New reserve aims to safeguard dividend obligations as firm strengthens balance sheet during volatility
Strategy — the publicly traded firm led by Michael Saylor — has set up a $1.44 billion U.S. dollar reserve to ensure it can meet dividend and debt obligations even amid market turbulence. At the same time, the company boosted its Bitcoin holdings, bringing the total to 650,000 BTC.
The reserve was established using proceeds from the sale of Strategy’s Class A common shares under its at-the-market offering program. According to the firm, the cash pool is intended to cover at least 12 months of dividend payments, with a long-term goal of extending coverage to 24 months or more. Strategy says the reserve now represents about 2.2% of its enterprise value, 2.8% of its equity value, and 2.4% of the value of its Bitcoin assets — underscoring a deliberate effort to strengthen liquidity.
In addition to the cash reserve, the company disclosed a recent purchase of 130 BTC for $11.7 million, raising its aggregate holdings to 650,000 BTC. Strategy estimates this represents roughly 3.1% of the total eventual Bitcoin supply (21 million coins).
A financial analyst familiar with the firm’s funding strategy commented: “By setting aside real cash instead of relying solely on crypto-based reserves, Strategy improves its resilience to volatility and adverse liquidity events.”
Alongside these developments, Strategy has also revised its 2025 projections downward. The company now anticipates a BTC yield of 22% to 26%, with a target year-end BTC price range of $85,000–$110,000. Operating income expectations have also been adjusted, from prior forecasts around $34 billion to a range between $7 billion and $9.5 billion.
The dual move — scaling both cash and Bitcoin reserves — reflects Strategy’s attempt to balance growth ambitions with prudence during a period of heightened market uncertainty.
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