Michael Saylor may have ruled out selling Strategy’s Bitcoin holdings based on the scaling of the US Dollar Reserve.
In fact, Strategy recently announced expanding its USD reserve fund by $748 million to nearly $2.2 billion. The fund, which was first announced earlier in December, will help cover dividend obligations associated with preferred shares for which Strategy raises capital Bitcoin buys.
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Comments on the strategy plan
The $2.2 billion fund now covers medium-term obligations for 31 months. On the other hand, most of the $8 billion debt matures within three years, with the first maturity in 2028. analyst James Van Straten, this move is a way to remove the MSCI exclusion risk and insolvency FUD.
“Just to put the insolvency FUD to bed. Well played.”
Interestingly, the prediction site Polymarket also painted a similar picture. The chances of the strategy that would be delisted from the MSCI index in the first quarter of 2026 were still high at the time of writing: 75%. On the contrary, the chances of Strategy selling BTC in the first half of 2026 were 17% and less than 10% in the first quarter of 2026.
Source: Polymarkt
Put differently, despite the high risk of exclusion from the MSCI index, the probability of forced liquidations of its BTC supply was low, thanks to the USD reserve fund that will cover immediate dividend obligations.
Analyst Adam Livingstone for his part linked the latest USD reserve moves towards S&P Global’s recommendations.
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In October 2025, S&P Global Strategy assigned a credit rating of ‘B’. noted that it could increase the rating if Strategy improves its ‘US dollar liquidity’, reduces convertible debt and shows strong capital market access during BTC withdrawals.
MSTR vs Bitcoin
In the past three weeks, the company has raised nearly $4 billion, scaled its BTC holdings to 671,268 coins and expanded its reserve fund.
However, it is worth pointing out that Strategy’s MSTR was sold to raise final capital to strengthen the USD reserve fund.
Both MSTR and BTC are on track to end the year in the red. BTC erased its gains year-to-date (YTD), falling 5% to $88,000. The MSTR fell eightfold (loss of 43%), from its 2025 high of $457 to $164.
Source: Google Finance
Final thoughts
- Strategy has scaled its USD reserve fund to $2.19 billion, achieving 31 months of coverage for the dividend obligations associated with the preferred shares.
- The chances of liquidating BTC have remained low after the creation of the reserve fund.