Strategy Inc. increased its cash reserve by $748 million via an at-the-market equity sale executed between December 15 and December 21, 2025, lifting its U.S. dollar holdings to approximately $2.19 billion. The company paused net Bitcoin purchases during that week, keeping its holdings unchanged at 671,268 BTC as it prioritized liquidity and financial flexibility.
Liquidity-first positioning during the December 15–21 window
The $748 million addition was generated through the company’s at-the-market (ATM) offering program, a mechanism that allows incremental sales of common stock into the market. The sale took place over the seven-day period from December 15 to December 21, 2025, and raised the company’s total cash buffer to roughly $2.19 billion. The placement reflects a balance-sheet reinforcement choice rather than deploying capital into Bitcoin purchases in the same window.
Strategy has increased its USD Reserve by $748 million and now holds $2.19 billion and ₿671,268. https://t.co/FDxIuJ8qZB
— Strategy (@Strategy) December 22, 2025
The enlarged cash reserve is presented as a defensive liquidity measure intended to preserve optionality. Company disclosures in the text indicate the buffer supports dividend servicing on preferred securities and interest obligations on outstanding debt, while also positioning the firm to respond to volatility or future strategic needs. By pausing Bitcoin acquisitions during the funding week, the firm kept its holdings at 671,268 BTC rather than increasing exposure.
The transaction profile implies continued reliance on equity issuance as a funding source, with an ATM program preserving flexibility but introducing dilution and market-execution risk. Treasuries and risk teams typically need to quantify those trade-offs when balancing capital-raising against asset accumulation. The text also notes substantial remaining capacity across issuance programs, indicating additional channels to raise liquidity if management chooses.
Management framed the decision as tactical—a temporary pause in Bitcoin purchases rather than a strategic shift away from the asset. The newly built cash buffer increases the firm’s optionality to recommence acquisitions, meet near-term liabilities, or deploy capital opportunistically. For counterparties and custodians, this posture reduces immediate operational pressure while preserving the potential for renewed buying activity.
The $748 million capital raise and brief suspension of net Bitcoin purchases strengthen Strategy Inc.’s short-term liquidity without altering its stated Bitcoin holdings. Market participants, treasury officers, and custodial partners will likely monitor the company’s next disclosures for indications of resumed acquisition activity or additional ATM placements.
