Strategy should halt bitcoin buys and bolster cash reserves, CryptoQuant says

Michael Saylor's Strategy should pause its bitcoin purchases, rebuild its cash reserves and develop a disciplined strategy for buying the flagship cryptocurrency, according to a CryptoQuant report. "Strategy should develop a systematic, fundamental-driven approach to bitcoin purchase timing rather than buying whenever capital is available," Julio Moreno, head of research at the analytics firm, said in the report. "Buying at cycle tops and accumulating during bear markets has resulted in rapid unrealized loss growth and deteriorating STRC fundamentals," he said, referring to the company's flagship preferred stock. The report comes during a multiweek sell-off that has brought Strategy down more than 43% in June alone. On Wednesday, shares tumbled more than 9% to hit a intraday low of $92.28. It was the first time shares fell beneath $100 since 2024. On Wednesday, the preferred stock STRC dropped to $79.85, a record 20% below its $100 par level. Both continued to crater on Thursday. Strategy was recently down more than 4% after hitting a fresh 52-week low of $86.62, while STRC was nearly 3% lower. Earlier, STRC tumbled to a new low of $73.62. STRC YTD mountain STRC year to date Moreno noted that Strategy's USD cash reserve has fallen 38% since the start of the year, while annualized dividend obligations have about quadrupled in the same period. …