According to foreign media, Crystal Quant, a chain-based data agency, recently issued a warning to the Bitcoin rhythm of Strategy. It is judged that the continued purchase of bitcoin would make the management of the company ' s liquidity more stringent in the face of the continued downside of the STRC and the decline in cash reserves.

Red coverage reduced to approximately 14 months

CryptoQant states that Strategy ' s annual red-red obligation has risen to approximately $1.2 billion, while the company ' s cash reserves have declined by 38 per cent in 2026. Under this change, the red-coverage period has been reduced from more than seven years before to about 14 months.

The agency estimated that, in order to restore the coverage period to 24 months, Strategy needed approximately $2.8 billion in cash. This size is approximately twice the current cash level of the company.

The agency says the purchase is more like a liquid absorption.

CriptoQuant CEO Ki Young Ju argues that Strategy continues to buy bitcoin for the time being, and is no longer a clear price pusher, as in the past. In a market environment where sales are more heavy, such purchases are more likely to support price bands rather than lead to new increases.

He mentioned that the market value of bitcoin had increased by some $46.7 billion over the past two years, but prices had fallen by only 1 per cent overall. In his view, that meant that funds were still flowing in the market but had not yet led to a clear upward trend.

Ju also indicated that continued purchases could delay more thorough market clearance. According to him, while the Bitcoin cycle usually experienced a major fall, the holders were clear and the large households were re-sorted, the round was more confined to broad-banded areas.

Strategy is still holding and replenishing cash

Strategy hasn't stopped buying the money, despite external doubts about the warming. The company recently purchased 520 bitcoin at a cost of about $35 million, with an average purchase price of about $67068, and a total of 847363.

At the same time, Strategy has increased its dollar reserves by $300 million to $1.4 billion, indicating that companies are also increasing their liquidity readiness while continuing to hold bitcoin.

STRC is one of the focus of this discussion. This is only a sustainable priority stock face return of 11.5 per cent, which was originally designed to be traded around $100, but fell to $82.50 in the near future. At a price of about US$ 87.40, its real rate of return was about 13.2 per cent, reflecting investors' demand for higher returns to hold the product.

Saylor continues to defend the financing structure

In the face of questioning, the co-founder of Strategy, Michael Saylor, is still publicly defending the corporate structure. He stated that the company held bitcoin combined with cash reserves, which was approximately $48 billion higher than the outstanding debt; since 2022, it had raised more than $60 billion in capital and used it to buy bitcoin.

CriptoQant did not conclude that Strategy had an immediate cash crisis, but argued that the balance between the purchase of the currency, the dividends obligation and the cash reserves was becoming more difficult to maintain in the case of a weak Bitcoin price and a lower face value of STRC.