Стратегия компании Strategy указывает на медвежьи ожидания с новым резервом в $1,44 млрд Translation: Strategys Move Signals Bearish Expectations with New $1.44 Billion Reserve

The Bitcoin-friendly firm Strategy has established a fiat reserve of $1.44 billion to manage its debt and pay dividends. Analysts from CryptoQuant interpret this move as a preparation for potential declines in market conditions.

The creation of a financial «safety net» for a period of 24 months suggests expectations of prolonged stagnation or a drop in the price of the leading cryptocurrency. Experts speculate that the company is also taking into account the risk of diminishing investor interest in new share issuances.

CryptoQuant referred to this as a tactical shift. The transition to a dual-reserve model (dollars and Bitcoin) reduces the likelihood of forced asset sales during significant price downturns. Previously, the strategy was centered on aggressively acquiring coins through continuous securities issuance.

Analysts believe this change in approach carries implications for the industry. The reduction in purchases by Strategy will weaken the demand support that previously reinforced bullish cycles. However, the presence of a dollar buffer and hedging options may mitigate the risk of «panic sell-offs,» thereby supporting long-term market stability.

According to specialists, the company no longer views its Bitcoin portfolio as untouchable. Management acknowledges the need for flexibility, including the use of hedging and selective monetization in critical situations.

The pace of accumulation has already slowed. Monthly purchases decreased from 134,000 BTC in November 2024 to 9,100 BTC in November 2025. In December, the company acquired only 135 coins.

The Bull Score index developed by CryptoQuant has fallen to zero for the first time since January 2022, indicating a bearish phase. Julio Moreno, head of research at the analytics platform, suggested that next year, digital gold might trade in the range of $55,000 to $70,000. He noted that Strategy’s establishment of a dollar reserve increases the likelihood of coin sales, but the company will resort to this only as a last resort.

Mizuho Securities has maintained a «buy» rating for MSTR shares. Strategy’s CFO, Andrew Kang, confirmed that the dollar fund serves as a liquidity risk management tool. He stated that the company can sustain its operations for over three years at a price of around $92,700.

Recall that from the first to the third quarter, investors reduced their positions in MSTR by $5.38 billion—from $36.32 billion to $30.94 billion.