USD Cash at Michael Saylor’s BTC treasury company Strategy has fallen 60% from $1.61 billion on August 30 to $640.5 million on October 11, according to its latest disclosure this week.
The firm has spent the majority of its USD Cash on STRC buybacks, Strategy’s ultra-high yield dividend stock that it sold to investors for $90–100.03 per share before those same shares briefly collapsed to $71.25.
Reinstilling confidence that the shares would trade near their intended $100 price has cost the company — especially common shareholders — extensive cash that the company mostly raised via common shareholder dilution.
Read more: Strategy’s USD reserve didn’t last long
Strategy’s pace of USD Cash depletion works out to about $970 million in less than seven weeks. If it continues that average pace and doesn’t top it up, its USD Cash will run out in about four weeks.
Amid the aforementioned buybacks, Saylor has taken to X to post glowing reviews about STRC’s recovery. This included another installment of his imaginary retiree supposedly enjoying a carefree lifestyle funded by STRC dividends.
Pretend to not check the price of STRC
The unbothered, AI-generated investor doesn’t even bother to check the price of STRC.
Although irresponsible, choosing to bury one’s head in the sand certainly would have saved any real investor the gut-punch of STRC’s actual price whipsawing 29% since Saylor first broadcasted her testimonial from his social media feed on March 30.
Still living comfortably. $STRC pic.twitter.com/FuqNd35DnG
— Michael Saylor (@saylor) October 2, 2026
Read more: Strategy has burned through 64% of its STRC rescue fund
Strategy’s August USD Cash figure included expected proceeds from stock sales that hadn’t yet settled, but the starting figure is accurate by Strategy’s own accounting with that footnote.
Moreover, USD Cash isn’t Strategy’s only dollar stockpile, due to a separate “USD Reserve,” earmarked for bond coupons and dividend payments, holding $4.88 billion as of October 11.
That reserve is down from the $5.10 billion it reported for August 30.
The combined change of both USD reserves is still decidedly negative, albeit slightly less dramatically at approximately 18% combined.
Strategy’s two piles of USD cash
Strategy created USD Cash on August 24, funding most of it with about $1.57 billion from the sale of roughly $2 billion of MSTR stock the week prior.
Common shareholders, as usual, paid for Strategy executives’ flexibility by suffering dilution of their MSTR shares.
The company explained at the time, “USD Cash complements the USD Reserve by providing management with a more flexible source of liquidity for the purposes described above.”
In plain English, executives gave themselves a second pot of cash from which they could spend more freely.
The older USD Reserve had stricter limits. Strategy may use this reserve for preferred dividends and interest payments, unless its board formally authorizes otherwise.
It paid out $142.5 million for those purposes during the week of October 4, for example.
Strategy’s board doubled its STRC total buyback authorization to $2 billion in September, yet just $354.8 million of that authorized amount remained as of October 11.
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