News 4 (Revised)

An analysis said that Strategy has newly created dollar reserves of $1.444 billion to prepare for the possibility of a long-term correction in Bitcoin (BTC).

According to a CryptoQuant report cited by The Block on the 4th (local time), Strategy has prepared a cash buffer to cover at least 12 months and, in the long term, more than 24 months for preferred stock dividends and company debt interest payments. The report described this as "a signal that the company has begun to recognize the possibility that Bitcoin may trade sideways for an extended period or decline further."

CryptoQuant explained that a dual reserve system (dollars + Bitcoin) has the advantage of lowering the risk that Strategy would be forced to sell its held Bitcoin in a market crash. However, it also weakens the capacity for new purchases, so the "additional purchase effect" that was a strong buying force in the previous cycle may be limited, the report diagnosed.

Strategy's Bitcoin buying pace has recently slowed noticeably. Monthly purchase volume decreased from 134,000 BTC in November 2024 to 9,100 BTC in November 2025, and as of December it had only bought 135 BTC. The report analyzed, "As Strategy shifted to a liquidity-first strategy, its previous aggressive accumulation strategy has entered an adjustment phase."