On-chain analysis platform CryptoQuant reported on Wednesday that Strategy's Bitcoin buying activity has significantly decreased through 2025. Monthly purchases have fallen from a peak of 134,000 BTC in 2024 to just 9,100 BTC in November 2025, with only 135 BTC acquired so far this month, indicating a substantial slowdown.
A 24-month buffer makes one thing clear: they’re bracing for the bear market.
The report further noted that Strategy has announced a major shift in its balance sheet management strategy.
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
Changes to Strategy's Financial Strategy
The company has raised over $1.44 billion through common equity issuance to establish a US dollar reserve. This reserve is intended for paying dividends on preferred stock and servicing interest obligations for a minimum of 12 months.
Importantly, Strategy also disclosed that it may sell Bitcoin or Bitcoin derivatives as part of its risk-management options.
This cash buffer is designed to cover annual preferred stock dividends of approximately $700 million and bond interest for 12 to 24 months. This represents a significant departure from their previous strategy of continuously converting equity into Bitcoin.
Key changes include the adoption of a dual-reserve model, which separates long-term Bitcoin holdings from short-term dollar liquidity. The company has also introduced new flexibility regarding the potential sale of Bitcoin or derivatives for risk management purposes, alongside the observed decline in BTC purchases.
Strategy’s shift from aggressive Bitcoin accumulation to a more conservative, liquidity-focused treasury approach coincides with Bitcoin’s largest drawdown of 2025, a decline severe enough that nearly every major onchain and technical indicator now signals the market has entered a bearish phase.
Strategy currently holds 650,000 BTC, valued at $61 billion at current market prices. According to SaylorTracker, the company's holdings are still up 26% from its average purchase price, which is approximately $74,436. However, this position could result in a loss if the cryptocurrency market enters another prolonged period of decline.
Strategy Stock Performance
The company's stock (MSTR) has experienced a consistent decline since mid-July, falling by nearly 60%. These losses accelerated in early October, shortly after Bitcoin's price peak, as the broader market began trending downward.
At the time of writing, MSTR was trading at $188, showing a 4% increase on the day as Bitcoin recovered. However, the stock is down 35% since the beginning of the year. Bitcoin has lost approximately 5% compared to the same time last year and is currently trading at $93,600, the same price it held on January 1.