Strategy boosts USD reserve with $748M stock sale, skips Bitcoin purchases

Strategy added $747.8 million in net proceeds from the sale of common stock last week to its cash reserves and paused its Bitcoin purchases, as the company rebalances its assets amid the crypto downturn.

According to a post by Strategy executive chairman Michael Saylor, the company’s cash reserves now stand at $2.19 billion, while its crypto stash is at 671,268 Bitcoin (BTC).

![](https://img-cdn.gateio.im/social/moments-eb4ba36e0c-64292bc2c6-153d09-6d5686)

_Source: __Michael Saylor _

A filing with regulators shows Strategy sold 4.535 million shares of its Class A common stock (MSTR) during the Dec. 15-21 period, generating $747.8 million in net proceeds through its at-the-market offering program. The company did not sell any preferred stock during the period.

Strategy announced the establishment of a US dollar reserve in early December. Initially set at $1.44 billion, the reserve would support the payment of preferred stock dividends and interest on its outstanding indebtedness.

“Strategy’s current intention is to maintain a USD Reserve in an amount sufficient to fund at least twelve months of its dividends, and Strategy intends to strengthen the USD Reserve over time, with the goal of ultimately covering 24 months or more of its dividends,” the company said at the time.

![](https://img-cdn.gateio.im/social/moments-f62b8e6f83-e8a944a836-153d09-6d5686)

_Form 8-K SEC filing. Source: _Strategy

The cash reserve comes with a slowdown in BTC purchases. The company’s total holdings were acquired at an aggregate purchase price of $50.33 billion, with an average purchase price of $74,972 per Bitcoin.

Its latest Bitcoin purchase happened on Dec. 15, when the company bought 10,645 Bitcoin for $980.3 million, at an average price of $92,098 per Bitcoin.

Strategy common stock is down nearly 50% over the past 12 months, according to Google Finance.

![](https://img-cdn.gateio.im/social/moments-4373564101-00ff61c62a-153d09-6d5686)

_Source: _Google Finance

_Related__: _Michael Saylor’s Bitcoin thesis: Money or commodity?

Bitcoin treasury companies face bear market in 2025

In 2024 and 2025, several companies adopted Strategy’s Bitcoin treasury model, repositioning themselves as digital asset holding companies. While many of their shares initially rallied on the announcements, most have since posted significant losses as crypto markets declined.

Metaplanet (MTPLF), which announced its crypto treasury strategy in April 2024 and now ranks as the fourth-largest corporate Bitcoin holder with 30,823 BTC, has seen its shares fall by about 75% over the past six months. The stock is still up 26% year-to-date.

MARA Holdings (MARA), a Bitcoin mining company and the second-largest corporate holder of Bitcoin with 53,250 (BTC), is down roughly 38% in 2025.

Bitcoin was trading near $89,433 at the time of writing, down roughly 4.4% over the past 12 months.

![](https://img-cdn.gateio.im/social/moments-460a4a2077-e1d9fecd93-153d09-6d5686)

_Top Bitcoin treasury companies. Source: _BitcoinTreasuries.NET

**Magazine: **__Big questions: Would Bitcoin survive a 10-year power outage?