Overview
- Strategy disclosed on Aug. 31 that it bought 4,603 BTC for about $369.7 million, raising its reported holdings to 845,050 BTC.
- The purchase followed a summer program of modest BTC sales and roughly $2 billion in recent common‑share issuance that boosted dollar liquidity to about $6.7 billion.
- The board in June approved a monetization framework that allows up to $1.25 billion of discretionary Bitcoin sales to build a designated USD reserve and fund obligations.
- CEO Phong Le says the firm now follows a two‑way, cost‑of‑capital treasury policy that buys or sells Bitcoin based on financing economics rather than spot price.
- Management argues the cash cushion roughly matches outstanding convertible debt so net leverage is effectively 0.0%, which lowers the chance creditors could force Bitcoin liquidations but leaves preferred dividends and other obligations as ongoing cash demands.