Coinpaper 2025-12-22 21:32:18

Strategy Abandons Bitcoin? $2.19 Billion Cash Pile Tells a Different Story

Strategy has suspended its Bitcoin acquisition program following a substantial $747.8 million stock sale. The company now focuses on strengthening its cash position as cryptocurrency markets face continued volatility. Executive Chairman Michael Saylor confirmed that the company's cash reserves have reached $2.19 billion. Strategy maintains ownership of 671,268 Bitcoin despite pausing new purchases. The decision represents a significant shift for the corporate pioneer of Bitcoin. Stock Sale Boosts Cash Reserves Strategy sold 4.535 million shares of Class A common stock between December 15 and December 21. The at-the-market offering generated $747.8 million in net proceeds. No preferred stock changed hands during this period. The company filed regulatory documents detailing the transaction. These funds directly support Strategy's newly established dollar reserve program. The reserve serves specific financial obligations, including preferred stock dividends and interest payments on debt. Strategy announced the dollar reserve in early December with an initial balance of $1.44 billion. Management plans to maintain reserves covering at least twelve months of dividend obligations. The long-term goal targets coverage of 24 months or more. The company acquired its Bitcoin holdings at an aggregate cost of $50.33 billion. The average purchase price stands at $74,972 per Bitcoin. Strategy's most recent acquisition occurred on December 15 when it bought 10,645 Bitcoin for $980.3 million at an average price of $92,098 per coin. Market Performance Reflects Crypto Downturn Strategy's common stock declined nearly 50% over the past year. The sharp drop reflects broader challenges in the cryptocurrency market. At the time of writing, Bitcoin trades at around $88,391, suggesting a modest 0.14% gain in the last 24 hours. BTC price chart, Source: CoinMarketCap Other companies following Strategy's Bitcoin treasury model experienced similar difficulties. These firms repositioned themselves as digital asset holding companies throughout 2024 and 2025. Initial stock rallies gave way to substantial losses as crypto values declined. Metaplanet adopted its crypto treasury strategy in April 2024. The company now holds 30,823 Bitcoin, ranking fourth among corporate holders. Its shares fell roughly 75% over six months despite remaining 26% higher year-to-date. MARA Holdings operates as a Bitcoin mining company and is the second-largest corporate holder with 53,250 Bitcoin. The stock declined approximately 38% in 2025. These losses highlight the risks associated with crypto-focused business models. Source: bitcointreasuries.net

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