Strategy is back in the spotlight after revealing its Bitcoin treasury could support shareholder dividends for the next 31 years, highlighting the extraordinary scale of its cryptocurrency holdings.
The firm’s corporate treasurer, Chaitanya Jain, said the company’s Bitcoin reserve could cover approximately 31 years of dividend payments, far exceeding the protection offered by its cash reserves alone.
According to Jain, Strategy’s U.S. dollar reserve would cover only about 1.8 years of dividend obligations, highlighting the growing role Bitcoin plays on the company’s balance sheet.
Meanwhile, the latest update follows a disclosure from Strategy founder Michael Saylor, who confirmed that the company held 843,775 Bitcoin as of July 19, maintaining its position as the world’s largest corporate Bitcoin holder.
The company did not buy or sell any Bitcoin during the latest reporting period. Instead, it continued strengthening its liquidity by raising fresh capital through its at-the-market (ATM) common stock program.



 
Strategy generated approximately $263.5 million from sales of its Class A common shares between July 13 and July 19. The proceeds helped increase the company’s U.S. dollar reserve to roughly $3.225 billion, providing additional liquidity alongside its digital asset holdings.
The cash reserve is intended to support preferred stock dividend payments and service interest obligations on outstanding debt while giving the company greater financial flexibility.
However, while Bitcoin remains the centerpiece of Strategy’s balance sheet, the company continues to rely on equity markets to finance operations and strengthen its treasury.
According to its latest regulatory filing, Strategy still has around $23.5 billion of remaining capacity under its common stock ATM program, leaving substantial room to raise additional capital if needed.
The company’s Bitcoin holdings were accumulated for approximately $63.69 billion, translating to an average acquisition cost of $75,476 per Bitcoin.
Rather than actively trading its Bitcoin position, Strategy has increasingly favored issuing common shares and preferred securities to expand liquidity while preserving its long-term cryptocurrency holdings.
Notably, Strategy’s preferred stock has also become a major talking point among investors evaluating the company’s financing model.
Credit investor Khing Oei argued that the market may be undervaluing Strategy’s STRC preferred shares by focusing primarily on their current yield instead of their longer-term cash generation potential.
Oei suggested the preferred shares should be analyzed more like traditional bonds, arguing that Strategy’s ability to support dividend payments over an extended period strengthens their long-term value.
Additionally, he noted that any appreciation in Bitcoin could further reinforce Strategy’s financial position, potentially improving the valuation of its preferred securities over time.
Strategy’s latest figures illustrate how dramatically its balance sheet has shifted toward digital assets. While its cash reserves have continued growing through stock issuance, executives view the company’s Bitcoin holdings as the primary source of long-term financial resilience.
That said, as Strategy continues expanding its capital-raising programs without reducing its Bitcoin exposure, investors will remain focused on whether its unconventional treasury model can continue delivering both balance sheet stability and long-term shareholder value.
At press time, BTC was trading at $64,880, reflecting a 0.45% gain over the past 24 hours.
