Published: Monday, December 22, 2025 · 9:56 PM | Updated: Monday, December 22, 2025 · 9:56 PM
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(Bloomberg) — Michael Saylor’s Strategy Inc. bolstered its cash reserve to $2.19 billion and paused purchases of Bitcoin over the past week as the largest digital asset treasury company appears to be settling in for a long crypto winter.
The Tysons Corner, Virginia-based firm raised $748 million through the sale of common shares in the seven days ended Dec. 21, according to a filing Monday with the US Securities and Exchange Commission. It had purchased about $2 billion in Bitcoin over the previous two weeks, bringing its total holdings to around $60 billion.
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Earlier this month, Strategy created a $1.4 billion reserve to fund future dividend and interest payments in a bid to temper fears that the it may be forced to sell Bitcoin if token prices continue to fall. Bitcoin has declined about 30% since reaching an all-time high in early October. Strategy’s shares have tumbled more than 50% during the same period. The stock was little changed at $164.32 on Monday.
The company’s mNAV — a key valuation metric comparing the firm’s enterprise value to the value of its Bitcoin holdings — sat at about 1.1 on Monday, according to its website, a reminder that investor remained concerned that may soon turn negative after once commanding a significant premium.
Strategy has about $824 million in interest and dividend payments annually, according to Lance Vitanza, an analyst at TD Cowen, who has a “buy” rating on the shares.
The company’s software business doesn’t generate enough free cash flow to cover the dividend or interest payments. Bitcoin doesn’t pay a dividend.
(Adds the closing share price.)
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