Strategy’s $11.7M Bitcoin Buy and $1.44B USD Reserve Plan Signal New Phase for Saylor’s BTC Vision

01. Dec 2025 Posted by Laurent C. on News

Bitcoin treasury giant Strategy — formerly MicroStrategy — has added 130 BTC between Nov. 17 and Nov. 30, spending $11.7 million at an average price of $89,960 per coin, according to its latest SEC filing.

The company now controls 650,000 BTC worth roughly $56 billion, bought at an average of $74,436 for a total cost of $48.4 billion. The trove amounts to over 3% of Bitcoin’s fixed 21 million supply, leaving the firm with an unrealized gain of roughly $7.6 billion despite the market pullback.

Massive Stock Sales Fuel BTC Purchases — and a New USD War Chest

Strategy funded its November purchases via the sale of 8,214,000 shares of MSTR, raising $1.48 billion. The company still has $13.37 billion available for future issuance under the same program.

No preferred shares were sold last week, leaving $30.2 billion in potential issuance under various ATM programs.

In a major shift, Strategy also unveiled a new $1.44 billion USD reserve intended to ensure consistent dividend payments on its preferred stock and interest on existing debt — a buffer funded directly from the recent MSTR ATM sales.

The firm said it aims to maintain a reserve sufficient to cover 12 months of dividends, with the goal of eventually extending that to 24 months or more, depending on market conditions and liquidity needs.

Green Dots and Market Mysteries

Last Monday, observers thought Strategy had paused its weekly BTC buys after no update appeared. The new filing clarifies that purchases continued through the end of November, though the exact timing remains unclear.

Saylor teased the development with a cryptic Sunday post:
“What if we start adding green dots?”
— likely signaling the new USD reserve addition, not BTC accumulation.

Just a week earlier, he announced a major 8,178 BTC acquisition worth $835.6 million, the largest since July.

Digital Credit Vision Expands

Saylor framed the new USD reserve as a strategic evolution:
“Establishing a USD Reserve to complement our BTC Reserve marks the next step in our evolution… positioning us to navigate short-term volatility while pursuing our mission to be the world’s leading issuer of Digital Credit.”

According to Bitcoin Treasuries data, 195 public companies now hold BTC, with Strategy far ahead of the pack. Other top corporate 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 cohort of corporate BTC holders continues to grow, the share prices of many of these firms have fallen significantly since summer, and market cap-to-NAV ratios have compressed. Strategy’s own stock is down 61% since July, with mNAV near 0.9.

Index Inclusion Pressure Builds

Earlier this month, Saylor rejected concerns that Strategy could be removed from prominent MSCI indices — a move JPMorgan analysts warned could trigger $2.8B to $8.8B in forced outflows, depending on the scope of exclusion.

Strategy remains in major indices including Nasdaq-100, MSCI USA, and MSCI World, allowing indirect Bitcoin exposure through passive investment vehicles.

Saylor pushed back sharply:
“Index classification doesn’t define us… Our conviction in Bitcoin is unwavering.”

MSCI will issue its decision on Jan. 15, 2026, which analysts describe as a “pivotal” date for the stock.

Market Reaction

MSTR closed up 0.9% on Friday at $177.18, but slipped 4% in pre-market trading on Monday. Shares are still down 41% year-to-date, compared to Bitcoin’s 7.2% decline.

Despite pressure, TD Cowen analysts maintain a $535 price target for MSTR, expecting outperformance if Bitcoin rebounds.