Strategy USD Reserves Hit $4.8B, Cover ~33 Months of Dividends & Interest

The reserve is best read as a liability-management tool rather than a signal about Bitcoin appetite: it buys Strategy time to service preferred dividends and debt interest without forced sales, which matters most to income-oriented holders of its preferreds and to creditors watching coverage. The trade-off is that idle USD reserves earn nothing like the assets the company is known for, so the size of the buffer frames how much dry powder remains for further purchases. Whether the reserve keeps growing or gets drawn down is the open question.