Strategy, the largest corporate holder of Bitcoin, has decreased its rate of cryptocurrency accumulation in 2025, a decision analysts at CryptoQuant see as preparation for an extended bear market.
“Strategy’s Bitcoin buying has plummeted throughout 2025,” CryptoQuant reported in a Wednesday update, highlighting a notable decline in Bitcoin (BTC) purchases by Strategy since late 2024. As per CryptoQuant:
“Monthly purchases fell from 134,000 BTC at the 2024 peak to just 9,100 BTC in November 2025, with only 135 BTC so far this month. A 24-month buffer makes one thing clear: they’re preparing for the bear market.”
Strategy acquired 8,178 BTC for around $835.5 million on Nov. 17 — its largest purchase since July — increasing its total holdings to 649,870 BTC, valued at approximately $58.7 billion at present.
The company has faced intense speculation over the past several months amidst 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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Strategy fortifies against ongoing market pressures
In November, Strategy CEO Phong Le noted that the company may contemplate selling some of its BTC to manage debt costs, but only if the company’s stock dips below its net asset value (NAV), which is the total value of its balance sheet assets, or if it loses access to financing.
The company also set aside a $1.4 billion cash reserve to meet its dividend payment obligations and debt servicing costs. This reserve is intended to provide Strategy with a 12-month buffer for debt obligations, with plans to increase it for a 24-month security, as stated by the company.
Strategy’s attempts for inclusion in major stock market indices have also encountered issues. MSCI, which establishes eligibility criteria for many indices, has suggested a policy change that would prevent treasury companies from holding 50% or more of their balance-sheet assets in crypto.
This regulation would exclude firms like Strategy from the passive inflows associated with index inclusion.
Michael Saylor, co-founder of Strategy, recently mentioned that Strategy is engaging with MSCI regarding the proposed policy change, which is scheduled to be implemented in January.
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