Bitcoin Holder Adjusts Strategy Ahead of 2025
Strategy Inc., the largest corporate holder of Bitcoin, is reducing its rate of cryptocurrency accumulation as 2025 approaches. Analysts at CryptoQuant suggest this indicates preparation for a potentially extended bear market.
In a recent report, CryptoQuant noted a marked decrease in Bitcoin purchases by Strategy, stating, “Monthly purchases have fallen from a peak of 134,000 BTC in 2024 to just 9,100 BTC in November 2025, and only 135 BTC so far this month. The data suggests they’re readying for a bear market.”
Strategy began its purchases in late 2024 and recently acquired 8,178 BTC for around $835.5 million on November 17, marking its largest acquisition since July. This brings their total Bitcoin holdings to 649,870 BTC, valued at approximately $58.7 billion at the moment.
The company has faced significant speculation in light of the recent downturn in the cryptocurrency market as well as the unwinding of BTC-related transactions. This includes various digital asset treasury companies accumulating cryptocurrencies and mining operations.
There’s a lot of talk about Strategy’s prospects. Even though their stock has been declining, Michael Saylor remains committed to his Bitcoin investment.
CEO Von Leh mentioned in November that Strategy might consider selling some of its Bitcoin to manage debt costs, but only if their stock falls below the net asset value or if they lose financing access. The company has set aside $1.4 billion in cash reserves to manage dividend obligations and debt service, aiming to create a 12-month buffer that they plan to extend for a longer runway.
Moreover, Strategy’s efforts to be included in significant stock indexes have not been successful. MSCI, responsible for setting eligibility criteria, is considering a policy that would restrict treasury companies from keeping more than half of their assets in cryptocurrencies. Such limitations could hinder firms like Strategy from benefiting from passive inflows tied to index inclusion.
Michael Saylor has stated that they are in discussions with MSCI regarding this proposed policy change, which is set to be implemented in January.
