MSTR Cash Buffer ‘Depleting Fast’ After $2.54B Bitcoin Buy – Analysts ‘Shocked’ By Dwindling USD Reserves

MSTR’s stock edged lower in midday trade on Monday despite announcing its largest Bitcoin purchase of 2026 amid weakness in the broader market.

• Strategy bought 34,164 Bitcoin for approximately $2.54 billion over the past week.
• Analysts say Strategy’s cash reserves have fallen to about 18 months of dividend coverage.
• The firm previously targeted 24 months of coverage, implying a shortfall.

Shares of Michael Saylor-backed Strategy (MSTR) edged lower in midday trade on Monday despite reporting their largest Bitcoin (BTC) purchase of 2026 so far, with some analysts warning that the company’s aggressive accumulation strategy is quickly eating into its cash buffer.

In a post on X, analyst Ted Pillows said Strategy’s cash reserves are “depleting fast.” He flagged that Strategy has enough cash to cover 18 months of dividends, down from 24 months two weeks ago. “If this continues, more MSTR shares will be issued, thus diluting the shareholders,” he stated.

When MSTR launched its USD reserve last year, it told shareholders that it would maintain 24 months of coverage, implying a shortfall of about six months. Data indicated closing that gap would require an estimated $728 million.

Investor Mark Harvey said he was “shocked” that Strategy led its USD reserves get this low. “I’d love to know what the plan is here,” he said in a post on X.