As the largest corporate holder of Bitcoin, Strategy has slowed its cryptocurrency accumulation pace in 2025, with analysts at CryptoQuant interpreting this move as preparation for a prolonged bear market.
"Strategy's Bitcoin purchases in 2025 have already collapsed," CryptoQuant stated in a report on Wednesday, noting a significant reduction in Strategy's monthly Bitcoin (BTC) purchases since the end of 2024. According to CryptoQuant:
On November 17, Strategy purchased 8,178 BTC for approximately $835.5 million—this was the largest purchase since July—bringing its total holdings to 649,870 BTC, valued at about $58.7 billion at the time of writing.
In recent months, the company has been the subject of intense speculation amid a sluggish cryptocurrency market and the unwinding of BTC proxy trades (including the accumulation of cryptocurrencies by treasury management firms and mining operations).
In November, Strategy's CEO Phong Le indicated that the company might consider selling some BTC to cover debt costs, but only if the company's stock price falls below its net asset value (NAV) (i.e., the total value of balance sheet assets) or if it loses access to financing.
The company has also built a cash reserve of $1.4 billion to meet its dividend payment obligations and debt service costs. The company stated that this reserve should provide Strategy with a 12-month runway to fulfill its debt obligations and plans to expand the reserve to establish a 24-month buffer.
Strategy's efforts to be included in major stock market indices have also faced setbacks. MSCI has proposed a policy change that would prohibit treasury management firms from holding 50% or more of cryptocurrencies in their balance sheet assets. Such a rule would cut off the passive inflow of funds that companies like Strategy could receive from index inclusion.
Strategy co-founder Michael Saylor recently stated that the company is in communication with MSCI regarding the proposed policy change set to take effect in January.
Related: A concise analysis of Strategy's Bitcoin (BTC) plans and potential factors influencing future sales
Original: “Analysts: Strategy's Bitcoin (BTC) Purchases Plummet, Company Prepares for Bear Market”
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