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.
