Strategy establishes $2B buyback program and massive USD cash reserve for Bitcoin purchases

Strategy Inc., the company that turned a middling enterprise software firm into the world’s largest corporate Bitcoin holder, just did something that might seem out of character. It stopped buying Bitcoin. Temporarily, at least.

On June 29, the company unveiled its Digital Credit Capital Framework, a sweeping financial restructuring that prioritizes liquidity management alongside its signature Bitcoin accumulation strategy. At the center of the plan sits a USD reserve that ballooned to roughly $2.55 billion as of June 28, nearly doubling from $1.4 billion just one week earlier.

What the framework actually does

The new framework has several moving parts, each designed to give Strategy more financial flexibility than a pure Bitcoin-maximalist posture typically allows.

First, the company’s board mandated maintaining a minimum USD reserve covering at least 12 months of preferred stock dividends and interest obligations. Those obligations currently run about $1.76 billion annually. As of the announcement, the $2.55 billion reserve provided roughly 17.4 months of runway, comfortably clearing that threshold.

Second, Strategy authorized up to $2 billion in total buybacks. That breaks down into $1 billion earmarked for digital credit securities, including STRC preferred shares, and another $1 billion for Class A common stock repurchases.

Third, a new Bitcoin Monetization Program permits the sale of up to $1.25 billion in BTC to support the USD reserve and meet ongoing financial commitments.

The cash buildup was funded primarily through ATM (at-the-market) equity sales totaling around $1.15 billion over a single week. That explains why net Bitcoin acquisitions were paused during this period. The proceeds went to cash reserves instead of Bitcoin purchases.

The Bitcoin stack in context

Strategy’s Bitcoin treasury remains enormous. As of late June 2026, the company held 847,363 BTC with an average acquisition cost of approximately $75,651 per coin.

Shortly after the initial announcement, the USD reserve reportedly pushed past $3 billion through additional equity sales.

Why this matters beyond Strategy

Michael Saylor’s company has functioned as a proof-of-concept for corporate Bitcoin treasuries since 2020. When Strategy bought aggressively, other companies took note. When Strategy issued convertible notes to fund purchases, imitators followed.

For investors in MSTR stock, the buyback authorization offers a potential floor under the share price. Knowing management can deploy up to $1 billion in common stock repurchases changes the risk calculus, particularly during periods when the stock trades at a discount to its Bitcoin net asset value.

The preferred stock buyback authorization carries similar implications for holders of STRC and other Strategy preferred securities. These instruments have occasionally traded below par during periods of market stress, and a $1 billion repurchase capacity gives management tools to address that dislocation.

For the broader Bitcoin market, the framework introduces a new variable. Strategy pausing net acquisitions removes a consistent source of buying pressure, even if temporarily. And the Bitcoin Monetization Program, while capped at $1.25 billion, represents potential selling pressure from a holder of nearly 850,000 BTC.

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