Strategy Inc has significantly strengthened its U.S. dollar cash position after selling roughly 4.5 million shares of common stock last week, while temporarily halting additional Bitcoin purchases.
The company added approximately $747.8 million in net proceeds from the stock sale to its balance sheet, lifting total cash reserves to about $2.19 billion. The move comes as Strategy reassesses its asset allocation amid ongoing weakness in the cryptocurrency market.
According to comments shared by executive chairman Michael Saylor, the firm’s Bitcoin holdings remain unchanged at 671,268 coins following the pause in purchases.
Regulatory filings show that Strategy sold 4.535 million Class A shares between December 15 and December 21 through its at-the-market offering program. No preferred shares were issued during that period.
Earlier this month, the company announced the creation of a dedicated U.S. dollar reserve. Initially set at $1.44 billion, the reserve is intended to cover preferred stock dividends and interest payments on outstanding debt. Strategy has said it aims to maintain enough liquidity to fund at least 12 months of dividend obligations, with a longer-term goal of extending coverage to 24 months or more.
The build-up in cash has coincided with a slowdown in Bitcoin accumulation. Strategy’s total Bitcoin holdings were acquired for a combined purchase price of about $50.33 billion, with an average cost of roughly $74,972 per coin. Its most recent purchase took place on December 15, when the company bought 10,645 Bitcoin for $980.3 million at an average price of $92,098.
Despite its dominant position as the world’s largest corporate Bitcoin holder, Strategy’s stock performance has suffered. Shares are down nearly 50% over the past year, reflecting investor concerns over prolonged crypto volatility and the sustainability of aggressive Bitcoin-focused treasury strategies.
The challenges are not unique to Strategy. Several companies that adopted similar Bitcoin treasury models in 2024 and 2025 have also seen sharp share price declines as crypto markets cooled. While initial announcements sparked rallies, most of those gains have since reversed.
At the time of writing, Bitcoin was trading just under $90,000, down roughly 4% over the past 12 months, underscoring the pressure facing companies heavily exposed to digital assets.
