Strategy revealed an updated capital management strategy during its second-quarter 2026 earnings call. Chairman Michael Saylor said the company has abandoned its previous approach of directing virtually all available cash into Bitcoin. Instead, Strategy will maintain a cash reserve and adjust the balance between cash and BTC depending on market conditions.
“This model better aligns with the interests of shareholders and holders of our debt instruments,” he said.
A New Balance Sheet Management Model
Saylor said the previous model, which kept cash reserves to a minimum, proved less effective than expected. Going forward, Strategy will make Bitcoin purchase decisions based on Bitcoin's premium over the 200-week moving average.
When the premium is high, the company plans to increase its cash reserve. When the premium is low or Bitcoin is trading at a discount, Strategy will buy BTC more aggressively. Saylor added that this approach should allow the company to accumulate more Bitcoin over the long term than buying continuously regardless of price.
Liquidity and Debt Load
During the second quarter, Strategy increased its cash reserve to $3.75B. According to the company, that amount is enough to cover dividend payments and interest payments for more than two years.
Convertible debt declined by 18% during the quarter, falling from $8.2B to $6.7B.
BTC Purchases Continue
Despite the shift in strategy, Strategy remained a net buyer of Bitcoin. During the quarter, the company purchased about 84,000 BTC. Since the beginning of the year, it has acquired around 175,000 BTC while selling approximately 3,600 coins. The company's Bitcoin per Share metric increased by 5% during the quarter.
Saylor also described digital lending as one of the company's key growth areas. The company's primary product in this segment will remain STRC, with Strategy aiming to keep its price in the $99–100 range. The company is not planning to launch any new lending products at this time.
At the end of the quarter, Strategy retained its position as the largest publicly traded corporate holder of Bitcoin, holding nearly 844,000 BTC.