A new report from CryptoQuant shows that #Strategy is completely redesigning its treasury model.

For the first time, the company has split its balance sheet into two parts: a long-term #Bitcoin reserve, which will remain its core, and a short-term USD reserve that will be used to cover preferred stock dividends, convertible bond interest, and cash needs over the next two years.

#Strategy has raised more than $1.44 billion through stock sales to build this USD reserve. At the same time, the company has slowed its #Bitcoin purchases, from 134,000 BTC in November 2024 to 9,100 BTC in November 2025 and just 135 BTC this December.

This reduction is not a retreat but a tactical readjustment. At the same time, the Bull Score index has also fallen to zero for the first time since January 2022, a level that usually coincides with heavy bear phases. The creation of a 24-month liquidity buffer represents Strategy’s effort to prevent emergency selling of #Bitcoin during periods of stress, a move that could help stabilize the market in the long term even if it dampens institutional demand in the short term.