A new report from Cryptoquant’s research team outlines a significant restructuring of Strategy’s treasury design, highlighting the company’s move to establish a dedicated U.S. dollar reserve alongside its long-standing bitcoin ( BTC) holdings.

Cryptoquant researchers note that Strategy raised more than $1.44 billion through at-the-market (ATM) equity issuance to fund this newly created reserve, a pool intended to cover preferred-stock dividends, interest payments on convertible notes, and near-term liquidity needs. This marks the first time Strategy has structured its balance sheet into two explicit reserves: a long-duration bitcoin reserve and a short-duration U.S. dollar buffer.

According to the report published Wednesday, the shift represents a departure from Strategy’s 2020–November 2025 approach, which relied heavily on issuing equity or convertible debt to expand its bitcoin position. The firm now frames bitcoin as the center of its long-term thesis while acknowledging that maintaining the position requires flexibility, including hedging tools and the possibility of selective asset sales during periods of stress.

The analytics firm’s data shows a consistent cooldown in Strategy’s bitcoin acquisition pace. Monthly purchases fell from 134,000 BTC in November 2024 to 59,700 BTC in December 2024, then to 31,500 BTC by July 2025, and finally to 9,100 BTC in November 2025, with only 135 BTC accumulated so far in December. Researchers interpret this as a tactical recalibration rather than an abandonment of Strategy’s bitcoin-forward identity.

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The report emphasizes that Strategy appears to recognize a non-trivial probability of a deep or prolonged drawdown. Analysts highlights that the firm’s pivot coincides with bitcoin’s largest decline of 2025 and a rare drop in the Cryptoquant Bull Score Index to zero — a reading seen only once since January 2022, when the prior bear market began.

The researchers conclude that the establishment of a 24-month liquidity buffer suggests expectations of a potentially weak 2026 and heightened caution around future capital-market access. Still, they note that reducing the likelihood of distressed bitcoin selling could support long-term market stability even as near-term demand softens.

• What change did Cryptoquant identify in Strategy’s treasury model? Cryptoquant reports that Strategy has adopted a dual-reserve structure built around bitcoin and U.S. dollar liquidity.
• Why is Strategy building a large USD reserve? Researchers say the reserve will fund dividends, cover interest obligations, and provide liquidity during tighter market conditions.
• How has Strategy’s bitcoin buying behavior shifted? Cryptoquant notes a steep decline in accumulation throughout 2025 as the firm aims for a more flexible risk profile.
• What market signal did Cryptoquant highlight in its analysis? The firm points to its Bull Score Index falling to zero, indicating bearish conditions similar to those seen in early 2022.

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