Strategy (NASDAQ: MSTR) is changing its tune on the “never sell bitcoin” narrative by building a dedicated USD reserve for dividends and interest, even as the disclosure shows no bitcoin sales and still shows incremental bitcoin purchases.
On December 1, 2025, Strategy said it established a $1.44 billion US dollar reserve to support payment of dividends on its preferred stock and interest on its outstanding indebtedness, collectively described as “Dividends.” The USD reserve was funded using proceeds from sales of Class A common stock under the company’s at-the-market offering program.
The pivot is not framed as optional. Strategy said its current intention is to maintain a USD reserve sufficient to fund at least 12 months of dividends, and that it intends to strengthen the reserve over time with a goal of ultimately covering 24 months or more of dividends.
Strategy also emphasized discretion, saying the maintenance, terms, and amount of the USD reserve remain subject to the firm’s sole and absolute discretion, and it may adjust the reserve based on market conditions, liquidity needs, and other factors.
In the ATM update, Strategy disclosed that during November 17 to November 30, 2025, it sold 8.2 million shares of common stock. Net proceeds for that period were $1.48 billion, with a footnote stating the share count includes shares sold but unsettled as of November 30, 2025.
On bitcoin, Strategy disclosed acquisitions, not sales. During November 17 to November 30, it acquired 130 BTC for $11.7 million at an average purchase price of $89,960, with purchase prices inclusive of fees and expenses, and a footnote stating purchases were made using proceeds from company stock sales under the ATM.
As of November 30, 2025, Strategy reported aggregate bitcoin holdings of 650,000 bitcoin, an aggregate purchase price of $48.38 billion, and an average purchase price of $74,436.
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