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08/12 02:11

Strategy’s U.S. dollar reserve has reached $4.65 b

#Post To Earn Bonus #HTX Creation Challenge — Post and Win 1,500U #Discuss Hot Assets , Enter the Lucky Draw Strategy’s U.S. dollar reserve has reached $4.65 billion, up from $3.75 billion two weeks earlier. It has also sold almost 7,000 $BTC since late June 2026. Many are wondering why a company built around accumulating Bitcoin would choose to hold billions of dollars in fiat. More importantly, should other Bitcoin businesses do the same? Strategy holds cash because it’s in a very unique position Strategy increasingly operates as an issuer of Digital Credit: preferred securities backed economically by an enormous Bitcoin balance sheet. These instruments create fixed dollar dividends obligations. Bitcoin produces no cash flow. Strategy’s software business produces far too little cash to cover its capital structure.Traditional credit analysis compounds the problem. S&P assigned Strategy a B- rating in October 2025, citing its Bitcoin concentration, weak dollar liquidity, and very weak risk-adjusted capital. Under S&P’s methodology, Bitcoin is effectively excluded from the capital base used for this analysis because of its market risk. In our coverage of the S&P rating, we specifically mentioned that a cash reserve, amongst other things, was worth exploring to improve credit ratings. Strategy therefore holds dollars to support its credit issuance. That is literally the whole reason. More dollar liquidity can improve the perceived safety of its preferred securities, broaden investor demand, and potentially lower its cost of capital—in the eyes of credit ratings agencies. The cash still carries an economic cost. Excess capital should produce a return. A conventional company can reinvest it, repurchase shares, or distribute it. A Bitcoin company can buy more Bitcoin. Every dollar held in cash replaces potential positiv

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