The world’s largest corporate Bitcoin holder has just taken a crucial step in its strategic evolution. Strategy (formerly MicroStrategy, NASDAQ: MSTR), the company led by visionary Michael Saylor, has established a U.S. dollar reserve now expanded to $2.19 billion to guarantee payment of its dividend obligations.
A paradigm shift in Bitcoin strategy
On December 1, 2025, Strategy announced the initial establishment of a $1.44 billion USD reserve, marking a significant shift in its pure Bitcoin accumulation philosophy. This decision, described as « the next step in our evolution » by Michael Saylor, aims to calm investor concerns about the company’s ability to honor its financial obligations in a context of high volatility.
In mid-December 2025, the company strengthened this position by raising its reserve to $2.19 billion through the sale of 4.5 million additional MSTR shares, generating an additional $748 million.
A reserve for 21 months of dividends
The reserve, financed by the sale of Class A common stock, currently covers 21 months of dividend payments, with a target to extend to 24 months or more. This substantial cushion allows Strategy to navigate market turbulence without having to liquidate its precious Bitcoin reserves at unfavorable prices.
« We had no issue paying the dividend, and we probably wouldn’t have needed to sell our Bitcoin, » CEO Phong Le stated. « However, there were rumors suggesting we wouldn’t meet our dividend obligations, which led many to take short positions on Bitcoin. »
A challenging market context
This initiative comes as Bitcoin experienced its steepest monthly decline since mid-2021. Strategy’s mNAV (modified Net Asset Value) ratio fell close to 1.0, meaning that shares now trade approximately at the value of their underlying Bitcoin holdings, without significant market premium.
Strategy’s annual dividend payments are estimated between $750 and $800 million, a substantial sum that the company’s traditional software activity doesn’t generate sufficient cash flow to cover.
A pause in Bitcoin accumulation
Particularly significantly, Strategy announced a pause in its weekly Bitcoin purchases, buying no BTC between December 15 and 21, 2025. This pause marks a stark contrast to the buying frenzy of late 2024, when the company had acquired approximately 113,000 BTC for $11 billion.
The monthly buying pace has dropped dramatically, falling from 134,000 BTC at its peak in late 2024 to just 135 BTC in December 2025, a staggering 98% decline.
Massive Bitcoin holdings
Despite this slowdown, Strategy remains the world’s largest corporate Bitcoin holder. In mid-December 2025, the company held 671,268 BTC, representing more than 3.1% of the total supply of 21 million Bitcoin that will ever exist.
« Strategy now holds more than 650,000 bitcoins, or approximately 3.1% of the 21 million bitcoins that will ever exist, » Phong Le stated. « In recognition of the important role we play in the broader Bitcoin ecosystem, and to further strengthen our commitment to our credit investors and shareholders, we have established a USD reserve. »
The total acquisition cost of these holdings amounts to approximately $48 to $49 billion, with an average purchase price of about $74,000 to $75,000 per BTC.
Revised forecasts downward
Alongside the USD reserve announcement, Strategy significantly revised its fiscal 2025 forecasts downward. The BTC Yield target was reduced to a range of 22-26%, down from 30% previously. Similarly, the BTC dollar gain target was lowered to $8.4-12.8 billion, down from $20 billion previously.
These adjustments reflect more conservative Bitcoin price assumptions, with an expected range of $85,000 to $110,000 by the end of 2025, far from the previous forecasts of $150,000.
From pure accumulation to a dual-reserve strategy
The most fundamental change lies in abandoning the « buy Bitcoin at any price » philosophy in favor of a dual-reserve treasury model combining long-term Bitcoin holdings and an expanding cash reserve.
« Establishing a USD reserve to complement our BTC reserve marks the next step in our evolution, » Michael Saylor stated. This approach positions Strategy to weather prolonged bear market periods without being forced to liquidate its Bitcoin holdings at unfavorable prices.
The company also launched a new « BTC Credit » dashboard claiming it has sufficient assets to cover dividends for more than 70 years, although this claim rests on assumptions about future Bitcoin valuations.
Persistent challenges ahead
The first real test will come in September 2027, when Strategy must redeem $1 billion in convertible bonds. CEO Phong Le acknowledged that the company might consider selling Bitcoin in two specific scenarios: if the stock price falls below the company’s net asset value, or if it can no longer access additional financing.
Additionally, new rules proposed by MSCI could block Strategy’s inclusion in major stock indices if they prevent companies holding more than 50% of their assets in cryptocurrencies from being eligible.
A maintained long-term bet
Despite short-term turbulence, Michael Saylor maintains unwavering conviction in his long-term Bitcoin bet. He reiterated his forecast that Bitcoin should appreciate by an average of about 30% per year over the next two decades, with ambitious price targets of up to $21 million per BTC by 2046.
Strategy also continues its ambitious « 42/42 » plan aiming to raise $42 billion ($21 billion via equity, $21 billion via debt) by 2027 to acquire more Bitcoin.
An emerging new asset class
Beyond its own fate, Strategy embodies the emergence of a new category of companies: Bitcoin Treasury Companies. More than 70 public companies worldwide have now adopted a Bitcoin treasury strategy, inspired by Saylor’s pioneering model launched in August 2020.
This trend raises fundamental questions about the boundary between financial innovation and speculation, and how traditional markets will integrate these hybrid vehicles offering leveraged exposure to Bitcoin through regulated stock instruments.
Conclusion: A forced maturation
Strategy’s establishment of a $2.19 billion dollar dividend reserve represents a forced maturation of its audacious business model. By recognizing the need for dollar liquidity to honor current obligations while maintaining its long-term Bitcoin convictions, the company demonstrates pragmatic adaptability in the face of market realities.
This evolution from pure accumulation to a dual-reserve strategy could serve as a model for other Bitcoin Treasury Companies navigating the delicate balance between crypto conviction and traditional financial obligations. The success or failure of this approach will ultimately depend on Bitcoin’s trajectory in the coming years, validating or invalidating Michael Saylor’s colossal bet on 21st-century digital gold.
