Strategy, formerly MicroStrategy, saw its combined USD reserves and cash decline by $176 million to $6.538 billion. The company faces approximately $1.7 billion in annual preferred stock dividend and interest payment obligations. To avoid forced Bitcoin sales, Strategy relies on at-the-market equity sales to replenish its dollar reserves, as outlined in its Digital Credit Capital Framework established in June 2026. The current $6.5 billion cash position covers nearly four years of obligations without raising additional capital. At the current quarterly burn rate of $176 million, the company could deplete its cash position in roughly nine quarters without new equity issuances.
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