Strategy has implemented a robust risk management strategy by setting aside a liquidity fund of 1.44 billion dollars, according to recent data analyzed by the firm CryptoQuant. The company’s CEO, Phong Le, and founder Michael Saylor, have oriented this defensive move to shield corporate operations against technical signals suggesting entry into a prolonged bearish phase, similar to that observed in early 2022.
The company, consolidated as the world’s largest corporate holder of Bitcoin, raised this capital through ongoing at-the-market equity sales. The figures reveal a drastic halt in its buying pace: monthly acquisitions collapsed from a peak of 134,000 BTC in 2024 to just 9,100 units in November 2025, adding a mere 135 coins so far this current month. This financial cushion is specifically designed to cover preferred stock dividend payments and interest obligations for at least 12 months, with the stated ambition of extending this coverage up to 24 months.
On the other hand, this adjustment marks a fundamental structural shift in the firm’s operating playbook, moving away from its historic aggressive accumulation. They now operate under a dual-reserve treasury model that pairs long-term exposure with immediate dollar liquidity, reducing the risk of forced BTC sales during periods of acute financial stress. Michael Saylor describes this evolution as a necessary stage to navigate market volatility without sacrificing their digital asset vision, while the company admits the possibility of selling derivatives if environmental conditions deteriorate considerably.
Is this the beginning of capitulation or a corporate survival maneuver?
Likewise, shares under the ticker MSTR have suffered a severe correction exceeding 60% from recent highs, currently trading very close to the net value of their Bitcoin holdings. This renewed risk management strategy has generated polarized reactions in the market; critics like Peter Schiff argue that the business model is broken and that the company is forced to sell equity to meet obligations. The situation is delicate, as investors watch if the share price falls below asset value, which could trigger emergency sales according to protocols described by management.
Finally, Strategy ensures its debt remains covered even if the leading asset price falls to levels of 25,000 dollars, offering some reassurance through its new “BTC Credit” dashboard. However, the current review by index providers like MSCI could force funds to rebalance their portfolios, adding an extra layer of volatility to a stock that already behaves with a high beta regarding cryptocurrencies. The market will remain attentive to the company’s ability to sustain its obligations without liquidating its strategic reserves.
