Strategy Raises $748M, Waits on Bitcoin as Treasury Stocks Struggle
Strategy has bolstered its cash position after raising nearly three-quarters of a billion dollars through the sale of common stock, while temporarily halting further Bitcoin purchases as the crypto market downturn pressures both digital assets and equity valuations.
The company disclosed that it added $747.8 million in net proceeds to its balance sheet last week, pushing total cash reserves to $2.19 billion. At the same time, its Bitcoin holdings remained unchanged at 671,268 BTC, according to a post by executive chairman Michael Saylor.
Stock Offering Strengthens Cash Reserves
A regulatory filing shows that Strategy sold 4.535 million shares of its Class A common stock (MSTR) between Dec. 15 and Dec. 21 under its at-the-market offering program. The sales generated $747.8 million in net proceeds. The company did not sell any preferred shares during the period.
The capital raise significantly expands Strategy’s liquidity at a time when crypto markets remain under pressure. The company’s stock has struggled alongside Bitcoin, with shares down more than 55% over the past 12 months, according to data from Google Finance.
Strategy share price over the past 6 months (Source: Google Finance)
USD Reserve Becomes a Strategic Priority
The latest stock sale builds on Strategy’s decision earlier this month to establish a dedicated U.S. dollar reserve.
When first announced in early December, the reserve totaled $1.44 billion and was earmarked to support preferred stock dividends and interest payments on outstanding debt.
“Strategy’s current intention is to maintain a USD Reserve in an amount sufficient to fund at least twelve months of its dividends,†the company said at the time, adding that it aims to strengthen the reserve over time to eventually cover 24 months or more of dividend obligations. The disclosure was included in a Form 8-K filing with U.S. regulators.
Bitcoin Accumulation Slows After Recent Purchase
Alongside the cash buildup, Strategy has paused its Bitcoin buying. The company’s total holdings were acquired at an aggregate purchase price of $50.33 billion, giving it an average cost basis of $74,972 per Bitcoin.
Its most recent purchase took place on Dec. 15, when Strategy bought 10,645 BTC for $980.3 million at an average price of $92,098 per coin.
Strategy Bitcoin purchases (Source: Strategy)
No additional purchases have been disclosed since then, marking a notable shift for a firm that has consistently used equity and debt financing to increase its Bitcoin exposure.
The pause comes as Bitcoin trades below recent highs, with the asset changing hands near $89,433 at the time of writing, down roughly 4.4% over the past 12 months.
Bitcoin Treasury Companies Feel the Downturn
Strategy’s pullback mirrors broader pressure across companies that adopted Bitcoin treasury strategies over the past two years.
In 2024 and 2025, a number of firms repositioned themselves as digital asset holding companies, often seeing sharp rallies in their share prices following those announcements.
Those gains have largely reversed as crypto prices weakened. Japanese firm Metaplanet, which announced its Bitcoin treasury strategy in April 2024 and now holds 30,823 BTC, has seen its shares fall about 75% over the past six months, though the stock remains up 26% year-to-date. Meanwhile, MARA Holdings, the second-largest corporate Bitcoin holder with 53,250 BTC, is down roughly 38% in 2025.
