Head of CryptoQuant calls on Strategy to halt BTC purchases: three lessons for Michael Saylor
Founder and CEO of CryptoQuant, Ki Young Ju, made a surprisingly sharp statement directed at Strategy. In his firm belief, the current strategy of aggressive bitcoin accumulation has transformed from a market growth driver into a kind of "liquidity sink." He strongly recommends that the company's management take a pause, restore its financial cushion, and implement a systematic approach to portfolio management.
The reason for such serious criticism was fresh data on Strategy's financial condition. Analytics show that the company's annual dividend obligations have nearly quadrupled, reaching $1.2 billion. Meanwhile, cash reserves for 2026 have decreased by 38%, and dividend coverage—a key indicator of sustainability—has collapsed from over seven years to just 14 months. This is an alarming signal that cannot be ignored.
Why aren't billions moving the price?
Ki Young Ju presents compelling arguments. In conditions of low seller pressure, Strategy's purchases can indeed noticeably influence quotes. However, now that sellers clearly dominate, these same purchases only keep the price in a sideways range, preventing it from either falling or rising. He demonstrates a paradox: over the past two years, bitcoin's realized capitalization has grown by $467 billion, but the price has decreased by 1%. This is clear evidence that hundreds of billions of dollars in inflows have only led to a change in coin holders, not to price growth.
Moreover, according to the expert, continuous purchases prevent the market from undergoing a natural "cleansing drawdown," which is necessary for the capitulation of weak hands and accumulation by whales. Instead, we are witnessing a prolonged, sluggish sideways movement that has lasted nearly two years.
Three tips for Saylor
Ki Young Ju directly addressed Strategy's founder with three specific proposals. First—immediately halt bitcoin purchases until cash reserves and normal dividend coverage are restored. Second—develop a systematic, rather than chaotic, purchasing scheme. The phrase "Strategy always buys at the local top" has become a market meme, and buying whenever free capital appears is not a strategy but impulsiveness. Third—implement a disciplined partial sale scheme for the next bull market. This is not trading but sound risk management: locking in profits to reduce debt burdens and create a liquidity reserve for re-accumulation at lower prices.
Expert opinion: The situation Strategy finds itself in is a classic example of how euphoria and faith in an asset can overshadow the basic principles of financial management. Bitcoin is not just a hedge but a highly volatile asset, and managing a portfolio of this scale requires iron discipline and cold calculation, not following memes. Ki Young Ju's call is not criticism of Saylor but a timely reminder to the entire market that even the strongest bulls must know when to stop and regroup.