Strategy, the company formerly known as MicroStrategy and still the largest corporate holder of Bitcoin on the planet, just padded its US dollar reserves by $1,885 million. That brings the firm’s total cash position to $6,685 million.
Strategy has been raising capital through at-the-market equity offerings, selling MSTR shares into the open market and directing a meaningful portion of the proceeds into its USD reserve rather than immediately buying Bitcoin. Previous capital raises have funneled between $149 million and $525 million at a time into the cash reserve.
This latest injection pushed the reserve from $4.8B, the most recently reported figure, to the current $6.7B level. The company has maintained its Bitcoin holdings at a consistent level during this cash accumulation phase. In other words, Strategy hasn’t been selling BTC to build the dollar reserve. It’s been printing equity instead.
Why Strategy wants this much cash
Strategy has preferred equity outstanding that requires regular dividend payments. Those dividends are paid in dollars, not Bitcoin. Without a substantial cash reserve, the company would eventually face an uncomfortable choice: sell Bitcoin in a down market to cover dividends, or miss payments and spook the very investors who funded the Bitcoin buying spree in the first place.
The firm now essentially discloses two separate treasury lines in its reporting: Bitcoin holdings and USD reserves. This dual-reserve framework is designed to give different classes of investors confidence in different parts of the capital structure.
What this means for the broader market
For Bitcoin markets specifically, Strategy’s buying pause removes one of the most reliable sources of demand from the order book. The company has been among the most consistent large-scale Bitcoin buyers over the past several years.
On the flip side, a $6.7B war chest is also a loaded gun pointed at the Bitcoin market. If Strategy decides conditions are right to resume buying, it has nearly $7B in dry powder ready to deploy.