Coin BureauANALYSTAug 4, 2026“Strategy's risk profile has improved — the capped $1.25B Bitcoin sale authorization, $3.75B cash reserve, and doubled dividend coverage make the forced-seller thesis obsolete.”
Why he says it — point by point
FAVORABLE & AGAINST · BOTH KEPTWhy
that June 29th filing put a number on it, $1.25 billion. Roughly 20,800 coins or about 2.5% of the holdings. That is a broad authorized published maximum.
Today, with a $3.75 billion reserve against roughly 1.76 billion of annual obligations, it's carrying somewhere between 24 and 28 months. The bear case relied a lot on Strategy's ability to cover dividend payments, but the firm's coverage has more than doubled.
the company stopped buying Bitcoin, sold some Bitcoin, raised equity it refused to spend on Bitcoin, and the market rerated it upwards.
Benchmark's Mark Palmer is still carrying a $570 target on the stock, calling the reserve build disciplined capital allocation.
Risk
Peter Schiff predictably thinks the common stock goes to zero, pointing to Bitcoin yield per share collapsing from 13.3% in May to 4.5% by late July.
The structured call
The receipt
Publish-day price $$187.59 · the claim is anchored to the moment it was said.