Strategy’s new cash reserve signals a defensive turn for bitcoin’s top proxy
December 27, 2025 • 1m 49s
? (Anchor)
00:00.070
check
out
shares
of
strategy
they
are
down
more
than
forty
percent
this
year
now
trading
at
the
lowest
level
since
september
of
last
year
as
bitcoin
pulls
back
sharply
mackenzie
sagalos
is
looking
at
steps
the
biggest
corporate
holder
of
bitcoin
is
taking
to
hedge
its
crypto
? (Anchor)
00:18.510
bets
Mackenzie Sigalos (CNBC Business News Reporter)
00:20.970
strategies
the
markets
biggest
most
visible
bitcoin
proxy
and
over
the
last
few
weeks
it
has
been
moving
into
defense
mode
the
company
is
building
a
more
than
two
billion
US
dollar
cash
reserve
and
this
week
disclosed
that
it
sold
roughly
seven
hundred
and
fifty
million
in
Mackenzie Sigalos (CNBC Business News Reporter)
00:34.410
shares
to
top
it
up
it's
a
push
to
lock
in
the
liquidity
that
strategy
says
it
needs
to
stay
current
on
preferred
dividends
and
interest
on
its
debt
but
what's
also
notable
here
is
what
they
didn't
do
they
didn't
add
to
their
bitcoin
stockpile
even
at
lower
prices
which
is
Mackenzie Sigalos (CNBC Business News Reporter)
00:49.370
usually
when
they
into
the
trade
to
protect
their
overall
net
asset
value
so
now
you've
got
the
biggest
bitcoin
bull
prioritizing
cash
and
balance
sheet
runway
with
the
stock
down
almost
fifty
percent
year
to
date
and
it
comes
at
an
awkward
moment
at
january
msci
index
exclusion
Mackenzie Sigalos (CNBC Business News Reporter)
01:05.710
decision
is
on
the
calendar
which
could
force
passive
funds
and
index
linked
mutual
funds
to
unwind
shares
potentially
amounting
to
billions
in
flows
depending
on
how
it
shakes
out
now
strategies
also
tempering
expectations
warning
investors
not
to
assume
that
its
bitcoin
Mackenzie Sigalos (CNBC Business News Reporter)
01:19.990
position
will
translate
cleanly
into
profitability
they've
already
cut
their
full
year
profit
and
bitcoin
yield
targets
on
the
back
of
this
recent
slide
in
prices
so
in
many
ways
contessa
strategies
becoming
the
markets
live
stress
test
for
bitcoin
Contessa Brewer (Anchor)
01:34.390
kenzie
sagalos
reporting
there
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