The world’s largest publicly traded corporate holder of Bitcoin, Strategy (formerly known as MicroStrategy), has created a $1.44 billion cash reserve — a liquidity buffer designed to safeguard the company against a sustained crypto downturn.
This move marks a significant strategic pivot. Where Strategy once aggressively purchased Bitcoin by issuing new equity or convertibles, the firm is now adopting a “dual-reserve treasury” model: holding both substantial Bitcoin exposure and a large cash buffer. The reserve is structured to cover dividend payments on preferred stock and interest obligations for at least the next 12 months — potentially stretching to 24 months or more.
The timing is notable. Strategy’s Bitcoin accumulation has slowed sharply in 2025: monthly Bitcoin buys have dropped from a peak of 134,000 BTC in 2024 to just 9,100 BTC in November 2025 — and only 135 BTC so far in the current month.This slowdown, together with the liquidity buffer, suggests the company is preparing for a bear-market scenario, rather than expecting a near-term rebound.
Despite the reserve, Strategy remains deeply committed to Bitcoin — holding roughly 650,000 BTC as of mid-November 2025, making it the largest corporate holder globally.
Strategy’s leadership states that selling Bitcoin would only be considered as a “last resort,” and only if the company’s stock trades below its net-asset value and new financing dries up; otherwise, the cash buffer should allow it to meet obligations without liquidating holdings.
In short, Strategy’s large cash reserve reflects a cautious new chapter — one where maintaining liquidity and weathering volatility takes precedence over rapid accumulation, underscoring how entrenched crypto downturn concerns have become even for large institutional holders.
