Strategy’s net leverage fell to near zero after the company reported $6.69 billion in dollar assets that nearly matched its $6.75 billion of convertible debt. The calculation, which divides the difference by a bitcoin reserve valued at about $66 billion, resulted in a leverage ratio close to zero. Chairman Michael Saylor announced the development on X, saying the cash position supports the firm’s Digital Credit Capital Framework and can be used for dividend payments, stock repurchases and other treasury purposes. Strategy, the largest publicly traded holder of bitcoin, has been building dollar reserves to fund roughly $1.7 billion in annual preferred‑stock dividends. The dollar reserve grew to $5.1 billion, covering about four years of dividend obligations, and a $1.59 billion cash pool was created for flexible deployment. The STRC perpetual preferred stock, which trades at $97.23, has risen more than 35 % from its June low. The rebound coincided with bitcoin’s price recovery toward $80,000 and with the company’s recent share repurchases. In May, Strategy repurchased $1.5 billion of convertible notes due 2029, reducing its debt burden. Rival Strive Asset Management, which eliminated its debt earlier in the year, saw its perpetual preferred stock return to a $100 par value, enabling an at‑the‑market issuance. Because senior debt ranks above preferred equity in the capital structure, the reduction improves Strategy’s relative position. Anvil, a on‑chain collateral layer that uses a programmable letter of credit, was mentioned in related assets but was not central to the leverage discussion.