TLDR
- Strategy’s monthly Bitcoin purchases dropped from 134,000 BTC in late 2024 to just 135 BTC in December 2025
- The company built a $1.4 billion cash reserve to cover debt and dividend obligations for 12 months
- Strategy holds 649,870 BTC worth $58.7 billion but may sell some if stock falls below net asset value
- MSCI proposed rule changes that could block Strategy from major stock market indexes
- Average purchase size fell from 15,133 BTC in 2024 to 5,330 BTC in 2025
Strategy’s aggressive Bitcoin buying spree has come to a screeching halt. The company purchased just 135 BTC so far in December 2025, down from 134,000 BTC at its peak in late 2024.
That’s a 98% collapse in monthly purchases. CryptoQuant analysts say the numbers tell a clear story: Strategy is preparing for a prolonged bear market.
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 slowdown marks a dramatic shift for the world’s largest corporate Bitcoin holder. Strategy now owns 649,870 BTC valued at $58.7 billion. But the buying frenzy that defined 2024 has vanished.
Monthly purchases dropped to 9,100 BTC in November 2025. The company’s last major buy came on November 17 when it grabbed 8,178 BTC for $835.5 million. Since then, activity has dried up.
MicroStrategy Incorporated, MSTR
CEO Phong Le revealed in November that Strategy might sell Bitcoin under certain conditions. If the stock price falls below the company’s net asset value, sales could happen. The same goes if Strategy loses access to financing.
That’s a big change from the non-stop accumulation strategy. The company is building financial cushions instead of buying more crypto.
Building a War Chest
Strategy established a $1.4 billion cash reserve to handle debt payments and dividends. The reserve gives the company a 12-month runway for obligations.
Management plans to expand that buffer to 24 months. CryptoQuant’s data shows this defensive posture clearly. The analysts wrote that the extended buffer shows Strategy is “bracing for the bear market.”
The company’s average purchase size tells the same story. In 2024, Strategy bought an average of 15,133 Bitcoin per transaction. This year that number dropped to 5,330 BTC.
Polymarket traders still expect small routine purchases. But odds of a buy above 1,000 BTC sit at just 40-45%. The market has figured out that massive accumulation is over.
Index Inclusion Troubles
Strategy faces another headwind from MSCI. The index provider proposed new rules that would block treasury companies holding 50% or more of their assets in crypto.
That rule would prevent Strategy from joining major stock indexes. Index inclusion brings automatic buying from passive funds tracking those benchmarks.
Michael Saylor, Strategy’s co-founder, said the company is talking with MSCI about the proposed changes. The new policy is set to take effect in January.
Getting blocked from indexes would cut off a major source of potential stock demand. Passive fund flows represent billions in automatic buying power.
The crypto treasury trade has cooled across the board. Digital asset treasury inflows hit their weakest levels since mid-June. Treasury companies are no longer soaking up meaningful Bitcoin supply.
Strategy purchased 8,178 BTC on November 17 for approximately $835.5 million, bringing total holdings to 649,870 BTC.
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