Axel Adler: Bitcoin Becomes Liquidity Source Supporting Strategy’s Capital Structure

CryptoQuant analyst Axel Adler said Bitcoin remains a core reserve asset but has functionally shifted into a key liquidity source supporting Strategy’s complex capital structure. According to Odaily, Adler said that as Strategy continues to raise financing and manage capital through Bitcoin-related assets, Bitcoin’s role is evolving from a store-of-value tool into a liquidity foundation within the company’s capital operations system.