I know a few funds that were shorting MSTR/STRC for the single reason of the "low" USD reserve of around 6/7 months.



But once Strategy showed they had 18 months of runway they backed off.

They said, 18 months cash on hand is a widely used rule of thumb, sitting between the 12-month floor that satisfies lenders and covenants, and the 24-month fortress level that signals credit strength.

I would expect MSTR has raised more USD this week to increase the USD reserve as they are currently below 18 months.
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GateUser-16838403
· 07-03 13:38
The timing of this strategy disclosure is very clever, directly forcing a group of short sellers to back off.
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GateUser-46033407
· 07-03 13:15
So shorts are targeting the cash reserve, not the BTC exposure itself.
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MinimalistSculpturePedestal
· 07-03 12:38
The 18-month threshold is indeed interesting, sitting between 12 and 24, and institutions recognize this.
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AprDaydream
· 07-03 11:19
Curious if the reserve is actually replenished this week, will someone reverse and go long?
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