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Strategy achieved another significant weekly raise, but bought no new BTC. Instead, the company pushed up its cash reserves, securing the upcoming dividend payments.
Strategy achieved another weekly raise, but this time dedicated the funds to its USD reserve. Strategy added 748M to its reserve, bringing the total to $2.19B.
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 reserves may cover dividend payments for up to two years, while the company awaits better market conditions to continue its playbook. Strategy did not issue any preferred shares, after previously relying on several of its preferred stocks to finance weekly BTC buying.
The company retains a balance of 671,286 BTC, after buying over 21K BTC in the past two weeks. The recent downturn allowed Strategy to acquire BTC at a lower average price. Strategy holds 3.2% of the BTC supply,
The December 22 announcement followed a more cryptic message from the company’s Executive Chairman, Michael Saylor. He did not explicitly promise another purchase, but hinted at continued buying in the future. Saylor referred to ‘green dots’ as a shorthand for USD additions.
Strategy used MSTR common stock raise
This week’s raise issued another 4.35M MSTR shares, for $747.8M. While issuing MSTR causes dilution, the shares do not increase the company’s debt or dividend obligations.
The only challenge to Strategy is the enthusiasm of users for more MSTR. However, the common stock was still seen as having a potential upside in the case of a BTC recovery.
MSTR also established a recent local bottom just below $160. The shares traded at $164.82 following the service announcement. At the current BTC price, the value of MSTR issued is at around $51B, while the company’s BTC reserves stand above $60B.
The common stock is still able to raise funds, as traders expect a potential upturn if BTC recovers. For 2025 to date, the stocks have logged 50% in net losses, while BTC is down around 6% for the same period.
Treasury companies retain relevance
In 2025, BTC treasury companies broke the 1M reserve barrier. It takes 32 BTC to become a part of the top 10 list, up from around 23 BTC earlier in 2025.
Strategy is still the biggest holder, and some treasuries are just a rounding error. However, the treasury playbook still achieved returns in 2025.
Metaplanet recently opened up to international fundraising. The company achieved 29.6% in annualized returns, even after the loss of the initial hype.
BTC treasuries also proved more appealing compared to a similar attempt to build up altcoin reserves. The only problem is that the treasury company hype led to BTC accumulation near peak prices. Unlike whales or strategic buyers, playbook companies do not attempt to buy the dip; instead, they do most of their reserve buying during periods of peak hype.
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