Bankless · Friday, July 3, 2026
MicroStrategy has significantly increased its USD reserves, now covering 17.5 months of dividend payments, up from $1.4 billion to $2.55 billion. This move, likely funded by MicroStrategy's ATM program, extends their operational runway. While an authorization to sell up to $1.25 billion in Bitcoin was formalized, the company did not sell Bitcoin directly.
“They increased their USD reserves to $2.55 billion. That's 17 and a half months of dividend coverage. That was up from last week. We said they had $1.4 billion. Yeah, they added a little bit more than a billion dollars. And so they more than doubled their time that they have to pay for stress.”
“He did not sell Bitcoin. He did not sell Bitcoin. So it had to be. But, Ryan, they gave themselves a formal authorization to sell $1.25 billion of Bitcoin.”
“And so it had to be. But, Ryan, they gave themselves a formal authorization to sell $1.25 billion of Bitcoin: Wait, they gave themselves permission to sell? No. This was always allowed. This is kind of my issue with this is like they were always allowed to sell Bitcoin. Well, it's called forward guidance, right?”