New $1.44B USD reserve signals broader shift in Saylor’s long-term vision
Strategy, the Bitcoin-focused public company formerly known as MicroStrategy, has added another 130 BTC to its already massive holdings, spending $11.7 million between Nov. 17 and Nov. 30 at an average price of $89,960 per coin, according to a new SEC filing.
The latest purchase brings the firm’s trove to 650,000 BTC, worth roughly $56 billion, acquired at an average of $74,436 for a total cost of $48.4 billion. Even after Bitcoin’s recent pullback, the position still carries about $7.6 billion in unrealized gains.
The company now controls over 3% of Bitcoin’s total 21 million supply, cementing itself as the dominant corporate holder of BTC by a massive margin.
New stock sales fuel both BTC buys and a USD cushion
Strategy paid for the November accumulation through large at-the-market sales of its Class A shares. The firm sold 8,214,000 MSTR shares, raising $1.48 billion, and still has $13.37 billion worth of shares available under the issuance program. None of its preferred stock was sold during the two-week period, leaving $30.2 billion in remaining capacity across those ATM offerings.
But the filing revealed something more consequential than another batch of bitcoin: Strategy has created a $1.44 billion U.S. dollar reserve to support dividend payments on its preferred shares and interest on its existing debt, a strategic buffer built directly from the November equity sales.
The firm says it intends to keep enough cash to cover at least 12 months of dividends, with a long-term target of 24 months or more, adjusting the reserve as market conditions and liquidity needs change.
Michael Saylor, the company’s co-founder and executive chairman, framed the move as an evolution of the firm’s financial model:
“Establishing a USD Reserve to complement our BTC Reserve marks the next step in our evolution… positioning us to navigate short-term market volatility while delivering on our vision of being the world’s leading issuer of Digital Credit.”
Green dots and a momentary mystery
Last Monday, observers believed Strategy had paused its rapid-fire buying after no weekly announcement appeared. But the new SEC filing shows BTC purchases continued quietly through the end of November, even if the exact timestamps remain unclear.
Saylor hinted at the shift in tone with a cryptic post, asking:
“What if we start adding green dots?”
The remark appears to reference the new USD reserve rather than BTC accumulation.
Just a week earlier, Strategy had announced a major 8,178 BTC purchase for $835.6 million, its largest since July.
What do @Saylor’s new green dots on the chart actually mean?
— HodlFM (@Hodl_fm) December 1, 2025
Yesterday, the @Strategy CEO dropped a subtle hint about a major transaction.
Historically, yellow dots on the chart marked Strategy’s Bitcoin purchases. But now the chart shows green markers.
A viral clip shows the… pic.twitter.com/eqquPWypYs
New green dots on the chart
Strategy remains dominant among corporate bitcoin holders
According to Bitcoin Treasuries data, 195 public companies now hold bitcoin on their balance sheets. Strategy’s position dwarfs the rest of the field. Other major holders include:
- MARA – 53,250 BTC
- Twenty One (Tether-backed) – 43,514 BTC
- Metaplanet – 30,823 BTC
- Adam Back’s entity – 30,021 BTC
- Bitcoin Standard Treasury Co. – 24,300 BTC
- Bullish – 19,324 BTC
- Riot Platforms – 14,548 BTC
- Coinbase – 13,011 BTC
- Trump Media – 11,542 BTC
While the number of bitcoin treasury companies continues to grow, their share prices have struggled. Many are trading well below summer highs, with compressed market-cap-to-NAV ratios.
Strategy’s own stock is down 61% since July, with its mNAV around 0.9.
Index pressure builds as MSCI decision nears
Analysts at JPMorgan have warned that Strategy faces potential removal from major MSCI indices, a move that could trigger $2.8 to $8.8 billion in forced selling by passive funds.
Roughly $9 billion of Strategy’s market value currently sits inside index-tracking products.
Saylor pushed back against the narrative:
“Index classification doesn’t define us… Our conviction in Bitcoin is unwavering.”
Strategy remains in the Nasdaq-100, MSCI USA, and MSCI World indices for now. MSCI is expected to make its determination on Jan. 15, 2026, a date analysts describe as “pivotal” for the stock.
Market reaction
MSTR closed up 0.9% on Friday at $177.18, though it slipped 4% in pre-market trading Monday. The stock is down 41% year-to-date, compared to Bitcoin’s 7.2% decline.
Still, TD Cowen analysts maintain a $535 target, expecting outsized performance if Bitcoin rebounds.
With 650,000 BTC secured and a new USD reserve established, Strategy is signaling its next phase: a dual-reserve model built to support both long-term bitcoin conviction and short-term financial stability.
Jordan V.
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