USD Cash at Michael Saylor’s BTC treasury company Strategy has fallen 60% from $1.61 billion on August 30 to $640.5 million on October 11, according to its latest disclosure this week.

The firm has spent the majority of its USD Cash on STRC buybacks, Strategy’s ultra-high yield dividend stock that it sold to investors for $90–100.03 per share before those same shares briefly collapsed to $71.25.

Reinstilling confidence that the shares would trade near their intended $100 price has cost the company — especially common shareholders — extensive cash that the company mostly raised via common shareholder dilution.

Strategy’s pace of USD Cash depletion works out to about $970 million in less than seven weeks. If it continues that average pace and doesn’t top it up, its USD Cash will run out in about four weeks.

Amid the aforementioned buybacks, Saylor has taken to X to post glowing reviews about STRC’s recovery. This included another installment of his imaginary retiree supposedly enjoying a carefree lifestyle funded by STRC dividends.

The unbothered, AI-generated investor doesn’t even bother to check the price of STRC.

Although irresponsible, choosing to bury one’s head in the sand certainly would have saved any real investor the gut-punch of STRC’s actual price whipsawing 29% since Saylor first broadcasted her testimonial from his social media feed on March 30.

Strategy’s August USD Cash figure included expected proceeds from stock sales that hadn’t yet settled, but the starting figure is accurate by Strategy’s own accounting with that footnote.

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