Strategy Sets $1.44B Buffer for Bitcoin Bear Market Risk: CryptoQuant

Core Insights - Strategy, the world's largest corporate holder of Bitcoin, has established a $1.44 billion liquidity reserve to prepare for a potential bear market, indicating a shift in its financial strategy [1][4] - The reserve aims to cover dividend payments and interest obligations for at least 12 months, with a goal of extending this coverage to 24 months or more [2] - The company is transitioning to a dual-reserve treasury model, combining long-term Bitcoin exposure with short-term dollar liquidity to mitigate risks during market stress [3] Financial Performance - Strategy's Bitcoin accumulation has significantly slowed, with monthly purchases dropping from 134,000 BTC at the peak in 2024 to just 9,100 BTC in November 2025, and only 135 BTC added so far this month [4] - Despite the slowdown, the company made a substantial purchase of 8,178 BTC for approximately $835.5 million on November 17, increasing total holdings to about 650,000 BTC [5] - The company's stock, trading under the ticker MSTR, has a basic market capitalization of around $54 billion and an enterprise value near $69 billion, with market net asset value metrics indicating the stock trades close to the value of its Bitcoin holdings [5] Strategic Adjustments - The CEO has stated that Bitcoin sales would only be considered if the company's shares fall below net asset value and access to new financing is restricted, emphasizing that such sales would be a last resort [6]