Michael Saylor’s Strategy Inc, formerly MicroStrategy, has stopped buying bitcoin for the first time this month and instead boosted its US dollar buffer to $2.19 billion, according to a new Form 8‑K filing and a Bloomberg report. The pause comes after roughly $2 billion of BTC purchases earlier in December and lands as bitcoin trades near $89,353 (+1.3% on the day) while Strategy’s MSTR stock changes hands around $166.36, up just under 1%.
Form 8‑K: zero BTC bought, $747.8M raised
The Dec. 22 Form 8‑K spells out a clean weekly snapshot. Between December 15 and 21, Strategy sold 4,535,000 shares of its MSTR Class A common stock via its at‑the‑market program, bringing in $747.8 million in net proceeds.* The same table lists no preferred stock sales for that week.
Right below the ATM table, the filing shows a flat bitcoin row for the same period. BTC acquired: “–”. Aggregate purchase price: “–”. Aggregate holdings: 671,268 BTC. Aggregate cost: $50.33 billion. Average cost per coin: $74,972.* At today’s spot near $89,353, that stash is worth roughly $60 billion, in line with Bloomberg’s estimate.
The same 8‑K confirms how far the dollar buffer has moved in just three weeks. Strategy’s newly created USD Reserve sits at $2.19 billion as of December 21, up from the $1.44 billion base it set on December 1.*
From aggressive buying to cash hoarding in three weeks
The pause lands immediately after one of Saylor’s heaviest buying weeks of the year. A prior Form 8‑K dated December 15 shows that from December 8 to 14, Strategy bought 10,645 BTC for $980.3 million at an average price of $92,098, taking total holdings to 671,268 BTC and locking in the same $74,972 average cost basis now referenced in the latest filing.*
The cash‑first tilt started on December 1. In a USD Reserve launch press release, Strategy announced a $1.44 billion dollar pool to cover dividends on its preferred stock and interest on outstanding debt, funded with MSTR stock sales.* Saylor framed the shift as a second pillar next to the company’s BTC hoard:
“Establishing a USD Reserve to complement our BTC Reserve marks the next step in our evolution.”
Bloomberg now reports that the USD Reserve has climbed to $2.19 billion and cites TD Cowen analyst Lance Vitanza, who pegs Strategy’s combined annual interest and dividend bill at roughly $824 million.* That level of liquidity covers about two and a half years of those obligations without touching the BTC stack.
Market context: from “permanent bid” to defensive posture
Bitcoin has dropped about 30% since its early‑October all‑time high near $126,000, while Strategy shares have fallen more than 50% over the same stretch, according to Bloomberg’s tally.* Reuters recently highlighted how that drawdown and a heavy preferred‑equity coupon have pushed Saylor to “hoard whatever cash” the structure can generate, warning that his new fixed‑income audience has far less patience than past equity speculators.*
In parallel, Strategy faces index‑eligibility questions as providers review rules for companies whose digital assets dominate their balance sheets.* That scrutiny raises the cost of leaning even harder on equity issuance to fund fresh BTC buys, especially with the stock already trading at a far smaller premium to its net bitcoin than in past cycles.
For traders who model Strategy as a structural bid under the market, this 8‑K matters. The company still holds about 3% of total BTC supply and has not signaled any intent to sell. Yet for the week in question it raised three‑quarters of a billion dollars and added nothing to its bitcoin balance. The flows now feed a dollar reserve that sits at the center of its credit story rather than another tranche of on‑chain accumulation.
That is a different Saylor trade than the one markets priced for most of 2024 and early 2025. The BTC hoard remains. The weekly buy machine just blinked.
