MicroStrategy Increases USD Reserves by $748 Million

TLDR

• MicroStrategy raised $748 million through share sales.
• Total USD reserves now stand at $2.19 billion.
• Company maintains Bitcoin holdings of 671,268 BTC.

MicroStrategy, led by Michael Saylor, has announced a significant increase in its USD reserves. The company raised $748 million through at-the-market share sales, bringing their total reserves to $2.19 billion. This move was made to enhance financial liquidity without affecting their Bitcoin holdings of 671,268 BTC.

The increase in USD reserves aligns with MicroStrategy’s strategic liquidity management. The funds raised will be used to support dividend payments on preferred stock and interest on debt. The company has maintained its Bitcoin holdings from December 15-21, with the last BTC purchase made earlier in December.

MicroStrategy’s Shift in Financial Strategy

Founded in 1989, MicroStrategy has evolved from a business intelligence software firm to the largest corporate holder of Bitcoin. Under Michael Saylor’s leadership, the company has aggressively acquired Bitcoin, leveraging debt and equity sales. This latest reserve increase demonstrates a strategic pivot to enhance liquidity without new Bitcoin acquisitions.

MicroStrategy continues to hold a significant amount of Bitcoin, totaling 671,268 BTC, acquired at an aggregate cost of $50.3 billion. The company’s treasury strategy reflects a balance between strengthening its USD reserves and maintaining its Bitcoin holdings. For more details on their trading strategy, visit this analysis.

Details of the Reserve Increase

The $748 million reserve increase was financed through at-the-market sales of 4.5 million shares of Class A common stock. MicroStrategy has confirmed the adjustment of reserves based on market conditions. Their reserves now include $11.8 billion in common stock available for future issuance under its ATM program.

The company has previously undertaken similar financial strategies to manage liquidity and obligations. For instance, on December 1, 2025, they established a $1.44 billion USD reserve through ATM sales. For complete financial reports and regulatory updates, refer to their SEC filing.

Impact on Bitcoin and Other Cryptocurrencies

The focus of MicroStrategy’s recent financial activity has been on enhancing liquidity rather than acquiring more Bitcoin. Their holdings of 671,268 BTC remain unchanged following their latest financial maneuvering. While Bitcoin remains the core asset, no direct impact on Ethereum or other altcoins has been observed.

No new purchases were recorded for Bitcoin or other cryptocurrencies during the most recent pause in acquisitions. There is no indication from primary sources of any changes in on-chain data, such as liquidity shifts or staking flows.