Strategy: STRC's Pullback Taught Us a Big Lesson

At Strategy's Q2 2026 investor Q&A livestreamed on Aug. 17, asked what lessons management had drawn from the recent STRC drawdown and recovery, CEO Phong Le said the biggest lesson was the importance of maintaining U.S. dollar liquidity — the reason the company now holds $4.8 billion in reserves.

Funds raised through STRC in the future could potentially go into the dollar reserve or other forms of dollar liquidity, he said, to backstop the dividends and build confidence among institutional investors, especially those buying into STRC. Executive Chairman Michael Saylor added that for Bitcoin to be fairly valued, the company must be willing to sell Bitcoin as well as buy it, since credit dividends are funded by selling Bitcoin — and likewise, stabilizing STRC means standing ready to buy or sell it, with a laser-like focus on the quality of the capital structure.