FameEX Hot Topics | Strategic Bitcoin Buying Grinds to a Halt, Firms Brace for Bear Market: Analyst

Strategy, the world’s largest corporate Bitcoin holder, has dramatically slowed its cryptocurrency acquisitions throughout 2025, prompting analysts at CryptoQuant to conclude the company is deliberately positioning itself for an extended bear market. In a Wednesday report, CryptoQuant highlighted the sharp decline: monthly purchases have collapsed from a 2024 peak of 134,000 BTC to only 9,100 BTC in November 2025 and a mere 135 BTC so far in December. The firm noted that Strategy’s aggressive building of cash reserves now provides a 24-month financial buffer, stating, “This makes one thing clear: they’re bracing for the bear market.”

Despite the slowdown, Strategy executed its largest single purchase since July on November 17, adding 8,178 BTC for approximately $835.5 million. The transaction lifted its total holdings to 649,870 BTC, currently valued at around $58.7 billion. The move came amid heightened market scrutiny following months of crypto weakness and the unwinding of the so-called “BTC proxy trade” that once rewarded companies aggressively stacking digital assets and related mining operations.

Strategy has also taken defensive financial measures. In November, CEO Phong Le indicated the company would only consider selling Bitcoin to service debt if its stock price fell below net asset value (NAV) or if access to traditional financing dried up. Simultaneously, the firm established a $1.4 billion cash reserve dedicated to dividend payments and debt obligations, with plans to expand it further to secure a full 24-month runway regardless of market conditions.

Additional pressure is emerging from Wall Street. Index provider MSCI has proposed new rules, effective January, that would exclude from major benchmarks any company holding 50% or more of its balance-sheet assets in cryptocurrency—criteria that would directly affect Strategy. Co-founder Michael Saylor confirmed the company is actively engaging with MSCI to challenge the policy change, which would block billions in potential passive investment inflows from ETFs and index funds. As Bitcoin faces prolonged uncertainty, Strategy’s pivot from aggressive accumulation to fortress-balance-sheet mode underscores a broader corporate shift toward caution.

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