Strategy USD reserves and cash decline $140M to $6B

Strategy, the company formerly known as MicroStrategy, saw its combined USD reserves and cash shrink by $140 million in a single week, landing at roughly $6.4B as of mid-September 2026. The decline follows a $176 million drop the week before, meaning the firm has shed more than $300 million in liquid dollar holdings across just two reporting periods.

For a company sitting on approximately 840,000 BTC, the math is straightforward: Strategy would rather dilute shareholders than touch its Bitcoin stack.

Where the money is going

The $140 million drawdown isn’t mysterious. Strategy carries roughly $1.7B in annual preferred stock dividends and interest obligations.

The reserves break down into two buckets. A restricted USD Reserve, estimated at around $5.1B, serves as the primary war chest for servicing those dividend and interest payments. A more flexible USD Cash pool, which sat at approximately $1.59B as of late August, handles operational needs and provides additional breathing room.

Even after the recent drawdowns, Strategy maintains multiple years of coverage for its fixed obligations. At a $1.7B annual burn rate against $6.4B in total reserves, the runway stretches roughly three and a half years before the well runs dry, assuming no new capital enters the picture.

The company replenishes its dollar liquidity primarily through at-the-market equity offerings, selling shares of MSTR common stock into the open market.

The no-sell doctrine

Strategy did not buy or sell any Bitcoin during the reporting period.

In June 2026, Strategy formalized this approach by adopting a USD Reserve Policy. The policy restricts the use of the core reserve exclusively to dividend and interest support. Any alternative deployment of those funds requires explicit board approval.

The equity dilution trade-off

There’s no free lunch in corporate finance. Strategy’s refusal to sell Bitcoin means the cost of maintaining operations falls squarely on equity holders. Every ATM share sale dilutes existing shareholders, gradually reducing their ownership percentage in exchange for keeping the Bitcoin stack intact.

The consecutive weekly declines in reserves, $176 million followed by $140 million, bear monitoring. If the pace of drawdowns accelerates or if equity markets become less receptive to ATM offerings, Strategy’s cushion could thin faster than the multi-year runway suggests.

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