Strategy’s U.S. dollar reserve has reached $4.65 billion, up from $3.75 billion two weeks earlier. It has also sold almost 7,000 BTC since late June 2026. 

Many are wondering why a company built around accumulating Bitcoin would choose to hold billions of dollars in fiat. More importantly, should other Bitcoin businesses do the same? 

Strategy holds cash because it’s in a very unique position 

Strategy increasingly operates as an issuer of Digital Credit: preferred securities backed economically by an enormous Bitcoin balance sheet. These instruments create fixed dollar dividends obligations.

Bitcoin produces no cash flow. Strategy’s software business produces far too little…

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