MicroStrategy’s Obligations Surge to $1.2B as Cash Reserve Drops 38%
MSTR•MicroStrategy’s annualized dividend obligations have surged to $1.2 billion for 2026, while its US dollar reserve has plunged 38% to roughly $1.4 billion after a $300 million stock sale. The company’s preferred stock STRC hit a record low near $82.50, and its $10.6 billion unrealized Bitcoin loss intensifies liquidity concerns.
1. CryptoQuant Warning
CryptoQuant highlighted that MicroStrategy’s annualized dividend obligations have nearly quadrupled to $1.2 billion in 2026, and its US dollar reserve has fallen 38% from about $2 billion to $1.4 billion over the same period.
2. Preferred Stock Weakness
The company’s variable-rate preferred stock STRC slid to $82.50 last week, a record low 17.5% below its $100 par value, cutting dividend coverage from over seven years down to approximately 14 months.
3. Cash Reserve Rebuild
MicroStrategy began reallocating fresh capital to cash in mid-June, buying only 520 Bitcoin for $35 million while raising $335.5 million through common stock sales and funneling $300 million into its US dollar reserve.
4. Bitcoin Loss Risk
With Bitcoin trading well below its $75,000 average cost, MicroStrategy sits on a $10.6 billion unrealized loss, making asset sales counterproductive and reinforcing calls to pause purchases and rebuild liquidity.
