Updated Jul 13, 2026, 3:54 p.m. Published Jul 13, 2026, 3:27 p.m. 2 min readStrategy Executive Chairman Michael Saylor. (Nikhilesh De)SummaryStrategy has not purchased any bitcoin since June 22. Since then, it has sold 3,588 BTC and increased its US dollar reserve to $3 billion. The reserve provides 20.4 months of coverage, giving Strategy greater flexibility to navigate a bitcoin bear market while continuing to meet its dividend and interest obligations.Strategy (MSTR) has not purchased any bitcoin since June 22, when it acquired just 520 BTC for approximately $35 million. Since then, the company has shifted its immediate focus from bitcoin accumulation to strengthening its liquidity position.During the week ending July 5, Strategy sold 3,588 BTC in two transactions. It sold 1,363 BTC for approximately $80.8 million on June 30, followed by another 2,225 BTC for $135.2 million. The sales generated roughly $216 million and reduced Strategy’s holdings to 843,775 BTC.The company said the proceeds would help fund distributions on its preferred stock and replenish the portion of its U.S. dollar reserve used to make those payments. The reserve stood at approximately $2.55 billion following the sales.On Monday, Strategy increased its U.S. dollar reserve to approximately $3 billion. Based on annualized preferred-stock dividends and debt interest of roughly $1.76 billion, the reserve now provides about 20.4 months of coverage.However, if bitcoin were to fall further and reach new lows, the $3 billion reserve may prove insufficient, potentially forcing Strategy to raise additional funds or sell more bitcoin, which could place further pressure on both STRC and MSTR.Strategy's approach has attracted criticism from economists, with Peter Schiff saying the company is "needlessly destroyed shareholder value."If bitcoin follows its historical four-year cycle, a cyclical low could arrive later this year, potentially around October. However, this remains a scenario rather than a reliable forecast.Expanding the USD reserve is also part of Strategy’s bitcoin monetization and capital-management framework. One objective is to reinforce the perceived creditworthiness of its perpetual preferred securities, particularly Stretch (STRC), by demonstrating that cash distributions can continue during periods of bitcoin weakness and can also sell up to $1.25 billion worth of bitcoin to fund the dividend payments. STRC currently trades at approximately $87, down around 0.5% on Monday, although it has recovered from a late-June low near $70. Its continued discount to the $100 stated value suggests investors still require a higher yield to compensate for bitcoin-related and liquidity risks.Meanwhile, MSTR’s multiple to net asset value (mNAV) on an enterprise basis is approximately 1.02, meaning the shares are trading at only a slight premium to the company’s net assets. Therefore the larger cash reserve gives Strategy more flexibility if the bear market persists and access to accretive equity financing remains limited.UPDATE, July 13, 16:53 UTC: Adds quote from Peter Schiff.12345678910