As of Q4'25, MicroStrategy ( MSTR ) reported Cash & Short-term Investments of USD 2.3B and Debt of USD 128M, marking a significant increase in cash holdings and a sharp reduction in debt compared to previous quarters. This represents a notable shift in the company's balance sheet position at the end of the period. From Q1'23 to Q4'25, the chart shows that Cash & Short-term Investments remained below USD 100M for most quarters, with a dramatic surge to USD 2.3B in Q4'25. Conversely, Debt steadily increased from around USD 2.2B in early 2023 to over USD 8.2B by Q3'25, before plummeting to just USD 128M in Q4'25. This pattern indicates a major deleveraging event and a substantial liquidity boost in the latest quarter, reversing the prior trend of rising indebtedness and relatively low cash reserves.