Strategy Raises U.S. Dollar Liquidity to $2.19 Billion

Strategy Inc. reported a significant increase in its U.S. dollar reserves, lifting total USD liquidity by $748 million to $2.19 billion, according to a recent regulatory filing.

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

The disclosure also confirmed that the company’s Bitcoin holdings remained unchanged at 671,268 Bitcoin, continuing its long-established Bitcoin-focused treasury approach.

The increase in cash reserves resulted from activity under Strategy’s at-the-market (ATM) equity offering program.

Between December 15th and December 21st, the company sold approximately 4.54 million shares of its Class A common stock (MSTR), generating net proceeds of $747.8 million after sales commissions.

No preferred stock was issued during the reporting period, despite several preferred share classes remaining authorized and available for issuance.

As of December 21st, Strategy reported more than $41 billion in remaining aggregate capacity across its common and preferred stock ATM programs, indicating substantial headroom for future capital raises if needed.

The filing shows that the company did not purchase any Bitcoin during the period. Its total Bitcoin position remained at 671,268 Bitcoin, with an aggregate acquisition cost of approximately $50.33 billion.

The average purchase price across its Bitcoin holdings was reported at $74,972 per coin, inclusive of fees and expenses.

By increasing USD reserves to $2.19 billion, the company enhances balance sheet flexibility, providing capacity to manage market volatility, meet obligations, or deploy capital opportunistically without immediate dependence on external financing.

The filing does not outline specific plans for deploying the cash. Strategy has previously stated that capital raises are intended to support long-term Bitcoin accumulation while preserving sufficient liquidity to navigate market cycles.

Overall, the combination of higher cash reserves and stable Bitcoin holdings points to a continued focus on financial resilience alongside readiness for future strategic opportunities, rather than a change in the company’s broader Bitcoin strategy.