Strategy establishes $1.44 billion cash reserve, updates 2025 guidance

Strategy Inc (NASDAQ: STRF/STRC/STRK/STRD/MSTR) announced the establishment of a $1.44 billion cash reserve and revised its fiscal year 2025 financial guidance based on updated bitcoin price assumptions.

The company funded the reserve using proceeds from stock sales under its at-the-market offering program. Strategy stated it intends to maintain sufficient reserves to cover at least 12 months of dividend payments on preferred stock and interest on debt, with a goal of eventually covering 24 months or more.

The company updated its year-end 2025 bitcoin price assumption to a range of $85,000 to $110,000, down from its previous assumption of $150,000. Bitcoin traded at approximately $111,612 on October 30, 2025, and declined to as low as $80,660 on November 21, 2025.

Based on the revised bitcoin price range, Strategy updated its fiscal 2025 targets:

Operating income is projected between a loss of $7.0 billion and a gain of $9.5 billion. Net income is expected to range from a loss of $5.5 billion to a gain of $6.3 billion. Diluted earnings per share are forecast between a loss of $17.0 and a gain of $19.0 per share.

The company also updated its bitcoin key performance indicator targets. The BTC Yield Target is set between 22.0% and 26.0%, while the BTC Dollar Gain Target ranges from $8.4 billion to $12.8 billion.

Strategy reported holding 650,000 bitcoin, representing approximately 3.1% of the total 21 million bitcoin that will ever exist. The company's earnings are directly correlated with bitcoin price changes due to fair value accounting requirements for cryptocurrency holdings.

Michael Saylor, founder and executive chairman, said the reserve complements the company's bitcoin holdings. President and CEO Phong Le noted the current reserve covers 21 months of dividend payments.

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