Strategy increased its U.S. dollar reserves to $2.19 billion after raising $748 million through common stock sales, significantly strengthening its liquidity and financial flexibility. According to TD Cowen, the expanded cash buffer is sufficient to cover interest and dividend obligations for roughly 32 months, helping the company navigate a prolonged crypto market downturn.

As a result, TD Cowen reiterated a buy rating on Strategy with a $500 12-month price target, citing the firm’s strong balance sheet and embedded leverage to bitcoin price movements. Strategy remains the world’s largest corporate bitcoin holder with 671,268 BTC, while temporarily pausing new bitcoin purchases to prioritize cash reserves and operational stability.