On December 24, as the digital asset market entered a critical phase of cyclical adjustment, ZFX Shanhai Securities highlighted that Strategy (MSTR) has significantly bolstered its dollar reserves to $2.2 billion through recent capital market operations. This strategic move underscores the company’s proactive financial management, establishing a 32-month liquidity buffer that not only reinforces its leadership in crypto-asset holdings among global listed firms but also provides a robust credit foundation to navigate future market uncertainties.
Regarding the allocation rationale, ZFX Shanhai Securities noted that the $748 million raised through equity financing on Monday effectively addresses potential liquidity gaps. These funds have been strategically allocated to dividend payment plans across multiple preferred stock series, ensuring the company can sustain annual high-yield dividends of approximately $824 million ahead of Bitcoin’s halving event in April 2028. This forward-looking approach demonstrates MSTR’s commitment to safeguarding investor interests amid volatility.
In terms of financing instruments, ZFX Shanhai Securities emphasized the $1 billion convertible notes maturing in September 2027 as a market focal point. Current financial data indicates that even if share price fluctuations prevent equity conversion, the company’s existing cash flow is sufficient to cover repayment obligations. This "cash-for-time" strategy minimizes the risk of forced divestment of core assets during downturns, striking a balance between volatile asset prices and stable financial outlays.
Dubbed the "dollar battery" reserve model, this framework acts as a financial shock absorber. By combining substantial cash reserves with over 670,000 Bitcoin holdings, MSTR exhibits exceptional resilience against a potential "crypto winter." ZFX Shanhai Securities asserts that even under extreme conditions, the company could fulfill all cash settlement obligations by liquidating a minimal portion of its digital asset portfolio, showcasing high capital efficiency through liquidity-asset synergy.
In conclusion, ZFX Shanhai Securities views MSTR’s defensive financial measures as not merely addressing short-term dividend needs but also optimizing its balance sheet ahead of the next industry halving cycle. This prudent approach sets a benchmark for peers with similar asset exposures. With its cash buffer extending through 2028, the company is well-positioned to focus on business expansion and value appreciation over the next two years, free from refinancing pressures.