CryptoQuant Advises MicroStrategy to Halt Bitcoin Purchases
CryptoQuant recommends that MicroStrategy should stop buying Bitcoin to replenish its cash reserves, as stated in a report shared with CoinDesk. The analytics firm highlights a significant drop in Strategy's cash coverage and a $10.6 billion unrealized loss affecting its preferred stock, STRC.
On June 24, 2026, CryptoQuant issued a warning regarding MicroStrategy’s aggressive Bitcoin acquisition strategy, urging it to pause purchases and restore its cash reserves. The report indicates that the cash cushion supporting Strategy's STRC (preferred stock) has notably decreased from more than seven years to just 14 months due to recent financial pressures.
As of mid-June, Strategy's cash reserves have fallen by 38% this year, a situation complicated by increasing dividend obligations which have surged nearly fourfold to $1.2 billion. This has directly impacted the value of STRC, which dropped approximately 17.5% below its $100 par value, trading around $82.50 last week. Such a steep decline suggests the firm overextended itself amidst the aggressive accumulation of Bitcoin, allowing its unrealized losses to reach approximately $10.6 billion.
CryptoQuant highlighted that all Bitcoin acquired in 2024, 2025, and 2026 is essentially at a loss, indicating that any forced sale at current market prices would lead to substantial losses and could potentially erode shareholder value. Nevertheless, MicroStrategy remains in a position where it can maintain dividend payments without needing to sell Bitcoin, as it has options to raise dividends or issue new shares to uphold the company's credibility with preferred stockholders.
The firm recommends restoring cash reserves to around $2.8 billion before resuming any systematic Bitcoin accumulation. This would provide a more sustainable foundation for the business model that has prominently featured Bitcoin purchases under CEO Michael Saylor's leadership.
While CryptoQuant's advice marks a significant shift from MicroStrategy's current operational strategy, where continuous Bitcoin acquisition has been a centerpiece of its identity, the company faces critical questions about its future cash flow management and investment approach.
Summary based on original reporting by Shaurya Malwa at CoinDesk, originally published Jun 24, 2026. SolanaWire does not republish source content.
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