Key Insights:
- Samson Mow says the new reserve strengthens MicroStrategy Inc.’s wider Bitcoin plan.
- The dollar reserve gives the company steady ground during market swings.
- Vanguard’s move into Bitcoin ETFs could draw more investors to the asset
In a major development, MicroStrategy, now Strategy, created a $1.44 billion reserve on December 1, 2025.
Michael Saylor and Samson Mow explained why the reserve was added, and how it would work with the company’s Bitcoin strategy.
Market watchers are also now focused on what Vanguard’s latest move in Bitcoin ETF could mean for the wider market.
Samson Mow on MicroStrategy & Michael Saylor Bitcoin Reserve Shift
MicroStrategy continued to increase its focus on Bitcoin after adding a $1.44 billion reserve.
Michael Saylor described the move as part of a long plan to protect the company’s position.
Reacting to the announcement, Samson Mow said Michael Saylor had built a “Bitcoin fortress” that would be difficult for anyone to match.
He added that the dollar reserve acted like a moat around this structure.
His view is that each attempt by others to copy the model could draw more attention to MicroStrategy and make its position stronger.
Mow explained that the reserve could support the company when Bitcoin prices fall.
The reserve would allow the company to meet its dividend needs without selling any Bitcoin.
His comment showed that the company wanted a simple way to manage short-term pressure.
MicroStrategy raised the reserve through equity sales over eight days. The amount now covers about 21 months of dividend payments. The company aims to build it to $2 billion.
It is important to add that the new reserve sits beside MicroStrategy’s large Bitcoin supply.
The company holds 650,000 Bitcoin, worth about $59 billion at the time of the update. Recently, the firm bought 130 BTC for ~$11.7 million at $89,960 per bitcoin.
Mow pointed out that the reserve did not replace the Bitcoin base. Instead, it added a second layer that made the structure stronger.
The company still plans to increase its Bitcoin holdings over time.
How the Dollar Reserve Fits Into the MicroStrategy System
The dollar reserve is a separate pool of funds that MicroStrategy plans to use for dividends and interest payments.
It helps the company avoid selling Bitcoin or issuing fresh equity during unstable periods.
The plan gives the firm more time to make decisions when market conditions change.
Company CEO Le Phong said the reserve improves the company’s credit position by reducing the risk linked to short-term obligations.
In a recent discussion, Michael Saylor explained that the company could pull funds from several markets when needed.
He noted that the equity market, Bitcoin market, and derivatives market each give the company different ways to fund its operations.
The reserve helps the company take its time before choosing which one to use. Saylor added that the company’s digital credit products would remain central to its work.
It is worth noting that MicroStrategy believes that Bitcoin’s long-term direction supports this system.
Saylor said that the firm could sell a small amount of Bitcoin if needed and still continue to increase its total holdings over time.
He compared it to a real estate business that sells a small part of its land to meet obligations while its total land value continues to rise.
The dollar reserve makes this process smoother and more predictable.
Vanguard’s Bitcoin ETF Entry and Market Signals
Meanwhile, Vanguard has finally shifted its stance on digital assets by allowing trading of Bitcoin, Ethereum, XRP, and Solana ETFs.
The firm had previously viewed these assets as too risky for long-term exposure.
The updated position opens the door for more investors who prefer regulated products.
More than $1 trillion left the crypto market since early October. Even with that drop, interest in regulated crypto products continued to grow.
In addition, reports show that Vanguard has officially listed BlackRock’s Bitcoin ETF.
Market watchers believe that Vanguard’s move could help widen participation at a time when large investors are looking for stable ways to access Bitcoin.
The shift may support the broader market that MicroStrategy operates in.
Companies like MicroStrategy and leaders such as Michael Saylor have said that institutional involvement plays a role in Bitcoin’s long-term direction.