Strategy Inc. has expanded its U.S. dollar liquidity to $2.19B, a buffer the company says will cover more than two years of dividend obligations and interest.
Strategy first established a dedicated USD reserve of $1.44B on 2025-12-01 to support preferred-stock dividends and interest on outstanding debt, with an initial objective of securing at least 12 months of coverage and a target of 24 months or more. By organizing its approach around a reserve, the company sought to match near-term obligations with readily available liquidity.
By 2025-12-22 the company had added $748M through common-stock sales, bringing the total liquidity in the reserve to $2.19B. Over the prior four-week period the company sold more than 22 million shares; those sales were reported to be roughly in line with average daily trading volumes and did not materially disrupt market liquidity.
A dividend obligation is a scheduled payment owed to shareholders or preferred holders as part of a company’s dividend program. According to TD Securities, a unit of TD Cowen, the enlarged cash reserve “is sufficient to cover the company’s interest and dividend obligations for roughly 32 months”, a figure that translates to just over two-and-a-half years of payout coverage at current levels.
Strategic rationale and implications
The build-out of a $2.19B cash buffer reflects a deliberate shift to prioritize balance-sheet resilience over immediate asset accumulation. Strategy publicly paused new Bitcoin acquisitions as part of this approach, electing to hold USD liquidity rather than increase exposure to crypto markets during a period described as potentially prolonged market stress. The company frames the move as reducing reliance on capital markets and preserving operational flexibility without selling existing Bitcoin holdings.
For investors and compliance teams, the practical effects are threefold: the company has increased its runway to meet preferred dividends and interest without tapping external financing; it has created optionality to resume Bitcoin purchases from a stronger liquidity base; and it has reallocated near-term capital deployment priorities toward cash preservation. These steps also reduce short-term counterparty and market-timing risk tied to cryptocurrency price swings.
Strategy’s $2.19B reserve delivers a materially larger cushion for dividend and interest payments and grants the firm room to navigate market turbulence without immediate reliance on new capital.
