Strategy has strengthened its cash position without adding to its Bitcoin holdings, raising its USD Reserve by $525 million to a record $3.75 billion while maintaining a BTC Reserve of 843,775 bitcoin.

The company said the expanded reserve is sufficient to cover about 25 months, or 2.1 years, of expected preferred stock dividend payments and debt interest obligations. Strategy also reported its first repurchases of STRC preferred shares under its Digital Credit Securities Repurchase Program.

Strategy Raises USD Reserve to Record $3.75 Billion

Strategy announced that it increased its USD Reserve by $525 million, bringing the total to an all-time high of $3.75 billion. According to the company, the cash balance now provides approximately 2.1 years of dividend coverage for preferred stock and interest coverage for debt obligations.

Strategy has increased its USD Reserve by $525 million, achieving 2.1 years of dividend coverage. As of 7/26/2026, we hodl ₿843,775 in our BTC Reserve and $3.75 billion in our USD Reserve. $MSTR $STRC

— Strategy (@Strategy) July 27, 2026

The added capital came from Strategy’s at-the-market, or ATM, equity program. Between July 20 and July 26, the company sold 5,429,160 MSTR shares and generated approximately $544.5 million in net proceeds. Strategy said it did not issue any preferred shares during the reporting period.

The company said its policy for using the USD Reserve to fund dividends and debt service has been approved by its board of directors. The reserve is not authorized for share repurchases, separating cash set aside for recurring obligations from capital used for securities buybacks.

Bitcoin Holdings Remain Unchanged

Strategy, the largest corporate holder of Bitcoin, did not buy additional BTC during the latest reporting week. Its Bitcoin Reserve remained unchanged at 843,775 BTC as of July 26, 2026.

The company’s latest SEC filing highlighted its expanded cash reserves, capital position and continuing long-term Bitcoin strategy.

Capital Allocation Focuses on Liquidity and Flexibility

Rather than directing new funds toward additional Bitcoin purchases during the period, Strategy allocated capital toward liquidity and financial flexibility. The larger cash cushion provides additional coverage for preferred shareholders and gives management more room to manage obligations under changing market conditions.

For a company with both a large Bitcoin treasury and outstanding preferred securities, the size and permitted use of the cash reserve are important operating details because dividends and debt interest require cash payments regardless of changes in the BTC Reserve.

The company also said it plans to expand over time through additional equity financing and, if market conditions permit, other financing methods.

STRC Buyback Program Begins

Strategy also disclosed the first purchases under its Digital Credit Securities Repurchase Program. The company repurchased 288,930 STRC preferred shares for approximately $25 million, at an average price of $86.52 per share.

Management said it expects to remain a disciplined buyer when STRC trades meaningfully below $100, its stated value. Repurchases are generally expected to increase when the discount to stated value widens and to taper as the share price moves closer to par.

Strategy said approximately $975 million remains available under the repurchase program. Management also reiterated plans to recommend maintaining the current annual dividend rate of 12% when the preferred shares trade near and around their target price.

The update reflects Strategy’s current approach to balancing its large Bitcoin treasury with liquidity management, disciplined capital allocation and continued support for preferred securities investors. Future company filings and updates will show whether additional ATM issuance, financing activity or STRC repurchases change the balance between its USD Reserve, BTC Reserve and preferred securities program.