The new cash reserve of US$ 1.44 billion from Strategy Inc. (formerly MicroStrategy) has raised more questions than answers, occurring at a time when the markets feel unusually tense and every movement seems to suggest something deeper beneath the surface.
MicroStrategy builds reserve in US$ as market panic tests Saylor's Bitcoin doctrine
MicroStrategy's latest move should calm the spirits. However, it has become the new focal point of a market dominated by fear, speculation, and a rapidly approaching liquidity stress test.
On Monday, Strategy Inc. (formerly MicroStrategy) confirmed it has established a $1.44 billion Reserve. This cash cushion is designed to cover dividends and interest for up to 21 months.
$MSTR announces the formation of a $1.44 billion USD Reserve and an increase in its BTC Reserve to 650,000 $BTC. pic.twitter.com/e1tAhDUo9G
— Michael Saylor (@saylor) December 1, 2025
The president of Strategy, Michael Saylor, also revealed that the company added 130 BTC to its already massive treasury.
“Strategy acquired 130 BTC for ~$11.7 million at ~$89,960 per Bitcoin. As of 11/30/2025, we have 650,000 BTC acquired for ~$48.38 billion at ~$74,436 per Bitcoin,” indicated Saylor in a statement.
The announcement came almost a day after traders obsessively analyzed Michael Saylor's enigmatic “green dot” comments. Speculation ranged from a purchase of MSTR to the company adding to its BTC holdings.
BREAKING: MicroStrategy establishes a $1.44B USD reserve for dividend payments.
This is the actual “Green Dot.”
— Conor Kenny (@conorfkenny) December 1, 2025
The new purchase raises the company's reserves to 650,000 BTC, or approximately 3.1% of all Bitcoin that will ever exist.
A cash reserve or a warning sign?
The company framed the Reserve in USD as a strategic evolution. Saylor called it “the next step in our evolution” and essential to address short-term volatility.
“… the reserve currently covers 21 months of dividends. We intend to use this reserve to pay our dividends and increase it over time,” indicated Phong Le, CEO of Strategy, in a statement.
However, these comments did not bring stability, but rather stress, after the MicroStrategy executive admitted to a scenario previously considered unthinkable: a potential sale of Bitcoin.
In a recent interview, CEO Phong Le acknowledged a “breaker” tied to two conditions:
MicroStrategy shares traded below 1.0x mNAV—meaning the company is valued at less than the Bitcoin it holds.
The company is unable to raise capital through equity or debt.
At the time of this report, the mNAV is above 1x, moving away from the danger zone of 0.9x, below which MicroStrategy could be forced into dividend obligations funded by BTC.
Markets are already tense, with Jim Cramer, quoted in a recent BeInCrypto publication, issuing a warning.
“This impulsive, somewhat cruel drop is an anticipation of hedge funds blowing up due to Japan’s carry trade… and Strategy/Bitcoin, given that at this level they are almost the same thing,” wrote Cramer.
The phrase “almost the same thing” captures the structural change: MicroStrategy has effectively become a leveraged Bitcoin ETF with an attached software company. This structure works spectacularly when Bitcoin rises but compresses violently when liquidity tightens.
And liquidity is tightening rapidly.
MicroStrategy insists it does not face forced liquidation risk. However, the admission of a sell condition, along with a cash wall of $1.44 billion, marks a turning point.
Where Saylor once stated, “we will never sell Bitcoin,” investors now have a measurable identifier: 0.9× mNAV.
The next move of Bitcoin will not only shape market sentiment; it may decide whether MicroStrategy remains the face of corporate Bitcoin accumulation or becomes the first high-visibility test of its limits.
The article Strategy builds $1.44 billion cash reserve amid rising fears was first seen on BeInCrypto Brazil.
