Strategy Shares Rally More Than 7% to $98.5 After Lifting USD Reserve to $3.75 Billion

Strategy, the Michael Saylor-led firm best known as the world's largest corporate holder of Bitcoin, saw its shares rise more than 7.5% to close at $98.5 after disclosing that it increased its U.S. dollar reserve to $3.75 billion. The company set up the reserve in December 2025 at $1.44 billion, financed through at-the-market sales of common stock. Management said the purpose was to fund 12 to 21 months of preferred stock dividends and interest on debt. By July 13, 2026, Strategy had sold about 4.8 million MSTR shares, raising roughly $466.7 million and taking the reserve to around $3 billion. A subsequent $263.5 million raise lifted the balance to about $3.225 billion. The latest increase to $3.75 billion extends the same approach. Strategy estimates the annualized obligations the reserve is intended to cover at about $1.76 billion, implying close to two years of runway at the current cash level. The reserve build did not involve any changes to the company's Bitcoin position. Strategy reported no BTC purchases or sales during the period and said it still holds 843,775 BTC. Issuing stock to bolster cash comes with dilution for existing shareholders, particularly at the scale of nearly 5 million shares sold. The market response suggests investors are willing to accept that tradeoff in exchange for a lower risk that the company would need to sell Bitcoin in a downturn to meet interest payments. For MSTR shareholders, the $3.75 billion reserve reduces near-term concerns around dividends and debt servicing. With roughly $1.76 billion in annualized obligations and more than twice that amount in cash, the buffer is sizable. The key remaining risk is a prolonged Bitcoin bear market, which would pressure the value of Strategy's 843,775 BTC while liabilities remain fixed. The reserve provides time, not protection. Investors may focus on the relationship between the reserve balance and annualized obligations as a primary gauge of how comfortable the company's financing position remains.