MicroStrategy sold shares to add $748M, lifting its USD reserve to $2.2B — roughly a 32‑month buffer against preferred‑stock dividends (~$824M/year across STRK/STRC/STRF/STRD/STRE). The cash cushion reduces near‑term refinancing risk ahead of a Sept 2027 $1B convertible note put date, extends coverage into the next Bitcoin halving (expected ~Apr 2028), and provides an alternative to equity conversion if shares remain below the $183 conversion threshold. MicroStrategy also holds 671,268 BTC; shares are down ~45% YTD and currently trade near $163–$165.

Concrete balance‑sheet actions: raising USD reserve to $2.2B (including $748M from share sales) creates ~32 months of coverage for ~$824M/year preferred dividends, which reduces refinancing risk before a Sept 2027 $1B convertible note put date; conversion dynamics hinge on current share price (~$163–$165) vs $183 threshold; 671,268 BTC holdings add optionality. These are verifiable, near‑term capital structure facts that can influence trading decisions.