Strategy increases US dollar reserves by $748M to $2.19B

The update confirms that the company will continue to hold 671,268 bitcoins, reinforcing its long-term Bitcoin-centric treasury strategy.

The ATM program paid $747.8M in net income.

The increase in cash reserves came from sales made under the Strategic Market (ATM) supply program. Between Dec. 15 and Dec. 21, the company reported selling about 4.54 million Class A shares ( MSTR ), generating net proceeds of $747.8 million after deducting sales commissions.

No sales of preferred stock were recorded during the week, although several units of preferred stock remained for sale.

In the year As of Dec. 21, Strategy reported more than $41 billion in aggregate capacity remaining across its various common and preferred ATM programs, indicating significant financial flexibility should the company choose to raise additional capital.

Bitcoin holdings remain unchanged at 671,268 BTC

The record shows that Strategy did not earn any bitcoins during the said period. As of December 21st, total Bitcoin holdings remained steady at 671,268 BTC, with an aggregate purchase price of approximately $50.33 billion.

The average purchase price among the company's bitcoin holdings, including fees and expenses, was $74,972 per bitcoin.

While the company has historically used equity and debt offerings to fund purchases of Bitcoin, the lack of purchases this week could indicate either a stock hold amid market conditions or a strategic decision to prioritize liquidity.

Liquidity reinforces the balance sheet option.

The strategy strengthens its balance sheet and near-term options, bringing its US dollar reserves to $2.19 billion. A cash buffer provides flexibility to service obligations, manage volatility or fund future purchases of Bitcoin without immediate dependence on capital markets.

The record does not say how or when the money will be deployed. The strategy has consistently developed capital increases as a method to support long-term Bitcoin holdings while maintaining sufficient liquidity to manage market cycles.

Capital market activity reflects a long-term strategy

The continued use of ATM programs reflects the strategy's need to actively tap equity markets to strengthen its capital structure. No Bitcoin purchases during the week. This latest update suggests a strategic pause rather than a change in long-term strategy.

The strategy's expanding cash reserves, along with unchanged Bitcoin holdings, indicate a dual focus on resilience on the balance sheet and readiness for future opportunities.

Bitcoin slips below $90k.

Bitcoin fell below $90,000 as investors grappled with uncertain macroeconomic signals and erratic liquidity conditions, extending a stretch from recent highs to $120,000.

As interest rates rise, the cost of capital continues to weigh on speculative assets. One analyst notes that bitcoin tends to respond to future liquidity needs, meaning that institutional capital is likely to be selective or sidelined without clear confidence in a sustained easing cycle.