Michael Saylor, founder of Strategy, acknowledged during the Q2 2026 earnings call that the company had underestimated the importance of the US dollar in its balance sheet management. Strategy held 843,775 BTC, representing approximately 4% of all Bitcoin that will ever exist, with an allocation near 99% BTC and 1% USD, deemed counterproductive by investors. The company has now built a record reserve of $3.75 billion, covering more than two years of dividends and interest, targeting a 2 to 3 year range. Since the beginning of 2026, Strategy has purchased 174,895 BTC and sold 3,620 BTC, confirming its net buyer status with 48 times more BTC acquired than sold. This new approach involves active management between BTC, dollars, convertible debt, preferred shares and share buybacks, at the expense of the original amplified Bitcoin exposure promise.
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