Michael Saylor’s company Strategy has grown its cash reserves to over $2 billion while pressing pause on new Bitcoin purchases.
Key Takeaways
- Strategy raised an additional $748 million in cash through the sale of its common stock.
- The firm’s USD reserve now stands at $2.19 billion, up from $1.44 billion earlier this month.
- Bitcoin holdings remain unchanged at 671,268 BTC, with no purchases made between Dec. 15 and Dec. 21.
- The reserve aims to support debt and dividend obligations, indicating a focus on financial flexibility.
What Happened?
Michael Saylor’s Bitcoin-heavy firm, Strategy, has significantly increased its U.S. dollar reserves, adding $748 million last week. The move lifts its total cash cushion to $2.19 billion as of Dec. 21. This decision comes shortly after the company established a $1.44 billion cash reserve on Dec. 1 to help manage debt and dividend obligations.
Despite its long-standing reputation as a leading corporate Bitcoin holder, Strategy made no new Bitcoin acquisitions during the reporting period from Dec. 15 to Dec. 21. Its Bitcoin balance remains at 671,268 BTC, the same amount reported after a large purchase earlier in December.
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
Strategy’s Move Toward Liquidity
According to a regulatory filing with the SEC (Form 8-K), the company raised the new funds via at-the-market sales of its Class A common stock. These funds are not earmarked for Bitcoin buys but rather to enhance liquidity and meet existing financial commitments.
Michael Saylor, known for his cryptic posts on X, hinted at the move with the phrase “Green Dots ₿eget Orange Dots” before the official filing. While the company didn’t purchase more BTC this time, it emphasized that its long-term commitment to Bitcoin remains unchanged.
The filing also noted that the cash reserve may be adjusted in the future, depending on liquidity needs and market conditions.
Key Stats as of Dec. 21:
- USD Reserve: $2.19 billion.
- Bitcoin Holdings: 671,268 BTC.
- BTC Purchase Period: No purchases from Dec. 15 to Dec. 21.
- BTC Aggregate Purchase Price: Over $50.3 billion.
No Bitcoin Buys, But Strategy Stays the Course
Earlier in December, Strategy acquired 10,645 BTC, but the company took a break from accumulating Bitcoin in the latest week. This pause doesn’t suggest a shift in philosophy. Instead, it points to a pragmatic approach focused on maintaining liquidity and managing financial obligations.
The company has stated that it will adjust the USD reserve as needed depending on market dynamics, signaling a flexible yet committed stance.
CoinLaw’s Takeaway
In my experience following Strategy’s Bitcoin journey, this isn’t a retreat. It’s a smart detour. Building up a $2.19 billion reserve while maintaining a massive Bitcoin position shows disciplined risk management. I found it interesting that even as Bitcoin prices fluctuate and the crypto space heats up, Strategy isn’t blindly buying. They’re balancing aggression with caution, which is rare in the crypto world. I see this as Saylor preparing for the long game, not stepping away from it.
