Strategy cuts net leverage to near zero as cash nearly matches convertible debt

The strategy reduced net leverage to near zero by holding cash roughly equal to its outstanding convertible debt, effectively neutralizing net debt exposure. This minimizes the risk of forced deleveraging tied to convertible-note obligations and lowers sensitivity to margin or liquidity shocks. For Bitcoin, the move reduces potential downside pressure from leveraged selling while also removing a source of leveraged buying, likely dampening near-term volatility and limiting leveraged-driven upside.