Strategy: USD reserves now cover 3.4 years of interest and dividend payments

The jump from 0.5 to 3.4 years of coverage is the real story: it reframes Strategy's preferred-stock obligations from a near-term liquidity question into a multi-year buffer, and the STRC buyback signals management is actively managing that liability rather than just accumulating bitcoin. This matters most for preferred holders and anyone tracking the company's ability to service dividends without selling BTC. The open question is whether the dollar cushion keeps pace with future issuance, and whether the buyback marks the start of a sustained capital-structure shift or a one-off.