Billionaire Bitcoin advocate Michael Saylor’s company, Strategy Inc., has increased its U.S. dollar reserves by $748 million, bringing total USD liquidity to $2.19 billion, according to a regulatory filing.
Strategy has increased its USD Reserve by $748 million and now holds $2.19 billion and ₿671,268. https://t.co/FDxIuJ8qZB
— Strategy (@Strategy) December 22, 2025
The update also confirmed that the firm continues to hold 671,268 bitcoin, reinforcing its long-standing Bitcoin-centric treasury strategy.
ATM Program Raises $747.8M in Net Proceeds
The increase in cash reserves stems from sales conducted under Strategy’s at-the-market (ATM) offering program. During the period from December 15 to December 21, the company reported that it sold approximately 4.54 million shares of its Class A common stock (MSTR), generating net proceeds of $747.8 million after deducting sales commissions.
No preferred stock sales were recorded during the week, despite multiple preferred share classes remaining available for issuance.
As of December 21, Strategy reported over $41 billion in aggregate capacity remaining across its various common and preferred stock ATM programs, showing substantial financial flexibility should the company choose to raise additional capital.
Bitcoin Holdings Remain Unchanged at 671,268 BTC
The filing shows that Strategy did not acquire any Bitcoin during the reported period. Its aggregate Bitcoin holdings remained steady at 671,268 BTC as of December 21, with an aggregate purchase price of approximately $50.33 billion.
The average purchase price across the company’s Bitcoin holdings stood at $74,972 per Bitcoin, inclusive of fees and expenses.
While the company has historically used equity and debt issuances to fund Bitcoin acquisitions, the absence of purchases this week suggests a pause in accumulation amid market conditions or a strategic decision to prioritize liquidity.
Liquidity Strengthens Balance Sheet Optionality
By lifting its USD reserves to $2.19 billion, Strategy strengthens its balance sheet and near-term optionality. The cash buffer provides flexibility to service obligations, manage volatility, or fund future Bitcoin purchases without immediate reliance on capital markets.
The filing does not specify how or when the cash will be deployed. Strategy has consistently framed capital raises as a means to support long-term Bitcoin accumulation while maintaining sufficient liquidity to manage market cycles.
Capital Markets Activity Shows Long-Term Strategy
The continued use of ATM programs shows Strategy’s willingness to actively tap equity markets to reinforce its capital structure. With no Bitcoin purchases made during the week. This latest update suggests a tactical pause rather than a shift in long-term strategy.
Strategy’s expanding cash reserves alongside unchanged Bitcoin holdings indicate a dual focus on balance-sheet resilience and readiness for future opportunities.
Bitcoin Slips Below $90K
Bitcoin has fallen below the $90,000 level, extending a pullback from its recent peak near $120,000 as investors grapple with uncertain macroeconomic signs and uneven liquidity conditions.
As interest rates stay elevated, the cost of capital continues to weigh on speculative assets. One analyst notes that Bitcoin tends to respond to forward-looking liquidity expectations, meaning that without clear conviction around a sustained easing cycle, institutional capital is likely to remain selective or sidelined.
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