MicroStrategy (MSTR) Pauses Bitcoin Buying After Raising $748M Cash Reserve - Strategic Pivot or Temporary Halt?

MicroStrategy hits pause on its relentless Bitcoin acquisition spree—but not before securing a massive $748 million war chest.

The Cash Cushion

The business intelligence firm just fortified its balance sheet with a cool three-quarters of a billion dollars. That's not pocket change, even by crypto standards. The move signals a shift from aggressive accumulation to strategic consolidation, at least for now.

Reading Between the Lines

Why the sudden pause? Market watchers are parsing the decision. Is it a tactical breather to assess the landscape, or a sign of corporate treasury management getting cold feet? Either way, it breaks a multi-year pattern of near-continuous buying.

The Bull Case Isn't Dead

Don't mistake a pause for a retreat. That $748 million reserve sits ready—a loaded spring for the next buying opportunity. It's a hedge within a hedge, giving MicroStrategy dry powder while its existing Bitcoin hoard continues working.

The Finance Jab

Because nothing says 'confidence' like stockpiling cash after telling everyone for years that cash is trash and Bitcoin is the only real reserve asset. Classic corporate maneuvering.

What's Next for MSTR?

All eyes are on the next move. This isn't an exit—it's an intermission. When the buying resumes, that $748 million could make waves. Until then, the market holds its breath, watching one of crypto's most vocal corporate champions play a waiting game.

TLDR

• Strategy sold 4.5 million common shares last week for $748 million in net proceeds
• Company’s cash reserves now total $2.19 billion, enough to cover 32 months of obligations
• Bitcoin purchases paused as company rebalances assets during crypto downturn
• Strategy holds 671,268 Bitcoin worth over $59 billion at current prices
• TD Cowen maintains buy rating with $500 price target despite stock trading around $165

Strategy sold 4.5 million shares of its Class A common stock between December 15 and 21. The sale generated $747.8 million in net proceeds through the company’s at-the-market offering program.

The cash infusion pushed Strategy’s U.S. dollar reserves to $2.19 billion. Executive chairman Michael Saylor announced the updated figures in a post this week.

Strategy has increased its USD Reserve by $748 million and now holds $2.19 billion and ₿671,268. https://t.co/EPtguJfWxR

— Michael Saylor (@saylor) December 22, 2025

The company did not purchase any Bitcoin during the period. Its last Bitcoin acquisition occurred on December 15, when it bought 10,645 BTC for $980.3 million at an average price of $92,098 per coin.

Strategy now holds 671,268 bitcoin worth over $59 billion. The company acquired its Bitcoin stash at an aggregate purchase price of $50.33 billion, with an average cost of $74,972 per coin.

Strategy Inc, MSTR

The company established its U.S. dollar reserve in early December with an initial $1.44 billion. The reserve supports dividend payments on preferred stock and interest payments on outstanding debt.

Strategy stated it intends to maintain reserves sufficient to cover at least 12 months of obligations. The company aims to eventually expand coverage to 24 months or more.

Cash Position Strengthens Balance Sheet

TD Securities analysts led by Lance Vitanza said the expanded cash reserve strengthens Strategy’s ability to operate through challenging market conditions. The reserve now covers roughly 32 months of interest and dividend obligations.

“The MOVE underscores the company’s balance sheet strength and should alleviate concerns about its ongoing viability, even in a prolonged ‘crypto winter’ scenario,” the analysts wrote in a Monday report.

Over the past four weeks, Strategy sold more than 22 million shares. The sales roughly matched average daily trading volume without disrupting market liquidity, according to TD Securities.

Strategy shares traded around $165 at the time of writing. The stock is down over 43% year-to-date.

TD Cowen Maintains Bullish Outlook

TD Securities reiterated its buy rating on Strategy with a $500 price target. The target represents potential upside of nearly 200% from current levels.

The analysts forecast Strategy could own approximately 835,000 Bitcoin by the end of fiscal year 2027. They project intrinsic Bitcoin value of roughly $380 per share in one year and $515 in two years.

TD Cowen analysts noted that concerns about Strategy’s balance sheet viability appear overblown. The company’s recent actions to shore up liquidity demonstrate financial strength during market stress.

Bitcoin was trading NEAR $89,433, down 4.4% over the past 12 months. Strategy common stock has fallen nearly 50% over the past year.