Cash Reserves

Strategy is keeping share repurchases secondary while it builds liquidity, supports STRC and manages its bitcoin-linked balance sheet. Michael Saylor said MSTR buybacks remain possible if shares trade at a very deep discount to net asset value.

JPMorgan says Strategy’s new bitcoin sales policy creates “two-way” flow risk and adds avoidable uncertainty to crypto markets. The bank also wants the company to build larger cash reserves to cover dividends.

CryptoQuant is warning that Strategy has stretched its balance sheet too far through aggressive bitcoin accumulation. The firm says cash coverage has thinned sharply, making a reset in reserves more urgent than fresh BTC purchases.