43 min ago2 min readStrategy Executive Chairman Michael Saylor (left). (CoinDesk)SummaryStrategy’s $6.69 billion in dollar assets now nearly matches its $6.75 billion of outstanding convertible debt, giving the company a net leverage of almost zero. The STRC preferred stock has rallied more than 35% from its June low to $97.23, supported by buybacks and bitcoin’s recovery toward $80,000.Strategy MSTR$125.50·At close, the largest publicly traded bitcoin BTC$78,672.54 holder, reduced its net leverage to almost zero after building $6.69 billion in dollar liquidity, The company calculates net leverage by subtracting its dollar assets from its debt of about $6.75 billion and dividing the remainder by the value of its bitcoin reserve, currently around $66 billion. Over recent months, Strategy has largely focused on raising capital to bolster its U.S. dollar reserve, which supports approximately $1.7 billion in annual preferred-stock dividends. The reserve has grown to $5.1 billion, covering about four years of dividend payments. It also established a $1.59 billion cash pool, which can be deployed more flexibly.“USD Cash enhances our Digital Credit Capital Framework, and is separately designated for general Bitcoin Treasury Company purposes, including acquiring BTC, paying preferred dividends & interest, repurchasing MSTR/preferred stock, repaying converts, and increasing USD Reserve,” Executive Chairman Michael Saylor said in a Friday post on X.STRC, Strategy’s variable-rate perpetual preferred stock, has rallied more than 35% from its June low and is now trading at $97.23, below its $100 par value. The recovery has been supported by bitcoin’s rebound towards $80,000 and Strategy’s ongoing STRC repurchases.Rival bitcoin treasury company, Strive Asset Management ASST$21.33·At close carries no debt after eliminating it earlier in the year. The difference is important because debt ranks senior to preferred stock in the corporate capital structure. Strive’s perpetual preferred stock, SATA, has returned to its $100 par, allowing the company to issue additional shares through its at-the-market (ATM) program last week.Strategy reduced some of its debt burden in May by repurchasing $1.5 billion of convertible notes due in 2029. Eliminating the debt, would strengthen STRC’s position in the capital structure, but continued buybacks, ample dollar liquidity and bitcoin’s price recovery may provide the more immediate support needed to push the preferred back toward par.Related AssetsRelated StocksMarket Closed12345678910Anvil: The Missing Collateral LayerAnvil: The Missing Collateral LayerAnvil is a shared on-chain collateral layer built on a programmable letter of credit: reserve assets as a guarantee -no loan, no interest, keep custody & yield.Jul 29, 2026Anvil is a shared on-chain collateral layer built on a programmable letter of credit: reserve assets as a guarantee -no loan, no interest, keep custody & yield.Why it matters:Anvil is a shared on-chain collateral layer built on a programmable letter of credit: reserve assets as a guarantee -no loan, no interest, keep custody & yield.View Full Report