Strategy has significantly reduced its rate of Bitcoin accumulation in 2025, marking a major shift from its historically aggressive approach and signaling that the company is positioning itself for a prolonged downturn in the crypto market. Data shows that Strategy’s Bitcoin purchases have been declining steadily throughout the year. According to analysts, this slowdown indicates preparations for harsher market conditions ahead. Purchases Fall Dramatically From 2024 Peak Strategy’s monthly buying volume reached 134,000 BTC at its 2024 high. By November 2025, that figure had fallen to 9,100 BTC. So far this month, the company has acquired only 135 BTC, one of its smallest monthly totals on record. On November 17, the company purchased 8,178 BTC worth approximately $835.5 million, its largest single acquisition since July. That purchase brought Strategy’s total Bitcoin holdings to 649,870 BTC, valued at around $58.7 billion. Market Pressure and Shifting Conditions The slowdown comes amid a wider downturn in the cryptocurrency market. The unwinding of the “BTC proxy trade,” which involved treasury firms and mining companies accumulating Bitcoin, has added further pressure to corporate Bitcoin strategies. The company has also become a target of speculation due to its large balance-sheet exposure and the volatility in crypto-linked equities. Company Preparing Financial Defenses In response to market-wide stress, Strategy executives have outlined steps to protect the firm’s liquidity profile. CEO Phong Le recently stated the company may sell some of its Bitcoin to cover debt costs, but only if the stock falls below its net asset value or financing options disappear. Strategy has also built a $1.4 billion cash reserve to ensure it can meet dividend and debt obligations. This reserve currently provides around 12 months of coverage, with plans to expand it into a 24-month buffer. Index Eligibility Challenges Strategy’s goal of inclusion in major stock market indices has hit obstacles. MSCI, one of the key global index providers, has proposed a rule that would bar treasury companies holding more than half their balance sheets in crypto assets. If adopted, the rule would disqualify Strategy from index inclusion and could eliminate passive investment inflows from index-tracking funds. Michael Saylor, Strategy’s co-founder, has said the company is actively engaging with MSCI to discuss the proposed rule ahead of its planned implementation date. A More Defensive Posture While Strategy remains the largest corporate owner of Bitcoin, its activity in 2025 indicates a shift into a more defensive posture. The reduced pace of buying, coupled with substantial cash reserves, suggests leadership is preparing for the possibility of sustained weakness across the crypto market. At the same time, the firm continues to maintain one of the world’s largest Bitcoin positions, positioning itself to benefit from any future market recovery once conditions stabilize.
