Analysis of Strategy's Bitcoin Buying Trends
Strategy, the largest corporate holder of Bitcoin, has significantly slowed its rate of cryptocurrency accumulation in 2025. Analysts at CryptoQuant interpret this shift as a strategic move to prepare for a potentially prolonged bear market.
“Strategy’s Bitcoin buying has collapsed through 2025,” CryptoQuant stated in a recent report, highlighting a dramatic monthly reduction in Bitcoin (BTC) purchases by the company since late 2024. According to their analysis, monthly purchases fell from a peak of 134,000 BTC in 2024 to just 9,100 BTC in November 2025. The trend continued with only 135 BTC purchased so far in the current month. This substantial decrease, coupled with what CryptoQuant describes as a "24-month buffer," suggests that Strategy is actively bracing for a bear market environment.
In its most recent significant purchase, Strategy acquired 8,178 BTC for approximately $835.5 million on November 17. This marked its largest purchase since July, bringing its total holdings to 649,870 BTC, valued at approximately $58.7 billion at the time of reporting.
The company has been the subject of intense market speculation in recent months. This speculation intensified following a downturn in the broader crypto market and the unwinding of the BTC proxy trade, which involved digital asset treasury companies that accumulate crypto alongside mining operations.
Strategy's Financial Fortifications Amid Market Pressures
In response to ongoing market pressures, Strategy has been building financial fortifications. In November, CEO Phong Le indicated that the company might consider selling some of its BTC holdings to cover debt costs. However, this would be a last resort, contingent on the company's stock falling below its net asset value (NAV) or if it loses access to financing.
To manage its financial obligations, Strategy has established a $1.4 billion cash reserve. This reserve is intended to cover dividend payment obligations and debt service costs, providing the company with an estimated 12-month runway. The company has stated plans to expand this reserve to secure a 24-month buffer.
Impact of Index Inclusion Setbacks
Strategy's efforts to be included in major stock market indexes have encountered significant setbacks. MSCI, an organization that sets eligibility criteria for many of these indexes, has proposed a policy change that would prohibit treasury companies holding 50% or more of their balance-sheet assets in cryptocurrency from being included. Such a rule could potentially cut off firms like Strategy from the passive inflows that typically accompany index inclusion.
Michael Saylor, co-founder of Strategy, has stated that the company is actively engaging with MSCI regarding the proposed policy change, which is slated to take effect in January.