Strategy Bitcoin Reduces Purchases as Bear Market Looms

The world’s largest corporate holder of Bitcoin, known as Strategy, has significantly reduced its cryptocurrency purchases, signaling a potential preparation for an extended bear market. According to analysts at CryptoQuant, the company has cut its monthly Bitcoin acquisitions from a peak of 134,000 BTC in 2024 to just 9,100 BTC by November 2025. This contraction highlights a strategic shift as the broader cryptocurrency market faces challenges.

In November 2025, Strategy made a notable acquisition, purchasing approximately $835.5 million worth of Bitcoin, marking its largest buy since July. This brought its total Bitcoin holdings to 649,870 BTC, valued at around $58.7 billion at the time. Despite this significant investment, the company’s monthly purchases have dwindled to a mere 135 BTC in early December, suggesting a cautious approach moving forward.

Strategy’s stock has faced downward pressure, but its CEO, Michael Saylor, remains steadfast in his commitment to Bitcoin, stating that the company will only consider selling its holdings if the stock price falls below its net asset value or if it loses access to financing. The firm has established a reserve to cover debt obligations and dividend payments, providing a 12-month runway to manage its financial commitments. Plans are in place to expand this reserve to create a 24-month buffer.

Challenges with Market Index Inclusion

In addition to adjusting its acquisition strategy, Strategy is encountering difficulties in its bid for inclusion in major stock market indexes. The MSCI, which sets eligibility criteria for various indexes, has proposed a policy change that could exclude firms like Strategy from benefiting from passive investment inflows. The potential removal from these indexes could have significant financial implications, including outflows of up to $8.8 billion if other index providers follow suit.

This combination of reduced purchasing activity and challenges in market positioning reflects a cautious sentiment within the cryptocurrency sector as companies brace for potential downturns. The future of Bitcoin and its corporate holders remains uncertain, with analysts closely monitoring market trends and company strategies.

As the cryptocurrency landscape evolves, Strategy’s adaptive measures may serve as a bellwether for other firms navigating similar challenges in a volatile market.