Strategy's Dollar Liquidity Reaches $6.69B, Enough for About 47 Months of Preferred Dividends and Interest

Strategy said its U.S.-dollar liquidity totaled $6.69 billion as of Aug. 23, 2026, providing roughly 47 months of coverage for preferred dividends and debt interest at current outlays. The liquidity stack is split into two pools. The larger portion is a $5.1 billion USD Reserve, restricted for preferred stock dividends and interest payments. The company also established a new $1.59 billion USD Cash pool for general corporate purposes, including acquisitions, share repurchases and operating needs, without drawing on the restricted reserve. Strategy estimates annual preferred dividends and interest expense at about $1.76 billion, implying around 47 months of coverage. The estimate assumes no incremental revenue, no additional financing and no changes to the dividend and interest schedule. The increase in liquidity was funded by an equity raise completed between Aug. 17 and Aug. 23, when Strategy sold about 18.26 million shares of MSTR common stock. The offering generated roughly $2 billion, which the company allocated among the USD Reserve, preferred share repurchases and the new cash pool. In June 2026, Strategy adopted a "Digital Credit Capital Framework," formalizing its USD Reserve policy and setting rules for when and how Bitcoin may be monetized to meet obligations. Strategy said it did not sell any Bitcoin during the recent equity raise. While the framework allows limited BTC monetization for specific reserve-building purposes, the company chose to fund liquidity solely through equity issuance. Strategy's Bitcoin holdings were unchanged at approximately 840,447 BTC. The framework also authorizes up to $1 billion in repurchases of digital credit securities. Strategy's variable-rate STRC preferred securities currently yield 12% annually. The company said the 47-month coverage offers STRC investors a clearer, measurable cushion compared with prior levels. The $2 billion equity raise diluted existing MSTR shareholders through the issuance of 18.26 million new shares, a tradeoff the company framed as reducing balance-sheet risk while preserving its Bitcoin treasury strategy.