Analysts say the company is building a financial buffer as crypto treasuries face mounting pressure
Corporate Bitcoin giant Strategy has sharply reduced its rate of BTC accumulation in 2025, signaling what analysts describe as a strategic shift toward bear-market preparedness. New data from on-chain intelligence firm CryptoQuant shows a steep decline in monthly purchases, reflecting growing caution across the broader corporate treasury sector.
CryptoQuant’s latest analysis indicates that Strategy’s Bitcoin buying has collapsed throughout 2025, falling from a peak of 134,000 BTC per month in late 2024 to just 9,100 BTC in November. So far in December, the firm has acquired only 135 BTC, marking its slowest pace in years.
“A 24-month buffer makes one thing clear: they’re bracing for the bear market,” CryptoQuant noted, underscoring how the company appears to be shifting from aggressive accumulation to capital protection.
Despite the slowdown, Strategy executed a major purchase on Nov. 17, adding 8,178 BTC for $835.5 million, bringing total holdings to 649,870 BTC, currently worth about $58.7 billion.
The company’s defensive posture comes amid broader weakness in the crypto-treasury trade and pressure on Bitcoin-exposed equities. CEO Phong Le recently acknowledged that Strategy may consider selling BTC to service debt, though only if its stock price falls below net asset value or if financing channels tighten.
To reinforce liquidity, the firm has built a “$1.4 billion cash reserve”, enough to cover 12 months of dividends and debt payments. Strategy intends to expand that reserve into a 24-month buffer, signaling expectations of prolonged market turbulence.
Strategy is also contending with potential setbacks to its push for inclusion in major equity indexes. MSCI has proposed a rule blocking companies that hold 50% or more of assets in crypto, a change that would exclude Strategy and restrict passive investment inflows.
Co-founder Michael Saylor confirmed the firm is actively engaging with MSCI, emphasizing the significance of the proposed January policy shift.
With shrinking purchases and growing reserves, Strategy appears to be prioritizing durability over expansion as the crypto market resets.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.