Strategy (formerly MicroStrategy) has brought its net leverage down to near zero after accumulating $. in dollar liquidity. The cash pile covers four years of preferred stock (STRC) dividend obligations, and STRC has recovered % from its June lows as the capital structure stabilizes. : The de-risking is double-edged for BTC. Near-zero leverage removes the forced-selling tail risk that haunted MSTR through the June drawdown — structurally bullish. But $6.69B sitting in cash instead of BTC means the most aggressive corporate buyer is on pause, and the 4-year dividend runway suggests much of that reserve is committed to STRC obligations rather than BTC accumulation. MSTR has gone from BTC's biggest demand engine to a neutral holder. For BTC traders, watch for any announcement redirecting this cash toward BTC purchases — that would be the bullish catalyst. Until then, the structural bid from the largest corporate holder is effectively on hold. BTC is tradeable on Hyperliquid and Aster. source: CoinDesk Track real-time signals & trade → https://(hupzy.com)/trending?utm_source=x&utm_medium=social&utm_campaign=agent_x_post&utm_content=2208