Michael SaylorBitcoin pioneered by 
$86,989.86 treasury firm Strategy has prepared for impending market weakness by building cash reserves of $1.44 billion. According to CryptoQuant, this step by Strategy indicates that the company has moved from its aggressive Bitcoin purchasing strategy, which has been in place since 2020, to a liquidity-focused protection model. In-blockchain data show that the bear trend that started in the last quarter of 2025 has deepened and BitcoinIt indicates that it can be traded between 70,000 and 55,000 dollars in 2026.
Strategic Transformation of Strategy: Dollar Reserve and Hedging Model
CryptoQuantstated that Strategy’s creation of a two-year cash buffer is a prediction that the market will remain flat or weak for a long time. The $1.44 billion reserve aims to cover the company’s dividend payments and debt interest. It was announced that the reserve was created with the funds provided by the company’s last share issue and will be expanded to 24 months over time. The approach means a financial security mechanism that will ensure that obligations are fulfilled without being forced to sell Bitcoin.
CryptoQuant believes that the model in question is Strategy’s untouchable Bitcoin positionHe emphasized that he redefined the Now management accepts that it can not only hold its assets but also take flexible measures such as hedging or limited sales when necessary. Analysis company Strategy estimates that monthly Bitcoin purchases will be 134,000 units in November 2024. BTC He reported that it decreased from the level to 9,100 BTC in November 2025, and that only 135 BTC was purchased as of December. This decrease in purchasing intensity indicates a transformation that strengthens long-term stability despite the weakening of the demand channel in the market.
Mizuho: Strategy Has No Sales Planning
Mizuho Securitiesattributed Strategy’s dollar reserve decision to liquidity risk management and maintained its outperform rating and $484 target price for the stock. Company CFO Andrew Kang In the investor session held with , it was stated that the reserve is the last line of defense before the Bitcoin sale, and that the sale will only come to the agenda if mNAV remains below 1 for a long time. Additionally, the company stated that it is capable of continuing operations and dividend payments for three years while Bitcoin’s current price hovers around $92,700.
Mizuho plans to further increase Strategy’s reserve when market conditions are favorable and Bitcoin saleHe stated that he saw it as the last option. CryptoQuant argues that although this approach will end the aggressive buying period, it will stabilize the market in the long term.
