Strategy Keeps Bitcoin Stack Unchanged as Dollar Reserve Rises to $3 Billion
The cash buffer is meant to cover preferred dividends and interest costs, while MSTR came under pressure after Bitcoin slipped to $62,800.
Key Takeaways
- Strategy did not buy or sell any Bitcoin last week, leaving its position at 843,775 BTC.
- The company added $466.7 million in extra dollar reserves through its at-the-market equity program, bringing the reserve to $3 billion.
- The cash buffer is meant to cover dividend payments on preferred stock and interest expenses on outstanding debt.
Strategy kept its Bitcoin position unchanged last week, while also adding $466.7 million (€408 million) to its dollar reserves through its at-the-market equity program. That brought the total reserve to $3 billion (€2.6 billion), which the company says is set aside to help cover preferred stock dividends and interest on outstanding debt.
No New Bitcoin Purchase
In a regulatory filing released Monday, Strategy said it made no Bitcoin purchases or sales. Its holdings therefore stayed at 843,775 BTC, with a total cost basis of about $63.69 billion (€55.7 billion) including fees and expenses. The company also said its average purchase price comes to $75,476 (€66,000) per Bitcoin.
That still puts Strategy among the biggest public Bitcoin treasuries in the world. In the broader crypto market, the size of that position matters because the company has made Bitcoin the centerpiece of its treasury approach since 2020, turning it into a closely watched gauge of institutional BTC demand. The timing also lines up with the wider market, where long-term holders started buying again after selling pressure eased.
Reserve for Debt and Dividends
The added cash is not earmarked for more Bitcoin. Instead, Strategy says the reserve is there to meet financial obligations, including preferred stock dividends and interest payments on debt. That fits the company’s broader funding model for its Bitcoin strategy over the past few years, which has included convertible debt and common stock sales. That mix has faced growing pressure, a point that also comes up in the debate over extra Bitcoin risk at Strategy.
MSTR Under Pressure
MSTR fell 3% in pre-market trading after Bitcoin dropped to $62,800 (€54,900) over the weekend. For European crypto readers, that matters because Strategy is often treated as a public-market stand-in for Bitcoin exposure, so moves in BTC tend to spill over into the stock. The company’s larger dollar reserve, paired with its unchanged Bitcoin stack, suggests it is trying to keep its crypto exposure intact while giving its financing structure a little more breathing room.
