Strategy boosts US dollar reserves to $2.19B for crypto winter

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Yaroslav Dmytrenko

23.12.2025

Strategy boosts US dollar reserves to $2.19B for crypto winter — TD Cowen says larger cash cushion helps Strategy endure prolonged downturn

Strategy has prepared for a “prolonged crypto winter” by boosting its U.S. dollar reserves to $2.19 billion.

Michael Saylor’s company Strategy said on Monday that it increased its U.S. dollar reserves to $2.19 billion after raising about $748 million through common stock sales.

According to TD Securities, a unit of investment bank TD Cowen, wrote The Block, the enlarged cash reserve is sufficient to cover the company’s interest and dividend obligations for roughly 32 months and should help it withstand challenging market conditions.

TD Cowen said the additional funds strengthen Strategy’s ability to operate through a “prolonged crypto winter” by enhancing liquidity and financial flexibility.

“This move highlights the resilience of the company’s balance sheet and should ease concerns about its long-term viability even in a prolonged crypto winter,” wrote TD Securities analysts led by Lance Vitanza.

The investor note also stated that “bolstering liquidity during times of stress is always a prudent move,” and therefore the analysts believe “all key Strategy stakeholders will be in a much better position as a result.”

MSTR stock daily chart. Source: TradingView

TD Securities reaffirmed its “Buy” rating on Strategy shares, maintaining a $500 12-month price target. At the time of writing, Strategy’s stock was trading around $165, down more than 43% year-to-date.

“Given the nearly 200% upside potential relative to our target, we understand the price may seem out of context… but it represents a reasonable outcome in a year,” the analysts added.

Aggressive balance-sheet actions calm shareholders

Strategy first disclosed details of its U.S. dollar reserve on December 1, when it announced raising $1.44 billion to create a liquid cash buffer to support preferred dividend payments and interest on outstanding debt. Analysts noted that over the past four weeks the company sold more than 22 million shares—roughly in line with average daily trading volumes—without disrupting market liquidity.

“Through such aggressive balance-sheet strengthening, Strategy has largely dispelled any remaining doubts about its continued access to capital markets,” the analysts wrote.

Therefore, according to TD Cowen, concerns over Strategy’s balance-sheet viability are overstated.

TD Cowen forecasts that by the end of fiscal 2027 Strategy may hold about 835,000 BTC, compared with 671,268 BTC today. They estimate the intrinsic value of bitcoin at roughly $380 per share in a year and $515 in two years.

As we wrote, Michael Saylor pushes Bitcoin as hard asset, not money

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