth of Class A shares to increase its cash reserves.
- The company paused Bitcoin purchases while establishing a $2.19 billion dollar reserve.
- Strategy’s stock and other Bitcoin-linked equities have fallen significantly amid crypto market weakness.
Strategy (MSTR) sold approximately $748 million worth of shares last week and halted its Bitcoin purchases, using the proceeds to significantly strengthen its cash position. A regulatory filing shows the company sold about 4.535 million Class A shares between December 15 and 21, generating $747.8 million in net proceeds through its offering program.
No preferred shares were sold during this period.
Strategy has increased its USD Reserve by $748 million and now holds $2.19 billion and ₿671,268. https://t.co/EPtguJfWxR
— Michael Saylor (@saylor) December 22, 2025
Executive Chairman Michael Saylor confirmed that the company’s cash reserves now total $2.19 billion, while its cryptocurrency holdings remain at 671,268 Bitcoin.
Strategy builds cash reserve as Bitcoin buying slows
In early December, Strategy unveiled a US dollar reserve initially funded with $1.44 billion. The reserve is intended to cover dividend payments on preferred shares and interest on outstanding debt.
The company plans to maintain enough cash to cover at least 12 months of dividend obligations and eventually expand the reserve to cover 24 months or more.
The decision to fortify cash reserves coincides with a deliberate slowdown in Bitcoin accumulation. Strategy’s Bitcoin holdings have a combined acquisition cost of $50.33 billion, with an average purchase price of $74,972 per Bitcoin.
Strategy’s history of Bitcoin purchases. Source: Strategy.com
Last Bitcoin purchase marks strategic pause
Strategy’s most recent Bitcoin acquisition took place on December 15, when it bought 10,645 Bitcoin for $980.3 million at an average price of $92,098 per coin.
Since then, the company has made no additional purchases, signaling a shift toward liquidity preservation.
Bitcoin-linked stocks feel the downturn
Strategy’s common stock has dropped nearly 50% over the past 12 months.
Other companies that adopted Bitcoin-heavy strategies in 2024 and 2025 experienced similar patterns – initial share price rallies followed by significant declines amid falling cryptocurrency prices.
Metaplanet, which announced its Bitcoin strategy in April 2024 and holds 30,823 Bitcoin, has seen its share price fall about 75% over the past six months, though it remains up year-to-date. MARA Holdings, the second-largest corporate Bitcoin holder with 53,250 Bitcoin, has seen its stock decline roughly 38% this year.
Is Strategy changing up its model?
By building a large dollar reserve and slowing Bitcoin purchases, the company appears to be prioritizing cash flow stability over continued aggressive accumulation.
Whether this approach is a temporary defensive posture or signals a deeper change in Strategy’s long-term model remains to be seen.