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\u201cStrategy\u2019s Bitcoin buying has collapsed through 2025,\u201d stated on-chain analysis platform CryptoQuant in a Wednesday report.\u00a0Monthly purchases fell from 134,000 BTC at the 2024 peak to just 9,100 BTC in November 2025, only 135 BTC so far this month, it added, emphasizing the slowdown.<\/p>\n
\n\u201cA 24-month buffer makes one thing clear: they\u2019re bracing for the bear market.\u201d<\/p>\n<\/blockquote>\n
The report added that Strategy has also announced a \u201cmajor shift\u201d in how it manages its balance sheet.<\/p>\n
\nStrategy\u2019s Bitcoin buying has collapsed through 2025.<\/p>\n
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.<\/p>\n
A 24-month buffer makes one thing clear: they\u2019re bracing for the bear market. pic.twitter.com\/qEwXR3JQ82<\/a><\/p>\n
\u2014 CryptoQuant.com (@cryptoquant_com) December 3, 2025<\/a><\/p>\n<\/blockquote>\n
Changes to Strategy\u2019s Strategy<\/h2>\n
The company raised over $1.44 billion through common equity issuance to build a US dollar reserve.\u00a0This would be dedicated to paying dividends on preferred stock and servicing interest obligations for at least 12 months, it added<\/a>.<\/p>\n
\n\u201cImportantly, Strategy also disclosed that it may sell Bitcoin or Bitcoin derivatives as part of its risk-management options.\u201d<\/p>\n<\/blockquote>\n
This cash buffer is designed to cover preferred stock dividends of around $700 million annually, and bond interest for 12 to 24 months, representing a departure from their previous strategy of continuously converting equity into Bitcoin.<\/p>\n
Key changes include a dual-reserve model separating long-term Bitcoin holdings from short-term dollar liquidity, new flexibility in the possibility of selling Bitcoin or derivatives for risk management, and declining BTC purchases.<\/p>\n
\n\u201cStrategy\u2019s shift from aggressive Bitcoin accumulation to a more conservative, liquidity-focused treasury approach coincides with Bitcoin\u2019s 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.\u201d<\/p>\n<\/blockquote>\n
Strategy currently holds 650,000 BTC worth $61 billion at current market prices. It remains up 26% from its average purchase price, which is around $74,436, according<\/a> to SaylorTracker. However, this could turn into a loss if markets enter another prolonged crypto winter.<\/p>\n
Strategy Stock Woes<\/h2>\n
Company share (MSTR) prices have been on a steady decline<\/a> since mid-July, falling almost 60%. Losses accelerated in early October, just after the Bitcoin price peak, and when markets started trending downward.<\/p>\n
MSTR was trading at $188 at the time of writing, up 4% on the day as BTC recovered, but down 35% since the beginning of the year. Bitcoin has lost around 5% since the same time last year and is trading<\/a> at the same price it was on January 1 – $93,600.<\/p>\n
The post Michael Saylor\u2019s Strategy Is Bracing For a Bear Market: CryptoQuant<\/a> appeared first on CryptoPotato<\/a>.<\/p>\n