Strategy Unveils $1.44B Debt Reserve; Vanguard Crypto ETFs, Myriad–Trust Wallet

Strategy sets aside $1.44B to cover dividends and debt service as Vanguard opens access to crypto ETFs

Strategy has disclosed a $1.44 billion U.S. dollar reserve intended to cover dividend payments on its preferred stock and interest on its outstanding debt, a move the company says is designed to reduce pressure to sell crypto holdings during periods of volatility.

According to the company’s disclosures, the cash is explicitly reserved for these obligations and is expected to cover approximately 21 months of payments. Strategy said the reserve was created to address concerns about its ability to meet commitments tied to its growing debt and perpetual preferred shares.

The company announced the reserve on December 1, noting it was funded through sales of new Class A shares under its at-the-market (ATM) equity program. Strategy also confirmed the reserve in a filing with the U.S. Securities and Exchange Commission, indicating it plans to extend coverage from 12 to 24 months.

The announcement arrives amid heightened scrutiny of Strategy’s balance sheet. The company carries $8.2 billion in convertible debt, and shareholder dilution has exceeded 10% year-to-date due to stock issuances used to fund bitcoin purchases. Management has also acknowledged that selling bitcoin could be an option to meet dividend obligations, a shift from earlier messaging that emphasized long-term holding.

In parallel, broader market infrastructure for regulated crypto exposure continues to expand. Vanguard is set to allow clients to access spot crypto exchange-traded funds (ETFs) on its brokerage platform starting December 2, 2025. Vanguard oversees $11 trillion in client assets and serves more than 50 million investors, making the policy change notable for mainstream access to crypto investment vehicles.

Vanguard has indicated it will not launch its own crypto ETFs, but will provide access to regulated products without advising clients on buying or selling.

• Strategy: created a $1.44B reserve to cover dividends and interest for about 21 months, funded via an ATM equity program and documented in an SEC filing.
• Risk management context: the reserve is positioned as a buffer to reduce the need to sell crypto holdings during volatility, amid significant debt and dilution.
• Market access context: Vanguard’s platform access to spot crypto ETFs extends regulated crypto exposure to a large retail and institutional client base.