In a recent update, Strategy confirmed that diversifying its investment approach will remain a key focus in 2026, despite a significant $116 million investment in Bitcoin as the new year commenced. The Virginia-based company reported that its USD Reserve has now grown to $2.25 billion, reflecting strategic financial maneuvers aimed at bolstering its liquidity and operational flexibility.
The firm disclosed that it currently holds approximately 673,800 Bitcoin, valued at around $62.8 billion by current market standards. The creation of the USD Reserve, initiated just over a month ago, was largely funded by proceeds from the issuance of common stock. Initially raising $1.44 billion, this innovative reserve system is designed to pre-fund cash dividends for various tranches of preferred stock, a strategy that has raised eyebrows within financial circles.
Throughout the past week, Strategy did not utilize this reserve for funding purposes. Instead, the company opted to generate $312 million by issuing additional common stock, retaining a majority of these funds for future needs. Notably, it has refrained from issuing any preferred shares since mid-December, when it made substantial Bitcoin purchases totaling nearly $2 billion.
On the stock market, Strategy’s shares saw a 4% rise to $163, offering a modest rebound following a challenging previous year that recorded a steep 49% decline in stock price. Analysts are closely monitoring the potential ramifications of a looming delisting from MSCI indices, with concerns about billions in capital outflows if Bitcoin-focused companies are excluded.
In its ongoing dialogue with MSCI, Strategy is advocating against the exclusion of firms that purchase Bitcoin from its indices, warnings echoed by JPMorgan analysts who foresee significant financial repercussions for the firm if such actions take place. Conversely, some experts have hailed Strategy’s establishment of cash reserves as a prudent move in an unpredictable market.
While Strategy’s Bitcoin acquisition pace has slowed in response to a recent drop in Bitcoin’s price from an apex of $126,000 in October, the company did manage to purchase around 22,600 Bitcoin last month. This figure reflects a notable uptick compared to the previous month’s acquisitions of 9,000 Bitcoin, showcasing the adaptation of funding sources amidst market constraints.
Strategically, the company has emphasized its Bitcoin ownership per share as a benchmark for success. However, as its market capitalization dwindles relative to its Bitcoin assets, the effectiveness of issuing new common stock to enhance this metric has diminished. Currently, Strategy’s so-called mNAV stands at approximately 1.03, indicating that if it were to issue common stock to buy more Bitcoin, it could inadvertently dilute its holdings per share.
Despite the recent Bitcoin purchase, which added nearly 1,300 Bitcoin, the ownership per share metric remained static, according to the firm’s website. The company also reported a flat “BTC Yield” year-to-date. Michael Saylor, Strategy’s co-founder and Executive Chairman, noted the company’s impressive Year-To-Date BTC Yield of 23.2% in 2025 during an announcement about last year’s Bitcoin acquisition but did not include this figure when discussing the collaboration with ongoing cash reserves on Monday.
Bitcoin was quoted at $93,847, reflecting a 7.2% increase over the past week, although the asset suffered a 23% drop in value during the previous quarter, having previously dipped as low as $84,500. As Strategy moves forward, it will be crucial to watch how it navigates market dynamics and regulatory challenges while continuing to implement its distinct investment strategies.
