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TD Cowen analysts noted on December 20, 2025, that MicroStrategy (now rebranded as Strategy) has significantly increased its cash position to approximately $2 billion, putting the company in a position to weather an extended period of low or negative crypto market sentiment while continuing its aggressive bitcoin accumulation strategy.
Michael Saylor's Strategy has increased its USD reserve to $2.19 billion.
I must say, this is a good thing.
— Ted (@TedPillows) December 22, 2025
The firm, which is the world’s largest holder for Bitcoin with over 670,000 BTC as of late 2025, had previously raised $1.44 billion through convertible notes in November and December, with proceeds earmarked for further bitcoin purchases and operational liquidity. TD Cowen highlighted the move as a prudent hedge against potential bitcoin price stagnation or decline, especially after the token’s 32% drop from its October $126,000 peak. The cash buffer provides flexibility to buy dips without forced sales or additional debt issuance.
Strategy forming a $1.44B cash reserve + 650,000 BTC is all you need to know about where we are in the macro cycle.
Look around: Japan’s 2-year just broke 1% for the first time since the financial crisis. The world’s most indebted major economy is losing control of its own… https://t.co/6XIatK3SFk
— Halston (@halstonvalencia) December 1, 2025
The Tysons Corner, Virginia-based firm raised $748 million through common share sales in the week ending December 21, according to an SEC filing disclosed on Monday, 22nd of December 2025. TD Securities also reiterated its buy rating on Strategy with a $500 price target over the next 12 months. At the time of writing, Strategy shares traded around $164, down more than 43% year-to-date.
The analysts acknowledged the target may appear aggressive, writing: “With potential upside to our target nearly 200%, we recognize that our price target may seem ‘out of context.’” They justified it by highlighting Strategy’s “embedded leverage to underlying bitcoin price activity combined with significant volatility in both bitcoin price and Strategy’s bitcoin premium,” describing the $500 level as a “reasonable outcome in one year’s time.”
🚨 BREAKING 🚨
Michael Saylor's Strategy has increased its USD Reserve by $748 million and now holds $2.19 billion.
Saylor destroying every FUD. pic.twitter.com/IaYOMCCedb
— Max Crypto (@MaxCrypto) December 22, 2025
Strategy’s bitcoin treasury approach has drawn both praise and criticism. Supporters view it as a long-term bet on digital gold, while skeptics point to the company’s growing debt load and reliance on bitcoin price appreciation to service obligations. The stock (MSTR) traded down 0.30% on Monday, showing signs of broader risk-off sentiment.
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