Michael Saylor may just have ruled out selling Strategy’s Bitcoin holdings, based on the scaling of the U.S. Dollar Reserve.
In fact, Strategy recently announced the expansion of its USD reserve fund by $748 million to nearly $2.2 billion. The fund, first announced earlier in December, will help cover dividend obligations tied to preferred stocks that Strategy uses to raise capital for Bitcoin buys.
Reactions to Strategy’s plan
The $2.2 billion fund now covers mid-term obligations for 31 months. On the other hand, most of its $8 billion debt is due in 3 years, with the first maturity in 2028. For analyst James Van Straten, the move is a way to clear the MSCI exclusion risk and insolvency FUD.
“Just to put the insolvency FUD to bed. Well played.”
Interestingly, predictions site Polymarket painted a similar picture too. The chances of Strategy being delisted from the MSCI index by Q1 2026 were still high at 75% at press time. On the contrary, the odds of Strategy selling BTC in H1 2026 were at 17% and below 10% by Q1 2026.
Put differently, despite the high risk of MSCI index exclusion, the odds of forced liquidations of its BTC stash were low, thanks to the USD reserve fund that will cover immediate dividend obligations.
For his part, analyst Adam Livingstone linked the latest USD reserve moves to S&P Global recommendations.
Indeed, in October 2025, the S&P Global assigned Strategy a ‘B” credit rating. However, the agency also noted that it could upgrade the rating if Strategy improves its “U.S dollar liquidity,” reduces convertible debt, and shows strong access to the capital market during BTC drawdowns.
MSTR vs Bitcoin
Over the past three weeks, the firm has raised nearly $4 billion, scaling its BTC holdings to 671,268 coins and expanding the reserve fund.
Worth pointing out, however, that Strategy’s MSTR was sold to raise the latest capital to boost the USD reserve fund.
In fact, both MSTR and BTC are on track to close the year in the red. BTC erased its year-to-date (YTD) gains and dropped by 5% to $88k. MSTR dropped by 8 times more (43% loss), from its 2025 high of $457 to $ 164.
Final Thoughts
- Strategy scaled its USD reserve fund to $2.19 billion, achieving 31 months of cover for dividend obligations tied to its preferred stocks.
- The odds of liquidating its BTC have remained low after the establishment of the reserve fund.
