This week, crypto analytics company CryptoQuant challenged the prevailing narrative around Michael Saylor’s Strategy, urging the company to pause Bitcoin purchases and rebuild its cash reserves. The warning came after its dividend coverage fell to just 14 months from roughly seven years.

Strategy isn’t facing an immediate cash crunch, but CryptoQuant’s warning puts the spotlight on the financing structure behind its Bitcoin strategy. With cash reserves shrinking and dividend obligations increasing, Strategy’s ability to keep funding new purchases is drawing closer scrutiny.

The rest of this week’s Crypto Biz shows how the industry is evolving. CBOE is eyeing perpetual Bitcoin and Ether futures, Chainlink is working with European…