Strategy starts July 2026 with 17.4 months of cash-only USD reserve coverage. If Bitcoin bottoms in Q4 at or slightly below realized price, around $54K, Strategy would likely be approaching its 12-month minimum USD Reserve policy. Historically, once Bitcoin finds a cycle bottom, it takes roughly 70–100 days to rally around 50%. That would put BTC back in the $70K–$80K range. Strategy's average BTC purchase price is around $75K. In other words, the company may need another 3–4 months after the bottom before Bitcoin returns to its cost-basis zone. If history rhymes, Strategy would still have roughly 8 months of USD reserve coverage at that point. MSTR(BloFin Research)