Analysts at CryptoQuant have described the new Strategy capital management program as a step towards reducing liquidity risks. However, they emphasized that the company still lacks clear rules for buying and selling the leading cryptocurrency.

Strategy changed course just six days after our warning.

The company has now:

• Paused Bitcoin purchases
• Rebuilt its USD reserve from $1.44B to $3.0B
• Doubled dividend coverage from 14 to ~29 months
• Raised STRC’s dividend to 12%
• Sold $466.7M of MSTR and ~3,588 BTC… pic.twitter.com/O3XKuV4URo— CryptoQuant.com (@cryptoquant_com) July 16, 2026

“The Strategy program is a genuine course correction. To complete this turnaround, they need to determine two things: a systematic model for timing Bitcoin purchases and a disciplined approach to selling in a rising market. Until then, there is room for improvement in the turnaround,” wrote Julio Moreno, head of research at CryptoQuant.

The firm introduced a five-part plan at the end of June, which includes:

  • A dollar reserve solely for dividends on preferred shares and interest on debt, with a minimum coverage of 12 months of payments;
  • Increasing the dividend on STRC preferred shares to 12% annually with monthly reviews;
  • A buyback of preferred shares up to $1 billion, prioritizing STRC;
  • A buyback of common shares of MSTR up to $1 billion if management deems the shares undervalued;
  • A Bitcoin monetization program: selling coins worth up to $1.25 billion to replenish reserves, dividends, interest, or fund buybacks.

Additionally, the initiative includes a more disciplined issuance of shares when Strategy trades near 1x mNAV.

The plan emerged just days after CryptoQuant's “unsolicited advice,” where analysts recommended pausing Bitcoin purchases and rebuilding the dollar reserve after a sharp decline in STRC dividend coverage.

Moreno noted that the first point of Strategy has largely been fulfilled. From June 29 to July 5, the company sold ~3,588 BTC for ~$216 million and then raised $466.7 million through the sale of MSTR shares.

According to the expert, the dollar reserve grew from $1.44 billion to $3 billion. Dividend coverage doubled from about 14 to 29 months. The Bitcoin reserve remained at 843,775 BTC. Strategy has not yet conducted buybacks of preferred and common shares.

Moreno also pointed out the dynamics of STRC. After the program launch and dividend increase, the shares rebounded from a low of around $75 at the end of June to about $85, but still trade significantly below the nominal value of $100.

Source: Yahoo Finance.

However, two questions remain unanswered, according to the analyst.

  1. When to resume Bitcoin purchases. The share issuance rule at the 1x mNAV mark regulates capital raising, not its deployment. Without a model that considers valuations, the company risks “buying local peaks” again.
  2. How to sell cryptocurrency in the next bull cycle. The current monetization program is protective in nature. It does not allow for partial realization or hedging at cycle peaks. According to Moreno, such cross-cutting sales discipline is the second half of active capital management.

Recall that in early July, analysts at JPMorgan criticized Strategy's decision to sell Bitcoin, stating that the launch of this mechanism created a “two-sided risk that could have been avoided” for the market.