MicroStrategy has positioned its balance sheet as more stable than JPMorgan's by claiming that 91% of its funding is permanent capital. The company states that its short-term funding gap is zero, while JPMorgan's is negative $1.2 trillion, based on definitions provided by MicroStrategy.
The company owns 845,050 BTC, acquired primarily through the issuance of perpetual preferred stock that pays fixed dividends and has no maturity date. According to a September 8 filing, MicroStrategy has no obligations due within the next 12 months.
JPMorgan's June filing shows $2.71 trillion in deposits against $5.02 trillion in assets, meaning 54% of its balance sheet is funded by withdrawable deposits. MicroStrategy's average purchase price for Bitcoin is $75,415 per coin, with its total holdings valued at $66.8 billion.
The company maintains a $5.10 billion cash reserve to cover its $6.71 billion debt and dividend payments. In the second quarter, it paid $400.7 million in preferred dividends. Between early summer and late August, the company raised $3.28 billion in cash but did not purchase any Bitcoin for 10 weeks.