Strategy’s $2.55 Billion Dollar Reserve and New Capital Toolkit Signal a Shift in Priorities

Strategy has rolled out a formal capital framework designed to reassure investors after its stock tumbled to around €81 — roughly 80% below a 52-week high of €391.80 reached in July 2025. The framework, adopted on June 29, 2026, outlines five pillars that give the company new flexibility but stop short of any binding commitments.

The cornerstone of the plan is a $2.55 billion dollar reserve that stood as of June 28. This cushion is ring-fenced exclusively for preferred-stock dividends and interest payments unless the board explicitly approves other uses. Under the new policy, Strategy must maintain enough cash to cover at least twelve months of expected dividend and interest obligations. According to the company’s estimates, the current reserve actually stretches to more than 17 months of those commitments.

To further strengthen the capital structure, the board authorized two separate buyback programs, each with a ceiling of $1 billion. One targets the company’s Digital Credit Securities, the other its common stock. Neither program carries a fixed end date, and management can suspend or modify them at any time. For common shareholders, the key takeaway is that these authorizations create optionality, not promises; any repurchases will depend on market conditions, liquidity, and management’s judgment.

Should investors sell immediately? Or is it worth buying Strategy?

The most striking shift involves Strategy’s Bitcoin holdings. For the first time, the company has explicitly authorized the sale of Bitcoin — up to $1.25 billion worth. Proceeds can be funneled into the dollar reserve, used to cover dividends and interest, or support the buyback programs. Any sale beyond that threshold requires separate board approval. The move marks a clear departure from the previous doctrine that the 847,363 Bitcoin in the treasury (acquired for $64.1 billion, or $75,651 per coin on average) were effectively untouchable. Notably, between June 22 and June 28, the company did not purchase a single Bitcoin.

The stock, which closed at €81.21 after the announcement, has been under severe pressure. It sits roughly 37% below its level just 30 days ago and has lost about 42% year-to-date. The 52-week low of €71.91 is only 13% below the current price, leaving little margin for error. Meanwhile, the dividend on the company’s variable-rate preferred stock is set to rise to 12% starting in July, adding to the incentive to protect liquidity.

Analysts at Cantor Fitzgerald view the package as a positive step that addresses immediate liquidity concerns. The combination of a dedicated cash buffer and the ability to monetize a portion of the Bitcoin stash removes the acute risk of a forced sell-off or dividend cut. Yet the framework remains a set of tools rather than a roadmap: whether management deploys them to stabilize the capital structure without further diluting common equity is the question that will define the stock’s trajectory from here.

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