MicroStrategy founder Michael Saylor’s business intelligence firm has fattened its cash pile by hundreds of millions of dollars while holding steady on Bitcoin buys, according to a new regulatory filing covering the week of Dec. 15–21. Key moves and figures - The company tapped its at-the-market (ATM) common stock program, selling 4.5 million shares of Class A common stock and netting about $747.8 million after fees. Even after this issuance, roughly $11.8 billion of common stock capacity remains available. - The STRK preferred stock program was not used during the period and still shows more than $20 billion in unused issuance capacity. - Bitcoin purchases were paused for the week — MicroStrategy’s total bitcoin holdings remain at 671,268 BTC, with an aggregate purchase cost of about $50.33 billion and an average cost basis near $74,972 per coin. - Cash reserves rose substantially: the company began the month with about $1.14 billion and increased that balance to roughly $2.19 billion by Dec. 21. Why this matters The filing signals a tactical shift — prioritizing US-dollar liquidity over immediate Bitcoin accumulation. MicroStrategy says the primary purpose of the cash buffer is to cover dividend obligations on preferred shares and interest on outstanding debt. That precaution is notable given market chatter that the company could face pressure to fund preferred dividends, and speculation that it might sell part of its large bitcoin position (valued at over $50 billion at cost) if market conditions deteriorate. Market implications Selling material amounts of BTC to meet cash needs could create downward pressure in volatile markets. By leaning on equity issuance instead, the firm appears to be preserving its bitcoin holdings while shoring up a cash cushion for near-term obligations — a move that reduces immediate liquidation risk but increases shareholder dilution potential. Bottom line MicroStrategy’s latest filing shows a deliberate capital-allocation pivot: generating cash through common-stock sales and building liquidity rather than adding to its already massive bitcoin stash. How long the pause in bitcoin accumulation lasts — and whether preferred-stock capacity or other funding routes are tapped next — will be closely watched by investors and crypto markets alike. Read more AI-generated news on: undefined/news

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