Strategy: The pullback of STRC taught us a big lesson. During the Strategy 2026 Q2 Investor Online Q&A on August 17, when asked what lessons the management learned from the pullback and recovery of STRC, CEO Phong Le @phongle stated that the biggest takeaway is maintaining dollar liquidity. This is precisely why the company currently holds $4.8 billion in reserves. In the future, when raising funds through STRC, the capital may be allocated to dollar reserves or other dollar liquidity assets to ensure dividends and boost confidence among institutional investors, especially STRC buyers. Executive Chairman Michael Saylor emphasized that for Bitcoin to achieve a fair valuation, the company must be willing to sell Bitcoin, as credit dividends rely on selling Bitcoin to pay out. Similarly, to stabilize STRC, the company must always be prepared to buy or sell STRC and remain highly vigilant about the quality of the capital structure. Source: Strategy