That $1.44 billion reserve fund of MicroStrategy—could it have already been tapped into?

The purpose of this money was very clear—to pay interest to shareholders. We discussed before that if their cash flow gets tight, they might have to sell Bitcoin to cover payments. The conclusion back then was that with this $1.44 billion as a cushion, a liquidity crisis shouldn’t happen within the next two years.

But what if this money has actually been used up ahead of time? The situation becomes delicate. If both the US stock market and BTC enter a downward channel simultaneously and fall to a certain threshold, MicroStrategy might be forced to activate Plan B—selling part of their BTC holdings to cover interest expenses.

For institutions holding large amounts of BTC, this is a signal worth watching. In a market downturn, managing cash flow is more critical than paper profits.