Strategy has built a $4.75 billion cash reserve, covering roughly 2.7 years of dividend payments, after CEO Phong Le found that preferred-stock investors prize cash liquidity over the company's bitcoin holdings. Part of that cushion traces back to two 2026 bitcoin sales, including a June sale of 3,588 BTC that Le called irrelevant to market pricing given Strategy's roughly 840,000 BTC position.
Strategy has built a $4.75 billion cash reserve, enough to cover about 2.7 years of dividend payments, CEO Phong Le said in an interview on CoinDesk's Public Keys. Le said he initially assumed investors would value Strategy's bitcoin holdings highly because bitcoin is liquid and has appreciated significantly over time. Instead, institutions and investors putting shorter-term money into Strategy's products place more weight on cash, he said.
Bitcoin sales fund the cushion
Some of that cash traces back to bitcoin sales. In late May 2026, Strategy sold 32 BTC for roughly $2.5 million — its first bitcoin sale since 2022 and, Le said, a test to confirm the process worked. Then, in June 2026, the company sold 3,588 BTC, roughly 0.4% of its total holdings, tied to what management called broader capital structure adjustments.
Le called that sale irrelevant to market pricing. He pointed to dividends, debt servicing and share repurchases as possible uses for the proceeds, and said the sales may also generate realized losses that could create tax assets for the company.
"The central bank of Bitcoin"
Strategy has built preferred-stock products such as STRC for investors seeking bitcoin-linked returns with less volatility than holding bitcoin directly, spanning a spectrum from amplified bitcoin exposure to lower-volatility yields closer to money-market products. Le pointed to Strategy's roughly 840,000 BTC position, about 4% of bitcoin's eventual 21 million supply. According to CoinDesk: "We now are the bellwether. We now are the central bank of Bitcoin," Le said.
Software business still growing
Even as bitcoin makes up the overwhelming majority of Strategy's market value, software revenue grew 7% year over year while cloud subscriptions increased 54%, Le said. Strategy's roughly 1,500 employees give the bitcoin operation access to lawyers, finance professionals, AI engineers, developers and marketers, he said.
Sources: CoinDesk, Crypto Briefing
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