Saylor's $BTC Buy Spree Hits a Wall as STRC Slides and the Cash Pile Slims 🧱

Strategy, the business intelligence firm led by executive chairman Michael Saylor, should suspend its ongoing Bitcoin acquisitions to stabilize its STRC preferred shares, according to Julio Moreno, head of research at CryptoQuant. Moreno's analysis, published this week, warned that the company's shrinking cash reserves combined with ballooning dividend obligations on STRC have created a liquidity squeeze that the firm's equity holders can no longer ignore.

STRC, Strategy's variable-rate preferred stock, dropped to $82.50 last week from its $100 par value, the lowest price in the instrument's history. The decline followed shareholder approval of a semi-monthly dividend structure, which has pushed annualized dividend commitments tied to STRC to roughly $1.2 billion. That figure represents a nearly four-fold increase since the start of 2026.

Strategy's cash position has moved in the opposite direction. CryptoQuant's data shows reserves have contracted by 38% over the same period, driven largely by the company's repurchase of $1.5 billion of its 0% Convertible Senior Notes due 2029. The firm has separately moved to rebuild its USD treasury, adding $300 million in cash on Monday as it recalibrates its balance sheet.

Moreno's note argues that continuing to direct capital into $BTC purchases while cash covers dividend payments at a deteriorating ratio exposes Strategy to heightened refinancing and liquidity risk. He pointed to the falling dividend cover ratio as evidence that incremental Bitcoin buys should be paused until the preferred equity stabilizes.

Strategy has not publicly responded to the CryptoQuant analysis. The company has continued to use equity and debt issuances to fund Bitcoin acquisitions under Saylor's long-running treasury strategy, and any change in pace would mark a notable shift from the approach it has pursued since 2020.