[CryptoQuant: Strategy Should Pause Bitcoin Purchases and Rebuild Cash Reserves] According to The Block, CryptoQuant has recommended that Strategy pause its Bitcoin purchases and prioritize rebuilding its cash reserves. Julio Moreno, the company's head of research, pointed out that Strategy's preferred stock, STRC, fell to $82.50 last week, a 17.5% discount from its $100 face value. The primary reasons are the pressure from the Bitcoin bear market combined with a sharp decline in cash reserves. Since early 2026, Strategy's cash reserves have decreased by 38%, while dividend obligations have surged from an annualized $300 million at the start of the year to approximately $1.2 billion currently, due to issuing STRC to finance Bitcoin purchases. The dividend coverage ratio has dropped from over seven years to just 14 months. Moreno estimates that restoring a 24-month dividend coverage would require approximately $2.8 billion in cash, roughly double the current level.