Citing the CriptoQuant analysis, foreign sources claim that Strategy has recently received renewed attention in connection with the Bitcoin Purchase Plan. The report argues that, in the face of a decline in cash reserves and an increase in split expenditure, the company should give more priority to cash replenishment in the short term than to the continued expansion of the Bitcoin exposure.

Weak cash cover

The report mentions that Strategy ' s STRC fell last week to $82.5, 17.5 per cent below the nominal value of $100, a new low. At the same time, corporate dollar cash reserves have declined by 38 per cent since the beginning of 2026.

CryptoQant states that Strategy repurchased $1.5 billion in May and 0 per cent of the convertible priority instruments due in 2029, a transaction that reduced the cash buffer that could be used to pay the dividends.

At present, companies ' annualized red-red obligations are close to $1.2 billion, a significant increase over the previous period. According to the report, the red coverage period has been reduced from over 7 years to about 14 months. To restore to the 24-month coverage level, the cash reserve would need to increase to approximately $2.8 billion.

The report questions the constant purchase of currency rhythms.

According to the article, Strategy does not need to sell bitcoin in the short term to maintain the STRC, but to get the STRC back around $100, it is still a condition for improved cash cover. Options include increasing the current rate of return on dividends of 11.5 per cent or continuing to issue MSTR shares to demonstrate the company ' s continued ability to pay.

CriptoQuant also questions Strategy's current "money buys" bitcoin configuration. The report recommends that companies should establish more rigorous buy-in models that determine the pace according to the market environment and their own financial situation, rather than a continuous build-up in a vulnerable cycle.

According to the Agency ' s estimates, Strategy currently holds an unrealized deficit of approximately $10.6 billion in bitcoin, and the warehouses bought in 2024, 2025 and 2026 are currently in deficit. According to the report, this buy-in has increased balance sheet pressure.

Bitcoin is in critical support.

CriptoQuant also mentioned that the market value of bitcoin had increased by some $46.7 billion over the past two years, but prices had fallen by about 1 per cent over the same period. This means that the new funds have been transferred more among different holders and have not been effective in driving up prices.

The report therefore concludes that, in the current high-pressure environment, the continued purchase of bitcoin by enterprises is more likely to provide liquidity for off-the-shelf funds than to directly catalyse new increases. If market pressure is not eased, the role of large buyouts may be primarily to maintain zones rather than to promote breakthroughs.

In terms of chain distribution, 60,000-63 million dollars is the most important chip-intensive area of the day, with more than 1.3 million BTCs traded within. According to the report, $60,587 is a short-line key supporting position; if the solar line breaks this level, prices may shift to the $46,702 area. If the position continues to fail, the next main chain will be around US$ 37,867.