MSTR bought another 130 Bitcoins last week, bringing their total holdings to 650,000 BTC, with an average cost of $74,436 per Bitcoin. At the same time, the company announced the establishment of a $1.44 billion USD Reserve to cover dividend and interest payments for the next 21 months. What does this mean? Over the past four years, MSTR’s strategy has been very straightforward: Raise funds through equity or bond financing and convert all the proceeds directly into Bitcoin. But starting now, the structure has changed: They’ll still raise funds, but the money will be split—part of it will go into the USD Reserve Pool for stable payouts, and the other part will continue to purchase BTC. In other words, MSTR’s model has evolved from a “leveraged BTC exposure” to a quasi-banking structure: BTC Reserve (long-term value storage) + USD Reserve (short-term payout reserve). BTC serves as a long-term, interest-free reserve asset. USD serves as cash flow to ensure sustainable dividend and interest payments. This is no longer just a company “swapping equity for BTC,” but the beginning of a BTC-based credit system. And the main reason for this shift is to address market concerns about MSTR potentially defaulting due to insolvency. Bitget VIP—lower fees, bigger perks!