At the company #strategy , led by Michael Saylor, there has been the most significant strategic shift in the last five years. Against the backdrop of a changing market cycle and worsening macro conditions, the company is focusing not on aggressive accumulation #BTC , but on forming a substantial dollar reserve.
1. New regime: defensive liquidity model
This week, Strategy formed a reserve of $1.44 billion. This is the first case since 2020 when dollar assets were sidelined in favor of BTC purchases. The company is creating a financial cushion for at least 12 months, with a strategic goal of a reserve for 24+ months.
The reason is simple: adaptation to a possible prolonged decrease in revenues and market instability.
2. CryptoQuant conclusions: the market has entered a phase of crypto winter
CryptoQuant analysts note:
the beginning of the bear cycle falls in November 2025;
in 2026, Bitcoin could drop to the range of 70,000–55,000 dollars in a stress scenario;
the market is transitioning to a re-evaluation phase, where liquidity and stability become more important than the pace of accumulation.
3. Sharp reduction in the pace of BTC purchases
The dynamics of Bitcoin acquisition have changed dramatically:
in November 2024, the company bought 134,000 BTC;
in November 2025 – only 9,100 BTC.
The 'maximum accumulation' strategy, which has been the hallmark of Saylor & Co. for years, is no longer the primary model of action.
4. A new approach to reserve management
Key elements of the updated policy:
part of the reserves is now held in USD;
hedging and selective monetization of BTC in case of force majeure is allowed;
BTC ceases to be the only absolute asset of the company, highlighting pragmatism in a period of increased volatility.
This is not a preparation for a sell-off. At the current BTC rate of about 92,700 dollars, Strategy is capable of paying dividends for over three years without touching its core crypto portfolio.
5. Why the company is restructuring its strategy
Reasons for transitioning to a defensive model:
deceleration of growth in the crypto market;
uncertainty at the macro level and possible cooling of the US economy;
high probability of a prolonged sideways movement or decline in BTC in 2026;
the need to ensure the company's stability regardless of market behavior.
6. Context: changing the era in corporate governance of BTC
The fact that a dollar reserve has been created for the first time since 2020 is an indicator that even the biggest supporters of Bitcoin are moving towards disciplined risk management.
This is part of a broader trend: expectations of a crypto winter and the increasing importance of liquidity. Corporations holding BTC can no longer rely solely on price rallies, and Strategy demonstrates a new market norm.
Conclusion
Strategy officially transitions to a phase of cautious balance management. The company is preparing for a more challenging market period, forming a record dollar reserve and moving away from the uncompromising accumulation model #BTC.
This is a key signal: the crypto market is entering a more mature, rational phase where business resilience is more important than aggressive buying.
