Strategy Increases USD Holdings by $748M While Halting Bitcoin Acquisitions
Strategy has boosted its cash reserves to $2.19 billion after selling shares and paused its Bitcoin buying as a response to market conditions.
Last week, Strategy generated approximately $747.8 million in net proceeds by selling 4.5 million shares of its common stock. This brought their cash reserves to $2.19 billion, coinciding with a decision to pause purchases of Bitcoin as the market fluctuates.
According to a statement from Strategy’s Executive Chairman Michael Saylor, their Bitcoin holdings currently sit at 671,268 BTC.
Source: Michael Saylor
A formal regulatory filing indicated that in the period from December 15-21, Strategy sold these shares through its offering program without engaging in the sale of preferred stock.
In early December, Strategy had initially established a USD reserve worth $1.44 billion, intended to support dividend payments on preferred stock and interest payments on debt.
“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.”
Their cash reserves are now coupled with a decline in BTC buying activity. Total Bitcoin holdings were acquired at significant cost, with an aggregate purchase price of $50.33 billion, averaging $74,972 per Bitcoin.
The last acquisition occurred on December 15, when they purchased 10,645 Bitcoin for $980.3 million, averaging $92,098 per Bitcoin.
Strategy’s common stock has notably dropped nearly 50% over the prior 12 months, as reported by Google Finance.
Source: Google Finance
Bitcoin treasury companies in a bear market in 2025
In 2024 and 2025, various firms adopted Strategy’s Bitcoin treasury model, transitioning to digital asset holding entities. Despite initial increases, many have seen significant declines as the cryptocurrency market has receded.
Metaplanet (MTPLF), which initiated its crypto treasury strategy in April 2024, currently ranks as the fourth-largest corporate Bitcoin holder, with 30,823 BTC, experiencing a 75% decline in its shares over the last six months, although it remains 26% higher year-to-date.
MARA Holdings (MARA), a Bitcoin mining entity with 53,250 BTC, is also down about 38% in 2025.
During this time, Bitcoin was trading near $89,433, down roughly 4.4% over the last year.
Top Bitcoin treasury companies
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