Strategy’s USD liquidity reaches $6.69B, enough to cover 47 months of dividends and debt interest

Strategy has accumulated $6.69 billion in USD liquidity as of August 23, 2026, giving the company roughly 47 months of runway to cover preferred dividends and debt interest payments.

Breaking down the $6.69 billion

The total liquidity figure is split into two distinct buckets. The larger one is a $5.1 billion USD Reserve, which is earmarked exclusively for preferred stock dividends and debt interest payments. The second bucket is a newly created $1.59 billion USD Cash pool designed for general corporate use, giving Strategy flexibility for things like acquisitions, share repurchases, and operational spending without dipping into the restricted reserve.

The company’s annual tab for preferred dividends and interest runs to approximately $1.76 billion. Simple math puts the coverage ratio at about 47 months at current spending rates. That calculation assumes no additional revenue, no further capital raises, and no changes to the dividend and interest schedule.

Funding for this liquidity boost came from a capital raise completed between August 17 and August 23, during which Strategy sold approximately 18.26 million shares of MSTR common stock. The raise brought in roughly $2 billion, which was then allocated across the Reserve, preferred share repurchases, and the new cash pool.

The Digital Credit Capital Framework

In June 2026, Strategy adopted what it calls a Digital Credit Capital Framework. The framework formalizes the company’s USD Reserve policy and establishes clear rules about when and how Bitcoin can be monetized to cover obligations.

No Bitcoin was sold during the recent capital raise. The framework does permit limited BTC monetization for specific reserve-building purposes, but Strategy opted to fund its liquidity entirely through equity issuance this time around. The company’s Bitcoin holdings remained steady at approximately 840,447 BTC.

The framework also authorizes up to $1 billion in repurchases of digital credit securities.

What the STRC yield tells us

Strategy’s variable-rate STRC preferred securities currently yield 12% annually. For investors in STRC, the 47-month coverage ratio provides a concrete, measurable safety margin that didn’t exist at this scale before the recent raise.

Implications for corporate Bitcoin strategy

The $2 billion equity raise that funded this liquidity expansion did dilute existing MSTR shareholders through the sale of 18.26 million new shares. That’s the trade-off: shareholders absorb dilution in exchange for a significantly de-risked balance sheet and the preservation of the Bitcoin treasury.