Key Takeaways Cryptoquant said Strategy’s dividend coverage fell from 7-plus years to 14 months, urging a pause on bitcoin buys. Strategy’s cash reserves dropped 38% in 2026 as annual dividend obligations climbed to about $1.2 billion. STRC preferred shares remain stuck below their $100 par value, signaling investor caution toward the firm. A Collapse in Dividend Coverage Strategy Inc. (Nasdaq: MSTR) should pause its bitcoin accumulation and prioritize rebuilding cash reserves, according to Cryptoquant, the onchain data firm whose research has tracked the company’s balance sheet closely. The warning followed a sharp deterioration in the metrics that support the firm’s …