Strategy, the Bitcoin-focused company led by Michael Saylor, says its USD Reserve has reached an all-time high, now sufficient to cover 2.3 years of dividend and interest payments on its outstanding preferred stock and debt — well above the one-year minimum the company has set as its own floor for the fund.
The disclosure caps a rapid buildup of the reserve over recent weeks. Saylor previously said the fund stood at $2.55 billion in late July, equivalent to roughly 17.4 months of coverage, before a further $525 million addition pushed it to $3.75 billion and 2.1 years of coverage as of July 27. Company figures cited around August 2 put the reserve at approximately $4 billion, aligning with the 2.3-year figure now being reported.
A Dedicated Buffer, Not General Capital
Strategy has been explicit that the USD Reserve exists for a narrow purpose: covering dividends and interest expense on its preferred stock and debt, rather than serving as flexible working capital. The company has said the fund will be maintained at a minimum of twelve months of coverage going forward, meaning the current 2.3-year buffer gives it a significant cushion above that self-imposed floor.
The reserve buildup has coincided with continued Bitcoin sales. Strategy sold approximately 1,638 BTC for about $104.7 million during the week ending August 2, alongside more than 3 million common shares that raised roughly $290.6 million, as part of a broader capital strategy shift toward strengthening liquidity behind its Variable Rate Series A Perpetual Stretch Preferred Stock, known as STRC. The company has kept the STRC dividend steady at 12% even as it has leaned more heavily on Bitcoin and equity sales to fund the payout, a departure from its earlier posture of holding virtually all of its Bitcoin indefinitely.
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Strategy still holds roughly 843,775 BTC on its balance sheet, keeping it by far the largest corporate Bitcoin holder, but the growing emphasis on a dedicated cash buffer signals the company is prioritizing near-term obligations to preferred shareholders alongside its long-standing accumulation strategy.
