Wait, has MicroStrategy’s $1.44 billion reserve fund been used up?

This money was originally a strategic buffer—set aside specifically to cover shareholder debt interest payments. Remember the debate we had before? It was about whether the company might be forced to sell BTC to cover interest costs. The conclusion at the time was: with this $1.44 billion, there’s no need to worry about a liquidity crisis for at least two years.

But if the funds have really been depleted now, the situation has changed. If both US stocks and BTC enter a downward cycle at the same time and drop to a certain threshold, and they have no other cash flow to support them... then there’s only one option left: sell coins for cash to pay interest. That would be no small matter for market sentiment.