Michael Saylor (Jason Koerner/Getty Images)

Strategy announces $1.44 billion “US dollar reserve” to avoid participating in bitcoin fire sale

The digital treasury company also lowered its outlook for full-year operating income, net income, and earnings per share by more than 90% compared to its October 30 guidance.

Luke Kawa

12/1/25 10:20AM

Strategy exists to buy bitcoin.

It does not want to sell bitcoin. That’s the opposite of its raison d’être.

However, since Strategy has sold debt of various sorts to buy its roughly $56 billion in bitcoin, it owes interest and dividend payments. This raises the prospect that the firm might need to sell some of its crypto hoard in order to meet those obligations. On a podcast on Friday, CEO Phong Le said that “we would sell bitcoin if we needed to fund our dividend payments below 1x mNAV.”

(mNAV refers to the ratio of Strategy’s enterprise value to the value of its bitcoin holdings.)

To that end, the digital asset treasury company founded by Michael Saylor announced that it’s established a US dollar reserve of $1.44 billion, enough to cover 21 months of these payments. The aim is to have enough socked away to eventually cover two years or more of these obligations. This reserve was created from funds received by Strategy’s at-the-market share offering program.

Shares are sinking Monday morning, hitting their lowest levels since October 2024.

The move may help quell fears that Strategy would be caught up in a wave of bitcoin liquidations and potentially add more selling fuel to the fire. On this note, Saylor added that the USD reserve “will better position us to navigate short-term market volatility.”

Strategy also cut its outlook for bitcoin prices at year-end 2025 to a range of $85,000 to $100,000 (previously $150,000). As such, management also lowered its outlook for full-year operating income, net income, and earnings per share by more than 90% compared to their October 30 guidance.

Old electronic items tossed on ground for disposal, Hudson

Technology giants don’t look like they used to, as the asset-light era fades

Oracle and Meta are now some of the most capital-intensive businesses in the S&P 500, spending more than energy giants. I guess data really is the new oil?

David Crowther44m

Matt Phillips1h

Space stocks rip amid speculation on Altman joining race

Space stocks AST SpaceMobile, Planet Labs, and Rocket Lab all soared Thursday amid a recovery in the high-beta momentum class of shares coveted by some retail traders.

(High-beta momo stocks are basically shares that have been on a winning streak for a while, and tend to go up a lot more than the overall market on positive days. Goldman Sachs includes all three of the aforementioned space stocks in its themed basket of such shares.)

There’s little other fundamental news out there on the companies themselves.

But a Wall Street Journal report that OpenAI impresario Sam Altman has been toying with the idea of entering the space industry, potentially standing up a rival to Tesla CEO Elon Musk’s Starlink satellite service, may also be contributing.

As we’ve mentioned elsewhere, sometimes these stocks seem to trade on a what’s-bad-for-the-Musk-empire-is-good-for-us-and-vice-versa vibe.

Matt Phillips3h

Intel sinks on news it will hang on to networking unit

Intel dropped in early trading Thursday after it disclosed plans to retain ownership of its networking unit following a strategic review of operations.

The unit, known as NEX, makes products like infrastructure processors, which do needed “housekeeping” tasks like running security checks, thereby freeing core Intel CPUs to do the higher-value operations. It also produces switches and controllers that manage and direct the flow of data to CPUs.

Intel Shelves Plans to Sell Networking Division After Review

Luke Kawa3h

Quantum computing stocks soar on return of bullish options bets

The calendar says December, but the price action is starting to look a lot more like September to me:

Quantum computing companies IonQ, Rigetti Computing, and D-Wave Quantum are all up at least 7% as of 11:04 a.m. ET, buoyed by a wave of bullish options activity.

Nearly 50,000 calls in IonQ have already changed hands, well above the 20-day average for a full session, with activity concentrated in strikes from $50 to $55 in contracts that expire between Friday and mid-January. Its put/call ratio is near 0.2, versus an average of over 1 for the past 20 sessions.
More than 65,000 calls have traded in Rigetti, a hair shy of its full 20-day average. Like IonQ, options activity has a bullish tilt, with a put/call ratio of about 0.7 versus a 20-day average of roughly 1.2.
D-Wave, which received positive commentary from Evercore ISI on Wednesday, isn’t seeing call activity as elevated as its peers, but the options action is also very skewed toward the bull side, with a put/call ratio of less than 0.3 versus a 20-session average of 0.7.

Pure-play quantum computing stocks nearly doubled from late August to late September amid heavy options market activity thanks to reports on government support for the sector, M&A activity, tech breakthroughs, and a flurry of price target hikes by Wall Street.

Luke Kawa

Retail traders are killing it this year because of both what they’re buying and when they bought it

Buy the dip. Buy AI. Buy gold.