Strategy Sets $1.44B Buffer for Bitcoin Bear Market Risk: CryptoQuant
Strategy, the world’s largest company holder of Bitcoin, has put aside a $1.44 billion U.S. dollar reserve as a liquidity buffer in opposition to a protracted market downturn, a transfer that analysts at CryptoQuant say alerts preparation for a possible bear market section.
The firm, the world’s largest company holder of Bitcoin, raised the funds by way of ongoing at-the-market fairness gross sales.
The reserve is designed to cowl dividend funds on most popular inventory and repair curiosity obligations for at the least 12 months, with the acknowledged purpose of extending protection to 24 months or extra.
Strategy additionally disclosed that it could promote Bitcoin or Bitcoin derivatives as a part of its risk-management toolkit if market situations deteriorate.
Strategy Pivots to Dual-Reserve Treasury as Bitcoin Buying Slows
CryptoQuant described the transfer as a structural change from Strategy’s long-standing playbook of issuing fairness and convertibles primarily to purchase extra Bitcoin.
Instead, the corporate is now working a dual-reserve treasury mannequin that pairs long-term Bitcoin publicity with short-term greenback liquidity geared toward decreasing the danger of pressured BTC gross sales throughout market stress.
The shift comes as Strategy’s tempo of Bitcoin accumulation has slowed sharply by way of 2025. Monthly purchases fell from 134,000 BTC on the 2024 peak to 9,100 BTC in November 2025, with simply 135 BTC added to this point this month, in response to CryptoQuant.
The analytics agency mentioned the size and timing of the greenback buffer sign preparation for a sustained bear market.
Despite the slowdown, Strategy stays deeply uncovered to Bitcoin. On Nov. 17, the firm bought 8,178 BTC for roughly $835.5 million in its largest buy since July, bringing complete holdings to about 650,000 BTC.
Strategy’s inventory trades underneath the ticker MSTR, with a primary market capitalization of about $54 billion and an enterprise worth close to $69 billion.
Market web asset worth metrics present the inventory buying and selling near the worth of its Bitcoin holdings. Basic mNAV stands at 0.892, diluted mNAV at 0.994, and enterprise-value mNAV at 1.136, reflecting the impact of debt and most popular obligations.
CEO Phong Le has said the corporate would solely take into account promoting Bitcoin if its shares fall under web asset worth and entry to new financing dries up.
He described such gross sales as a final resort to guard what he calls “Bitcoin yield per share,” stressing that promoting would happen provided that issuing new fairness turned extra dilutive than decreasing holdings.
Strategy’s annual fastened obligations tied to most popular shares are estimated at $750 million to $800 million. Le mentioned the brand new greenback reserve presently covers about 21 months of dividends.
Founder and Executive Chairman Michael Saylor described the reserve as the following stage in Strategy’s evolution as a Bitcoin-focused treasury firm, positioning it to navigate market volatility whereas sustaining its long-term digital-asset technique.
To reassure traders, the corporate not too long ago launched a “BTC Credit” dashboard, stating that it has enough dividend protection even when Bitcoin costs stay flat for prolonged durations.
Strategy additionally mentioned its debt stays well-covered if Bitcoin falls to its common value of roughly $74,000 and stays manageable even at $25,000.
The reserve technique has drawn blended reactions from the market. Bitcoin critic Peter Schiff argued that the shift exhibits the corporate is being pressured to promote inventory to purchase {dollars} reasonably than Bitcoin with a view to meet its obligations.
Strategy’s share value has fallen greater than 60% from latest highs at the same time as Bitcoin has traded between $95,000 and $110,000 in late 2025, including to investor scrutiny of the mannequin.
Strategy’s stance can also be being watched by index suppliers. MSCI is currently reviewing how companies with massive digital-asset treasuries ought to be handled in main fairness indexes.
Any change in classification may pressure benchmark-tracking funds to rebalance, including one other layer of volatility to a inventory that already trades with a high Bitcoin beta.
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