Strategy cut Bitcoin buys this year while building reserves and preparing for a prolonged bear market, according to new analyst data.
Strategy currently holds more Bitcoin than any other company. However, the firm drew attention after it cut its monthly buying pace through the second half of the year.
Analysts at CryptoQuant say this change shows a trend toward caution as Strategy braces for a long bear market. The report shows steep drops in monthly buying as the year progressed.
How Strategy Changed Its Bitcoin Plan
Strategy still made one large purchase in November. The firm grabbed 8,178 BTC for about $835.5 million, and that buy pushed its total holdings to 649,870 BTC.
Notably, the stash had a value of $58.7 billion at the time.
After that move, however, public data shows a major change. Strategy appears to have turned toward balance sheet protection as market pressure grew. CryptoQuant pointed out a 24-month buffer that Strategy built to handle debt needs and dividend payments.
This buffer now shows a focus on long-range durability rather than rapid buying.
Strategy’s Bitcoin buying has collapsed through 2025.
Monthly purchases fell from 134K BTC at the 2024 peak to just 9.1K BTC in November 2025, only 135 BTC so far this month.
A 24-month buffer makes one thing clear: they’re bracing for the bear market. pic.twitter.com/qEwXR3JQ82
— CryptoQuant.com (@cryptoquant_com) December 3, 2025
The company created a $1.4 billion cash reserve, which gives it a full year of coverage for debt service and dividends. Strategy said it plans to grow the reserve further to reach a two-year runway.
CEO Phong Le said Strategy may sell a slice of its Bitcoin if the company faces serious pressure.
That step would only happen if the stock falls below its net asset value or if the firm loses access to financing. In all, analysts say that such a move is unlikely, unless market stress becomes severe.
Strategy Faces Market Index Roadblocks
MSCI, which sets rules for many major stock market indexes recently proposed a rule change that would block firms with more than half of their assets in crypto from entering some indexes.
Such a rule matters for Strategy because the company built its brand around Bitcoin and holds large amounts of it on its balance sheet.
This means that its index inclusion brings steady inflows from funds that track MSCI products. A policy change would remove that option for Strategy unless it lowered its crypto exposure.
Co-founder Michael Saylor said the company is speaking with MSCI to address the issue. Market watchers say the talks may affect how treasury companies handle digital assets.
Related Reading: Strategy Inc. Establishes $1.44B Reserve as Bitcoin Holdings Reach 650,000
Why Strategy’s Buying Slowdown Draws Attention
Large companies often affect crypto behaviour, and Strategy’s long buying streak helped support market confidence during strong cycles.
The sudden slowdown thus interest as a result, because it indicates a change in tone at the highest level of corporate Bitcoin ownership.
CryptoQuant warns that this might be a warning signal for a long period of weakness. Many large holders tend to become cautious during market downturns, and Strategy’s actions match this pattern.
The firm now appears to be focused on survival and steady operations, rather than aggressive accumulation.
Smaller investors often look at Strategy for clues, and when a large holder grows carefil, others tend to follow.
This can lead to tighter liquidity and more unstable price action.
