TYSON’S CORNER, VA – (BUSINESS WIRE) – December 1, 2025 – Strategy Inc. (Nasdaq: STRF/STRC/STRK/STRD/MSTR; LXSE: STRE) today announced the establishment of a $1.44 billion US Dollar Reserve (“USD Reserve”) based on its previously released forward guidance and Bitcoin Key Performance Indicator (“KPI”) targets for the fiscal year ending in December. But updated its beliefs. 31, 2025, which were published on October 30, 2025.
Establishment of USD Reserve
Strategy today announced that it has established a USD reserve of $1.44 billion to support the payment of dividends on its preferred stock and interest on its outstanding indebtedness (the “Dividend”). The USD Reserve was funded using the proceeds from the sale of shares of Class A common stock under the strategy’s market offering program. The current intention of the strategy is to maintain USD reserves sufficient to fund at least twelve months of its dividends, and the strategy intends to strengthen USD reserves over time, with the goal of eventually covering its dividends for 24 months or more. The maintenance of this USD Reserve, as well as its amount, terms and conditions, is subject to the sole and absolute discretion of the Strategy and the Strategy may adjust the USD Reserve from time to time based on market conditions, liquidity needs and other factors.
Founder and Executive Chairman Michael Saylor said, “Establishing USD reserves to complement our BTC reserves is the next step in our evolution, and we believe it will better position us to weather short-term market volatility while delivering on our vision of being the world’s leading issuer of digital credit.”
“The strategy now holds 650,000 Bitcoin, which is approximately 3.1% of the 21 million Bitcoin that will ever exist. In recognition of our important role in the broader Bitcoin ecosystem, and to further strengthen our commitment to our credit investors and shareholders, we have established a USD reserve that currently covers 21 months of dividends. We intend to use this reserve to pay our dividend and increase it over time.” said Phong Le, Chairman and Chief Executive Officer.
Updates to FY2025 Earnings Guidance and Bitcoin KPI Targets
The strategy today announced an update to its assumptions under its previously issued forward guidance and Bitcoin KPI targets for the fiscal year ending December 31, 2025 (“FY 2025”), which was previously published on October 30, 2025. That guidance assumed a Bitcoin price of $150,000 by December 31, 2025, based on the estimated consensus midpoint of year-end Bitcoin price estimates from third-party research analysts available by that date. Bitcoin is a highly volatile asset, and the trading value of Bitcoin has dropped from approximately $111,612 as of October 30, 2025, to as low as $80,660 on November 21, 2025.
In light of Bitcoin’s recent trading prices, the Strategy is updating its assumptions for the price of Bitcoin through year-end 2025 to reflect a range of prices consistent with Bitcoin’s recent trading history and providing corresponding ranges for fiscal 2025 operating income, net income and diluted earnings per share, as described below, resulting in the price of Bitcoin at December 31, 2025 being within such a range.
Update to FY2025 Earnings Guidance
Based on an estimated year-end 2025 Bitcoin price range of $85,000 to $110,000, the strategy’s FY2025 target ranges for operating income, net income and diluted earnings per share are as follows:
- FY2025 Operating Income (Loss): Between approximately $7.0 billion and $9.5 billion;
- FY2025 Net Income (Loss): Between approximately $(5.5) billion to $6.3 billion; And
- FY2025 Diluted Earnings (Loss) per Share: Between approximately $(17.0) per share of common stock and $19.0 per share of common stock.
These ranges also assume the successful completion of the capital raising to achieve the Strategy’s FY2025 Bitcoin Yield target (discussed below) and the deployment of proceeds from such raising for the purchase of Bitcoin.
The strategy has adopted Accounting Standards Update No. 2023-08, Intangible-Goodwill and Other-Crypto Assets (Subtopic 350-60): Accounting and Disclosure of Crypto AssetsWhich requires the strategy to measure its Bitcoin holdings at fair value with gains and losses from changes in the fair value of Bitcoins recognized in net income (loss) each reporting period. As a result, and due to the Strategy’s significant Bitcoin holdings, the Strategy’s earnings results are extremely sensitive and directly correlated with changes in the market price of Bitcoin. The Strategy cannot make any assurances or guarantees regarding the price of Bitcoin as of December 31, 2025, and as a result the actual results of the Strategy may differ from the range of results set forth above if the market price of Bitcoin as of December 31, 2025 varies from this anticipated range of Bitcoin prices. Except as required by applicable law, Strategy does not undertake any obligation to update this guidance. Investors are cautioned not to place undue reliance on this guidance.
Update to FY 2025 Bitcoin KPI Targets
Additionally based on a year-end 2025 Bitcoin price range of $85,000 to $110,000, and following the Strategy’s anticipated common stock issuance to maintain its USD reserves, the Strategy’s updated FY2025 Bitcoin KPI targets are as follows:
- FY2025 BTC yield target: between 22.0% and 26.0%; And
- FY2025 BTC$ profit target: between $8.4 billion to $12.8 billion.
The strategy hopes to achieve these goals through preferred stock offerings, disciplined common stock issuance and the resulting increase in Bitcoin holdings.
Additional information about Strategy’s KPIs, including their objectives and limitations, is available at www.strategy.com.
about strategy
Strategy Inc. (Nasdaq: STRF/STRC/STRK/STRD/MSTR; LuxSE: STRE) is the world’s first and largest Bitcoin treasury company. We are a publicly traded company that has adopted Bitcoin as our primary treasury reserve asset. Using cash flow from our operations along with proceeds from equity and debt financing, we strategically accumulate Bitcoin and advocate for its role as digital capital. Our treasury strategy is designed to provide investors with varying degrees of economic exposure to Bitcoin by offering a range of securities including equities and fixed-income instruments. Additionally, we provide industry-leading AI-powered enterprise analytics software, furthering our vision of Intelligence Everywhere. We leverage our development capabilities to explore innovation in Bitcoin applications, integrating analytical expertise with our commitment to digital asset development. We believe that our combination of operational excellence, strategic Bitcoin reserves and focus on technological innovation makes us a leader in both the digital assets and enterprise analytics sectors, providing a unique opportunity for long-term value creation.
Strategy, MicroStrategy and Intelligence Everywhere are either trademarks or registered trademarks of Strategy Inc. in the United States and certain other countries. Other product and company names mentioned herein may be trademarks of their respective owners.
forward-looking statements
Statements in this press release regarding future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, projections of future business prospects or financial results, including our guidance related to our future operating income, net income, diluted earnings per share, our BTC Yield and our target for BTC$ profit. KPIs, statements regarding the circumstances under which we will issue Class A common stock or preferred securities, and statements regarding our intentions for our USD reserves. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “could,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from the results indicated by such forward-looking statements as a result of various important factors, including the risk that the price of Bitcoin by December 31, 2025 may differ significantly from the projected range of $85,000 to $110,000, which could cause our actual results to differ significantly from the target ranges provided herein related to future operating income (loss), net income (loss), and diluted earnings per share (loss); fluctuations in the market price of Bitcoin and any related unrealized gains or losses on digital assets, which the Strategy may record in its financial statements as a result of a change in the market price of Bitcoin from the price at which the Strategy’s Bitcoins are carried on its balance sheet; availability of debt and equity financing on favorable terms; Profit or loss on any sale of Bitcoin; changes in the accounting treatment related to the Strategy’s Bitcoin holdings; changes in securities laws or other laws or regulations, or the adoption of new laws or regulations related to Bitcoin, that adversely affect the price of Bitcoin or the Strategy’s ability to transact or own Bitcoin; the impact of the availability of spot exchange traded products and other investment vehicles for Bitcoin and other digital assets; Decrease in liquidity in the markets where Bitcoin is traded; security breach, cyber-attack, unauthorized access, loss of private keys, fraud or other circumstances or events resulting in the loss of the Strategy’s Bitcoins; the impact on the price and rate of adoption of Bitcoin associated with the financial difficulties and bankruptcies of various participants in the digital asset industry; the level and terms of the Strategy’s substantial indebtedness and its ability to repay such indebtedness; fluctuations in tax benefits or provisions; changes in the market value of Bitcoin at period end and their impact on our deferred tax assets, related valuation allowances and tax expense; other potential adverse tax consequences; Competitive factors; general economic conditions, including inflation levels and interest rates; currency fluctuations; and other factors discussed under the heading “Risk Factors Update” in the Strategy’s Current Report on Form 8-K filed with the SEC on October 6, 2025 and under the heading “Risk Factors” in the Strategy’s Quarterly Report on Form 10-Q filed with the SEC on November 3, 2025 and the risks described in other filings that the Strategy may make with the SEC. Any forward-looking statements included in this press release speak only as of the date hereof, and Strategy specifically disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
strategy
Shirish Jajodiya
corporate treasurer
ir@strategy.com
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