MicroStrategy announced a pause in buying Bitcoin last week: ATM raised $740 million to replenish cash reserves, are debt and dividends the most urgent priority?

Strategy (formerly MicroStrategy), the world's largest Bitcoin reserve company, issued an announcement today (22nd) to update its Bitcoin holdings and capital operations. The announcement showed that Strategy did not purchase any additional Bitcoin last week.
(Preliminary summary: MicroStrategy spent another US$980 million to sweep away 10,000 Bitcoins, and the total holdings exceeded 670,000 BTC, firmly ranking first in the world)
(Background supplement: Microstrategy spent $960 million to sweep away 10,624 Bitcoins, and the total holdings exceeded 660,000! MSTR rose before the market 2%)

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Strategy (formerly MicroStrategy), the world’s largest Bitcoin reserve company, issued an announcement today (22nd) to update its Bitcoin holdings and capital operations. The announcement showed that Strategy did not purchase any additional Bitcoin last week, but its current total Bitcoin holdings remain at historically high levels due to previous continuous increases.

Suspension of Bitcoin purchases last week

According to the announcement, Strategy did not conduct any Bitcoin purchase transactions between December 15 and December 21, 2025. As of December 21, Strategy held a total of 671,268 Bitcoins, with a total purchase cost of approximately US$50.33 billion, and an average purchase price of US$74,972 per coin (including handling fees and related expenses). The company remains firmly the company with the largest Bitcoin holdings among global companies.

Raised more than US$700 million through common stocks last week

In addition to Bitcoin positions, Strategy also simultaneously updated the implementation of its "At-The-Market Offering (ATM)" plan. The announcement pointed out that between December 15 and December 21, although the company did not continue to increase its position in Bitcoin, it planned to sell 4.535 million Class A ordinary shares (MSTR) through the ATM plan, bringing the company a net proceeds of approximately US$747.8 million (after deducting sales commissions).

As for the multiple perpetual preferred stocks, including the STRF, STRK and STRD series, there was no issuance or sale this week. As of December 21, Strategy still maintains a huge ATM issuance quota, and the total nominal amount available for issuance and sale of common stocks and various preferred stocks reaches tens of billions of dollars, retaining a high degree of flexibility for subsequent capital deployment.

USD reserves rose to $2.19 billion

In terms of capital structure, Strategy also updated its US dollar reserve position. The company pointed out that the US dollar reserves it established on December 1 had an original size of US$1.44 billion and were mainly used to pay preferred stock dividends and interest expenses on existing debt.

Strategy’s U.S. dollar reserve balance increased to $2.19 billion as of December 21. According to market interpretation, this shows that while MicroStrategy continues to bet on Bitcoin, it also simultaneously strengthens short-term liquidity and financial stability to support its high-leverage, asset-heavy Bitcoin treasury strategy.