Posteo

The "$5B Strategy $BTC overhang" narrative is exaggerated. That figure combines several different items: a cash reserve allocation, the then-current $1.76B annual cash obligation, and two optional share buyback authorizations. None of these are fixed—the cash requirement can change, and the buyback program can be paused if needed. As of July 26, Strategy held $3.75B in USD, enough to cover roughly 2.1 years of preferred dividends and interest at the then-current run rate. Between July 20–26, the company strengthened its liquidity by adding $525M from MSTR ATM proceeds while using just $25M for STRC buybacks. A genuine bearish concern would only emerge if Strategy began selling $BTC consistently while its cash reserves continued to decline, creating sustained structural selling pressure. Until then, the "$5B $BTC overhang" remains a weak argument for a bearish Bitcoin outlook. #30YYieldAt19YHigh #SpaceXUnlockLooms