Catenaa, Wednesday, July 22, 2026- Strategy has largely addressed its short-term liquidity concerns through its new Digital Credit Capital Framework, but the company still lacks a disciplined approach to timing Bitcoin purchases and sales, according to crypto analytics firm CryptoQuant.
In a new research report, CryptoQuant Head of Research Julio Moreno said the framework marks a meaningful shift in Strategy’s capital management but argued that the company should adopt a systematic model for accumulating Bitcoin and a defined strategy for taking profits during bull markets.
Strategy introduced its five-part Digital Credit Capital Framework on June 29 to strengthen liquidity and improve financial flexibility. The plan includes maintaining a US dollar reserve to cover preferred dividends and interest payments, authorizes up to $1 billion in preferred and common share repurchases, and allows limited Bitcoin sales to replenish reserves or fund shareholder obligations.
CryptoQuant noted that Strategy has already acted on part of the framework by selling 3,588 Bitcoin for about $216 million between June 29 and July 5 before raising an additional $466.7 million through common stock sales the following week.
Those moves increased the company’s cash reserve from about $1.44 billion to $3 billion while extending dividend coverage from roughly 14 months to 29 months. Strategy’s Bitcoin holdings remained unchanged at 843,775 BTC after the transactions.
Despite those improvements, Moreno said the company has yet to explain when it will resume accumulating Bitcoin or how it intends to reduce exposure during future market peaks.
According to the report, Strategy’s current framework governs how capital is raised but does not specify when capital should be deployed into Bitcoin, leaving the company vulnerable to buying at elevated prices during market rallies.
CryptoQuant also argued that Strategy’s Bitcoin monetization program is designed primarily to meet funding needs rather than establish a long-term strategy for realizing gains and rebuilding reserves during bull markets.
The research firm said introducing valuation-based buying rules and a disciplined selling framework would complete Strategy’s transition toward a more balanced capital management model.
Strategy is the world’s largest corporate holder of Bitcoin, owning 843,775 BTC. The company recently introduced its Digital Credit Capital Framework to improve liquidity, strengthen dividend coverage and provide greater flexibility in managing its balance sheet while continuing its long-term Bitcoin strategy.
