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 a...