Strategy builds cash reserve and pauses Bitcoin purchases
December 26, 2025 • 1m 52s
Dominic Chu (Senior Markets Correspondent)
00:00.270
to
that
kind
of
bitcoin
trade
mackenzie
sagalos
joins
us
now
with
all
the
details
on
the
strategy
trade
mackenzie
hey
Mackenzie Sigalos (Business News Reporter)
00:07.550
good
morning
dom
so
there's
been
a
rough
year
for
strategy
the
stock
is
down
nearly
fifty
percent
year
to
date
and
the
company
that
built
its
identity
around
aggressive
bitcoin
buying
is
now
pivoting
to
something
that
it's
never
prioritized
before
cash
so
this
week
strategy
Mackenzie Sigalos (Business News Reporter)
00:21.910
disclosed
that
it's
grown
its
US
dollar
reserve
to
two
point
two
billion
dollars
selling
shares
to
fund
it
specifically
to
cover
preferred
dividends
debt
interest
now
that
reserve
didn't
exist
a
month
ago
and
what's
also
notable
here
is
what
they
didn't
do
in
that
same
window
of
Mackenzie Sigalos (Business News Reporter)
00:36.950
time
they
did
not
buy
bitcoin
and
historically
when
prices
dip
the
company
adds
to
its
bitcoin
stake
but
this
time
they
chose
liquidity
strategy
holds
more
than
six
hundred
and
seventy
one
thousand
bitcoin
at
an
average
acquisition
cost
of
roughly
seventy
five
thousand
dollars
Mackenzie Sigalos (Business News Reporter)
00:51.550
according
to
its
latest
filing
now
with
bitcoin
near
eighty
nine
thousand
dollars
today
there's
still
a
cushion
but
it's
a
lot
thinner
than
it
used
to
be
and
their
bitcoin
yield
that
actually
went
negative
this
quarter
now
the
overhang
here
is
january
fifteenth
msci
is
deciding
Mackenzie Sigalos (Business News Reporter)
01:06.350
whether
to
kick
strategy
out
of
its
indexes
arguing
that
these
digital
asset
treasury
companies
look
more
like
investment
funds
than
operating
businesses
JP
morgan
estimates
that
index
exclusion
could
trigger
about
two
point
eight
billion
dollars
in
passive
outflows
and
up
to
Mackenzie Sigalos (Business News Reporter)
01:21.310
almost
nine
billion
dollars
if
other
index
providers
follow
suit
strategy
chairman
michael
saylor
pushed
back
on
X
saying
that
the
company
is
not
a
fund
and
pointed
to
their
software
business
and
the
billions
in
digital
credit
securities
they've
issued
this
year
but
the
market
Mackenzie Sigalos (Business News Reporter)
01:35.190
is
not
buying
it
the
premium
investors
used
to
pay
for
strategy
shares
is
largely
evaporated
so
bottom
line
here
strategy
has
gone
from
bitcoins
most
aggressive
buyer
to
a
company
that
is
managing
liquidity
and
now
waiting
to
see
if
it
still
belongs
in
the
indexes
that
helped
Mackenzie Sigalos (Business News Reporter)
01:50.390
make
it
a
household
name
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