Strategy Inc. (NASDAQ: MSTR) announced the establishment of a $1.44 billion U.S. dollar cash reserve through the sales of 8.214 million Class A common shares under its at-the-market program. The entire capital raise was completed in fewer than nine trading days.
The reserve represents approximately 2.2% of the company's enterprise value and provides full coverage for preferred dividends, convertible note interest, and common equity obligations for at least twelve months. Currently, the buffer covers 21 months of outflows and commitments, with management targeting 24 months or more.
Michael Saylor, the executive chairman of Strategy, described the move as “the next step in our evolution,” stating that the USD reserve complements the company’s primary Bitcoin treasury. CEO Phong Le emphasized that the cash position “reinforces our commitment to credit investors and shareholders” while Strategy continues to acquire Bitcoin using multiple capital sources.
From $34 Billion Profit Dream to Possible $7 Billion Loss, Strategy’s New Guidance Explained
In a separate disclosure, Strategy announced it has purchased an additional 130 BTC for $11.7 million between November 17 and November 30, 2025 at an average price of $89,960 per BTC. The recent purchase brings its total holdings to exactly 650,000 BTC, which were acquired at an aggregate cost of $48.38 billion, an average of $74,436 per BTC. Following the purchase, Strategy’s treasury now accounts for approximately 3.1% of bitcoin’s fixed 21 million supply.
As of December 1, 2025, Bitcoin is trading between $85,800 and $86,000 after a 7.25% decline in the last 24 hours. Strategy’s bitcoin holdings are valued at roughly $55.8 billion, generating an unrealized gain of roughly $7.4 billion.
Strategy also materially revised its full-year 2025 guidance downward in light of the ongoing cryptocurrency market correction. The company now expects a bitcoin yield between 22% and 26% compared with a previous target of 30% or higher and assumes year-end Bitcoin prices between $85,000 and $110,000.
Expected fair-value gains on bitcoin have been reduced to a range of $8.4 billion to $12.8 billion, down from an earlier estimate of approximately $20 billion. The operating income guidance was reduced to a range between a loss of $7.0 billion and a profit of 9.5 billion from a previous high-end target of $34 billion, while net income is now seen between a loss of $5.5 billion and a profit of $6.3 billion, with diluted earnings per share ranging from a loss of $17 to a profit of $19.
MSTR shares closed between $158 and $170 on Monday, December 1, 2025, down approximately 7% on the day and approximately 39% for the month of November. The stock is down 43% year-to-date, yet remains up more than 405% over the past five years.
Wall Street continues to rate the stock Strong Buy, with an average twelve-month price target of $492 and a range of $460 to $560, which suggests an upside of 190-230% from current levels.
The introduction of a formal USD reserve alongside the company’s flagship Bitcoin treasury further solidifies Strategy as the largest corporate holder of bitcoin and the most highly leveraged publicly traded proxy for Bitcoin price performance.
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