The world’s largest corporate Bitcoin holder said it has built a substantial cash reserve capable of covering more than two years of dividend payments, easing concerns over its expanding preferred securities obligations.

Strategy (MSTR), the largest corporate holder of Bitcoin, recorded an $8.2 billion net loss for the second quarter as falling cryptocurrency prices reduced the market value of its Bitcoin portfolio.

The company’s quarterly loss was almost entirely linked to an $8.32 billion unrealized loss on its Bitcoin holdings resulting from fair-value accounting adjustments.

Strategy held 843,775 BTC as of July 26, representing a 25% increase compared with the beginning of the year. At current Bitcoin prices, the holdings are valued at approximately $54.8 billion, below the company’s total acquisition cost of $63.7 billion.

The financial results came as investors raised concerns about the durability of Strategy’s increasingly complex capital structure, which includes preferred shares, common stock, and convertible debt.

During the year, Strategy secured $17.06 billion through at-the-market equity offerings, repurchased $1.5 billion of convertible notes at an 8% discount, and grew its U.S. dollar reserve to $3.75 billion. The company said the cash reserve is sufficient to cover more than two years of preferred dividend payments and interest expenses.

Chief Financial Officer Andrew Kang said the company’s $3.75 billion USD reserve can support existing preferred dividend obligations and interest costs for more than 2.1 years.

The company also sold approximately $218.4 million worth of Bitcoin through its BTC Monetization Program to increase cash reserves and help fund preferred stock dividends. The move represented a shift from Strategy’s previous approach of continuously accumulating Bitcoin without selling any assets.

Executive Chairman Michael Saylor said the company remains focused on developing its “Digital Credit” business despite recent weakness in Bitcoin markets.

Saylor said that despite muted Bitcoin sentiment and investor skepticism, Strategy continues to refine its business strategy and work toward establishing Digital Credit as a new asset class.

Strategy also launched a $1 billion repurchase program for its MSTR common shares, though no shares have been bought back under the initiative so far. In addition, the company repurchased around $25 million worth of STRC preferred shares below their stated value and said it expects to continue buying the securities while they trade at a discount.