Anyone waiting to pick up MicroStrategy's leftovers can move along now. Currently, @Strategy has $5.1 billion in USD reserves, with net leverage close to zero. This isn’t their usual style. Over the past few years, their whole persona was about borrowing money to buy crypto, issuing convertible bonds, raising more funds, and buying again—maxing out leverage. When prices dropped, they’d just call it a discount. Now they’re holding 4% of the total BTC supply, sitting on $5.1 billion in cash, and have completely cleared their leverage. Steady, like someone who’s learned a hard lesson. Let’s see when the big boss decides to buy more BTC again!