Strategy, the largest corporate holder of bitcoin, keeps a cash reserve that exists to pay the dividends on its preferred stock and the interest on its debt. This explains how the reserve works and shows its balance in 24 dated filings, from $1.44 billion at launch to $4.83 billion on October 18, 2026.
Data as of · balances as of the dates shown, from Strategy’s Forms 8-K · figures include proceeds from share sales not yet settled, as the filings state
Illustration: Strategy’s USD Reserve balance in 24 dated 8-K disclosures, from $1.44B (Dec 1, 2025) to $4.83B (Oct 18, 2026).
How Strategy’s USD Reserve Works, data as of 2026-10-19
USD Reserve and USD Cash = the balances Strategy states in each weekly 8-K, as of the date shown; the filings say the amounts include expected cash proceeds from shares sold under its ATM that had not yet settled. Rows are the disclosures found in Strategy’s filings; weeks between January and May 2026 use different wording and some weeks are not listed, so “change” compares only with the previous row. USD Cash was introduced on August 24, 2026. Observed facts from filings, not a forecast.
How it works
Origin
December 1, 2025: a reserve for dividends
$1.44B
On December 1, 2025 Strategy announced a US dollar reserve of $1.44 billion “to support the payment of dividends on its preferred stock and interest on its outstanding indebtedness,” funded “using proceeds from the sale of shares of class A common stock under Strategy’s at-the-market (ATM) offering program.” An ATM program lets a company sell new shares gradually at market prices. The 8-K says Strategy’s intention was a reserve “sufficient to fund at least twelve months of Dividends,” with a goal of ultimately covering 24 months or more.2
Policy
June 29, 2026: a board-approved policy
12 months minimum
A June 29, 2026 8-K said the framework includes a board-approved policy under which the reserve “may be used only to support the payment of preferred stock dividends and interest expense on outstanding indebtedness,” any other use requires board authorization, and management must maintain a minimum reserve “equal to at least 12 months of the Company’s current expected annual preferred stock dividend payments and interest obligations.”3
Growth
From $871 million to $4.83 billion in five months
$4.83B
The reserve was $871 million on May 25, 2026 and $900 million on May 31.45 It reached $2.55 billion on June 28, $3.0 billion on July 12, $4.0 billion on August 2 and $5.10 billion on August 23.3678 On October 18 it was $4.83 billion.9 The August 17 filing says that, in the week of August 10 to 16, $149.1 million of net proceeds from common-stock sales “were used to increase the USD Reserve.”10
Uses
What is paid out of it
$45.5M in a week
Each weekly filing now states what the reserve paid for. In the week of September 14 to 20 Strategy used $57.4 million of it for preferred dividends and interest,11 in the week of September 28 to October 4, $142.5 million,12 and in the week of October 12 to 18, $45.5 million.9 The balance fell from $5.10 billion on September 13 to $4.83 billion on October 18 over a period in which the filings report such payments.139
USD Cash
August 24, 2026: a second pool, USD Cash
$447M
On August 24, 2026 Strategy announced “USD Cash,” a separately designated pool for broader uses, which can include acquiring bitcoin, repurchasing its stock or preferred stock, repaying convertible notes and “increasing the USD Reserve.” It said the existing reserve policy is unchanged.8 USD Cash was $1.59 billion on August 23 and $447.3 million on October 18.89 In the week of October 12 to 18 it funded $193.1 million of STRC repurchases.9
Cover
What the reserve covers
~38 months
Bittery’s dividend cover table lists Strategy’s preferred dividends at about $1.52 billion a year as of 2026-10-19. The $4.83 billion reserve is about 38 months of those dividends, before any interest on debt.1 The company’s own stated minimum is 12 months and its goal is 24 or more.23 Rates and share counts change, so the figure moves from week to week.
Sources
Bittery, Top Digital Credit Companies and Dividend Cover (data/coverage.json, as of 2026-10-19): Strategy’s preferred dividends a year, with the euro-denominated STRE converted at the ECB reference rate of 1.1253.