MicroStrategy has established a dedicated US dollar reserve totaling about $1.44 billion, according to recent filings reported by market aggregators. The reserve is specifically earmarked to support the company’s obligations related to shareholder returns, including preferred dividends and debt interest payments. The company holds roughly 650,000 BTC (around $55.2 billion at recent prices), financed in part by about $8.2 billion in debt. With the addition of the $1.44 billion cash reserve (reported as ~$1.4B in some disclosures), commentators estimate MicroStrategy’s net Bitcoin position (BTC holdings minus debt plus cash) at approximately $48.4 billion. This net BTC exposure now exceeds the firm’s equity valuation, with its market cap hovering around $45 billion–$44.8 billion. Despite its large Bitcoin treasury and the establishment of the new reserve, MSTR shares have been under pressure, recently trading down over 11% intraday and extending a four‑month slide. The stock’s weakness contrasts with the scale of its BTC holdings and has sharpened investor focus on how the firm might eventually return value to shareholders. Separate reporting notes that Michael Saylor has now opened the door to potentially selling a portion of MicroStrategy’s Bitcoin in the future to fund dividends. While no specific timetable or structure has been announced, this marks a shift from the company’s prior messaging that emphasized never selling BTC, and ties directly into the role of the newly disclosed cash reserve and broader capital‑allocation strategy. [Update 1] Added detailed valuation context showing that MicroStrategy’s net Bitcoin position (after debt and including the new cash reserve) now exceeds its market capitalization, and included Saylor’s remarks about the possibility of selling BTC to fund dividends.