Strategy’s $4.6 billion cash buffer gives it almost 3 years before Bitcoin sales create real stress
Strategy said it held 840,447 BTC as of Aug. 9 while treating Bitcoin as a liquidity tool alongside its debt and preferred-stock obligations. Michael Saylor said the company sold $108 million of BTC, sold $653 million of MSTR shares, and repurchased $109 million of STRC, lifting its dollar reserve by $650 million to $4.65 billion. The firm also extended its dollar duration to 2.7 years. The main point is that Strategy is willing to trim a small amount of Bitcoin to strengthen dollar coverage and support its capital structure, while still saying it intends to be a net buyer of BTC over time. The key test is whether these sales remain selective and voluntary, or become forced by weaker reserve coverage. Success now depends on preserving enough dollar liquidity to meet dividends and interest while keeping long-term control over when Bitcoin is sold.
