FameEX Hot Topics | Analyst: Bitcoin Treasury Buying Slumps Sharply, Signaling Incoming Bear Market

Strategy, the undisputed leader in corporate Bitcoin holdings, has abruptly slammed the brakes on its once-relentless accumulation strategy throughout 2025, a shift that CryptoQuant analysts interpret as clear preparation for a prolonged bear market. In its latest Wednesday report, CryptoQuant documented the collapse: monthly Bitcoin purchases have plunged from a 2024 high of 134,000 BTC to just 9,100 BTC in November 2025 and a paltry 135 BTC so far this month. “Strategy’s Bitcoin buying has effectively collapsed through 2025,” the report stated, emphasizing the company’s newly built 24-month cash and debt-service buffer as unmistakable evidence it is battening down the hatches for an extended downturn.

The slowdown has been stark, yet Strategy still flexed its treasury muscle on November 17 with its biggest single buy since July—scooping up 8,178 BTC for roughly $835.5 million—pushing total holdings to 649,870 BTC, worth approximately $58.7 billion at current prices. The purchase arrived against a backdrop of intensifying market pressure, including the unraveling of the “Bitcoin proxy trade” that previously rewarded aggressive corporate stackers and miners, now facing sharp reversals amid broader crypto weakness.

Defensive maneuvers extend well beyond reduced buying. In November, CEO Phong Le publicly stated the company would only contemplate selling Bitcoin to meet debt obligations if its share price dropped below net asset value (NAV) or if traditional financing channels closed. To eliminate near-term liquidity risk, Strategy has already stockpiled a $1.4 billion cash reserve dedicated to dividends and debt service, with explicit plans to double the runway to a full 24 months regardless of Bitcoin’s price action.

Further headwinds are blowing from Wall Street itself. Index giant MSCI has proposed rule changes, set to take effect in January, that would bar companies holding 50% or more of balance-sheet assets in cryptocurrency from major benchmark indexes—a policy aimed squarely at treasury-heavy firms like Strategy. Co-founder Michael Saylor confirmed ongoing dialogue with MSCI to fight the exclusion, which would shut off billions in passive inflows from ETFs and index-tracking funds. As Bitcoin navigates heightened uncertainty, Strategy’s dramatic pivot from aggressive accumulation to fortress-style conservatism signals a sobering new chapter for corporate crypto adoption.

Disclaimer: The information provided in this section is for reference only and does not represent any investment advice or the official views of FameEX.