Strategy Builds $4.75 Billion Cash Reserve as It Courts Credit Investors

Strategy has built a $4.75 billion cash cushion, a shift CEO Phong Le said reflects investor demand for traditional liquidity alongside the company’s large bitcoin position. In an interview with CoinDesk’s Public Keys, Le said the reserve provides about 2.7 years of dividend coverage for the company’s preferred-stock products.

The move matters because it shows how Strategy is adapting to a wider investor base. Le said he initially believed investors would place more weight on bitcoin’s liquidity and long-term appreciation, but institutions and shorter-term capital allocators have shown a stronger preference for cash when evaluating Strategy’s credit-like products.

Strategy has been developing preferred-stock offerings, including STRC, for investors seeking bitcoin-linked exposure with less volatility than common equity or direct BTC positions. Le described a range of products aimed at different risk appetites, from amplified bitcoin exposure to lower-volatility yields closer to traditional credit or money-market instruments.

The company is also trying to reposition itself as more than a leveraged bitcoin proxy. Le said Strategy wants to become a major digital finance platform, comparing its ambitions to an ecosystem in which outside developers and firms could build products around Strategy’s offerings.

Strategy’s bitcoin holdings remain central to that plan. Le said the company owns roughly 840,000 BTC, about 4% of bitcoin’s eventual 21 million supply, and argued that its scale now gives its decisions broader market significance. The company’s legacy software business also remains part of the structure, with Le citing 7% year-over-year software revenue growth and 54% growth in cloud subscriptions.