Strategy Inc. has established a new US dollar reserve of $1.44 billion as part of its ongoing financial strategy. This reserve aims to support dividend payments on preferred stock and service outstanding debt. Funding for the reserve came from the sale of shares in Strategy’s class A common stock under its at-the-market offering program.
USD Reserve as a Financial Backbone
With this $1.44 billion USD reserve, Strategy intends to secure at least twelve months of dividend payments. The company plans to further strengthen this reserve, aiming for a duration that could cover 24 months or longer. The decision regarding the management of the reserve will remain under Strategy’s discretion, taking into account market conditions and liquidity needs.
Leadership Insights
Michael Saylor, Founder and Executive Chairman, expressed that establishing this reserve is a critical step in the company’s evolution. He stated that it positions Strategy to better handle market volatility while striving to be the leading issuer of Digital Credit. The firm currently holds approximately 650,000 bitcoins, which accounts for about 3.1% of the total bitcoin supply.
Updated Guidance for FY 2025
Alongside the establishment of the USD reserve, Strategy has updated its guidance for its fiscal year ending December 31, 2025. Originally published on October 30, 2025, this guidance now reflects updated assumptions regarding bitcoin price forecasts.
Revised Bitcoin Price Assumptions
Initially estimating a bitcoin price of $150,000, Strategy has revised its assumptions due to recent trading price fluctuations. Bitcoin’s trading prices decreased from approximately $111,612 in late October to around $80,660 by late November 2025. The revised price projections for bitcoin at year-end are now between $85,000 and $110,000.
Projected Financial Metrics
Based on the new assumptions, Strategy’s target ranges for FY 2025 are:
- Operating Income (Loss): between approximately $(7.0) billion and $9.5 billion
- Net Income (Loss): between approximately $(5.5) billion and $6.3 billion
- Diluted Earnings (Loss) Per Share: between approximately $(17.0) and $19.0
These projections assume successful capital raises to support Strategy’s bitcoin yield targets.
Strategic Focus on Bitcoin Holdings
Strategy’s earnings are significantly influenced by its bitcoin holdings, as it has adopted new accounting standards that require measuring bitcoin at fair value. This means that gains and losses from bitcoin price fluctuations will directly impact the company’s net income.
BTC Yield Targets
The updated targets for Strategy’s bitcoin key performance indicators (KPIs) are:
- BTC Yield Target: between 22.0% and 26.0%
- BTC Gain Target: between $8.4 billion and $12.8 billion
These goals will be achieved through strategic stock offerings and enhancing bitcoin holdings.
About Strategy Inc.
Founded as the world’s first and largest Bitcoin Treasury Company, Strategy Inc. trades publicly and focuses on Bitcoin as its primary treasury reserve asset. The company combines operational excellence with a commitment to digital asset growth, positioning itself as a key player in both the digital asset realm and enterprise analytics.
As the financial landscape for digital assets evolves, Strategy Inc. remains focused on strategic investments and growth opportunities that promise long-term value creation for its investors.
