According to external media, the chain analyst, CryptoQant, argued that Strategy needed to deal with the pressure on cash reserves more now than to continue to expand the Bitcoin hold. According to the article, the company, which had long relied on financing to buy bitcoin, was also under pressure from the rising red burden of preferential shareholdings, the fall in the United States dollar reserve and the widening of book losses.

StRC price deviations increased

In a report provided to CoinDesk, CriptoQant states that Strategy ' s core priority unit, STRC, fell to approximately $82.5 last week, about 17.5 per cent below the target transaction level of $100. In the Agency ' s view, this deviation reflects the emerging concern of the market as to whether the corporate cash buffer is sufficient to support the dividends commitment.

STRC currently has an interest rate of about 11.5 per cent. Investors are more sensitive to the pressure on such financing instruments as the back-up of bitcoin coincides with the contraction of company cash reserves.

Cash cover period reduced to 14 months

CryptoQant states that Strategy ' s United States dollar reserves have declined by 38 per cent since the beginning of 2026, while the annual bonus obligation has nearly quadrupled to $1.2 billion. According to the Agency, the cash buffer period used to cover the split has been reduced from over seven years to about 14 months.

The report points to one of the reasons for the increase in pressure as a $1.5 billion expenditure in May. Strategy then repurchased convertible instruments, which consumed the cash reserve that could otherwise have provided support to STRC.

CryptoQuant also stated that, as companies issued more STRCs to finance the purchase of bitcoin, the share burden increased from approximately $300 million to $1.2 billion in less than six months. If the status of the STRC is to be restored, the cash reserve will need to rise back to approximately $2.8 billion, equivalent to 24 months of coverage; and the related reserve disclosed by Strategy in mid-June is about $1.1 billion.

Bitcoin holdout did not create enough buffer

CryptoQant argues that Strategy ' s large bitcoin holdhouse does not provide enough security cushions on a surface scale. According to the report, the company currently held approximately 847,000 bitcoins, but at current prices, all the bitcoins purchased in 2024, 2025 and 2026 were in deficit, with a combined unrealized loss of approximately $10.6 billion.

The article argues that, if the company is forced to sell bitcoin at current prices, the book losses will translate into real losses and directly affect shareholder values. CryptoQuant therefore recommends that Strategy suspend the purchase of money, replenish the cash, and then move to a more pacing way of buying, rather than a continuous build-up after each financing.

CriptoQant also noted that STRC dividends were cumulative dividends and that even if payments were suspended, they would have to be replenished, making it difficult for companies to quickly save cash through the standstill. According to the article, this is also one of the financial pressures that Strategy cannot avoid in the short term.