UPDATE: The world’s largest Bitcoin treasury company, Strategy, has dramatically cut its Bitcoin purchases, indicating a strategic pivot in response to a looming bear market. Recent data reveals that the company’s monthly BTC buys plummeted from 134,000 BTC at the peak in 2024 to merely 9,100 BTC in November 2025, with only 135 BTC acquired so far this month.
Analysts at CryptoQuant interpret this significant decrease as a clear sign that Strategy is bracing for prolonged market challenges. The company’s latest purchase on November 17 saw an investment of $835.5 million, marking its largest acquisition since July, which brought its total holdings to a staggering 649,870 BTC, valued at approximately $58.7 billion at current rates.
This shift comes amid a broader downturn in the cryptocurrency treasury market, raising questions about Strategy’s future strategy and financial health. The company’s stock has been under pressure, with CEO Michael Saylor vowing not to abandon Bitcoin despite the challenges. However, he noted that selling may become necessary if stock prices fall below net asset value or if financing access is lost.
To ensure liquidity, Strategy is building a reserve aimed at covering its debt obligations for the next 12 months, with plans to extend this buffer to 24 months. This approach could provide critical stability as the company navigates a turbulent financial landscape.
Moreover, Strategy’s bid for inclusion in major stock market indexes has faced obstacles. Proposed changes by MSCI could cut off firms like Strategy from substantial passive investment inflows that accompany index inclusion, further complicating its financial prospects.
As the cryptocurrency market grapples with volatility, this news highlights the urgent need for companies heavily invested in Bitcoin to adapt their strategies. Investors and stakeholders are closely monitoring these developments, as they could significantly impact market dynamics and investor sentiment in the coming months.
What to watch for: Analysts suggest that continued declines in Bitcoin purchases may signal deeper issues within the market. Stakeholders are advised to stay informed as Strategy’s situation unfolds, particularly regarding potential sales or further strategic shifts. The next few months will be pivotal in determining the trajectory of both the company and the broader cryptocurrency landscape.
