Headline: CryptoQuant Analysts View Strategys $1.44 Billion Reserve as Preparation for Prolonged Bear Market Translation: CryptoQuant Analysts View Strategys $1.44 Billion Reserve as Preparation for Prolonged Bear Market

The bitcoin-friendly firm Strategy has established a fiat reserve amounting to $1.44 billion to manage its debt and distribute dividends. Analysts from CryptoQuant have interpreted this move as a preparation for a potential downturn in market conditions.

The formation of a cash «safety cushion» for a duration of 24 months suggests expectations of prolonged sideways movement or a decrease in the price of the leading cryptocurrency. Experts have speculated that the company is also factoring in the risk of dwindling investor interest in new share offerings.

CryptoQuant referred to this as a tactical shift. The transition to a dual-reserve model (dollars and bitcoin) minimizes the likelihood of forced asset sales during significant market drops. Previously, the strategy relied on an aggressive accumulation of coins funded by a constant issuance of securities.

Analysts believe this change in approach has implications for the industry. The reduction in purchases by Strategy will weaken the demand support that had bolstered previous bull cycles. However, having a dollar buffer and the potential for hedging mitigates the risks of «panic selling,» thereby supporting long-term market stability.

According to specialists, the company no longer views its bitcoin portfolio as untouchable. The 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 have dropped from 134,000 BTC in November 2024 to 9,100 BTC in November 2025. In December, the company only acquired 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 analytical platform, suggested that next year, digital gold may trade within the range of $55,000 to $70,000. He noted that Strategy’s establishment of a dollar reserve increases the likelihood of coin sales, though the company would resort to this only as a last resort.

Investment bank Mizuho Securities maintains a «buy» rating for MSTR shares. Strategy’s CFO Andrew Kan confirmed that the dollar fund serves as a tool for managing liquidity risk. He stated that the company can sustain its operations for over three years with a price around $92,700.

It should be noted that from the first to the third quarters, investors reduced their positions in MSTR by $5.38 billion—from $36.32 billion to $30.94 billion.