Strategy, the largest corporate holder of Bitcoin, has slowed its rate of cryptocurrency accumulation in 2025, a move analysts at CryptoQuant interpret as preparation for a drawn-out bear market.
“Strategy’s Bitcoin buying has collapsed through 2025,” CryptoQuant said in a Wednesday report, noting a dramatic monthly reduction in Bitcoin (BTC) purchases by Strategy since late 2024. According to CryptoQuant:
“Monthly purchases fell from 134,000 BTC at the 2024 peak to just 9,100 BTC in November 2025, only 135 BTC so far this month. A 24-month buffer makes one thing clear: they’re bracing for the bear market.”
Strategy purchased 8,178 BTC for about $835.5 million on Nov. 17 — its largest purchase since July — bringing its total holdings to 649,870 BTC, valued at $58.7 billion at this writing.
The company has been the subject of intense speculation over the last several months following a downturn in the crypto market and the unwinding of the BTC proxy trade, which included digital asset treasury companies that accumulate crypto and mining operations.
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In November, Strategy CEO Phong Le said the company may consider selling some of its BTC to cover debt costs, but only if the company’s stock falls below its net asset value (NAV), the total value of its balance sheet assets, or if it loses access to financing.
The company also established a $1.4 billion cash reserve to meet its dividend payment obligations and debt service costs. The reserve should provide Strategy with a 12-month runway to meet its debt obligations, with plans to expand the reserve to build a 24-month buffer, the company stated.
Strategy’s bid for inclusion in major stock market indexes has also run into setbacks. MSCI, which sets eligibility criteria for many of these indexes, has proposed a policy change that would bar treasury companies holding 50% or more of their balance-sheet assets in crypto.
Such a rule would cut off firms like Strategy from the passive inflows that come with index inclusion.
Michael Saylor, the co-founder of Strategy, recently said that Strategy is engaging with MSCI about the proposed policy change, set to take effect in January.
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