Strategy cash and other holdings total $5.9 billion... Trepis estimated at 1.5 quarters without funding

Strategy (MSTR) held $5.9 billion in cash and short-term investments at the end of September, comprising $2.5 billion in cash and cash equivalents and $3.4 billion in short-term investments, according to Trefis, which estimates that at its average spending pace over the last four quarters the company has roughly 1.5 quarters of runway without new financing. Trefis calculated third-quarter free cash flow at negative $584 million, as $4.42 million in positive operating cash flow was overwhelmed by investment outlays including bitcoin purchases. The estimate puts fresh capital raising in focus for the largest corporate bitcoin holder, whose spending on BTC has turned its cash flow deeply negative.