Strategy pivots to cash buffer as Saylor eases 100% BTC pledge

Analysts at TD Cowen and Benchmark reaffirm Buy on Strategy after its Q2 results, noting management’s shift from a 100% BTC allocation to a cash-heavy plan designed to return STRC to par and fund more BTC purchases. The quarter showed an $8.2B loss driven by unrealized BTC declines, Strategy’s BTC holdings rising to about 843,775 and a dollar reserve near $3.75B (enough to cover about two years of dividends). Institutional STRC holdings climbed to roughly $3.1B (about 29% of STRC), with management signaling buys below $100 to rebuild liquidity as targets diverge (Benchmark cut to $435, TD Cowen at $260). The stock traded around $97.70 after the report.