Strategy Bitcoin Buys Decline, Company Prepares for Bear Market: Analyst

MicroStrategy, the largest corporate holder of Bitcoin, has significantly reduced its cryptocurrency purchases in 2025. Analysts interpret this slowdown as a strategy to brace for an extended bear market. The company's actions, alongside its financial maneuvers to cover debts and secure cash reserves, highlight the ongoing challenges in the crypto market.

Key Takeaways

MicroStrategy has sharply decreased its Bitcoin purchases in 2025.
The company's total Bitcoin holdings now stand at approximately 649,870 BTC.
Plans are underway to build a cash reserve to manage debt obligations and sustain dividends.
Changes proposed by MSCI could affect MicroStrategy's ability to remain included in major stock market indexes.

MicroStrategy, a leading corporate holder of Bitcoin, has notably slowed its cryptocurrency accumulation in 2025. According to analysts from CryptoQuant, this sharp decline in Bitcoin purchases indicates the company is preparing for a prolonged bear market.

"MicroStrategy’s Bitcoin buying has collapsed through 2025," mentioned CryptoQuant in a report published on Wednesday, highlighting a significant decrease in monthly purchases.

Bitcoin Price, MicroStrategy, Michael Saylor Source: CryptoQuant

The last significant purchase occurred on November 17, when MicroStrategy acquired 8,178 BTC for around $835.5 million—its largest buy since July. This raised its total Bitcoin holdings to 649,870 BTC, valued at about $58.7 billion currently.

In recent months, the company has been under scrutiny, especially following the downturn in the crypto market and the unwinding of the BTC proxy trade. This trade initially involved digital asset treasury firms that collect cryptocurrency along with mining operations.

Related: MicroStrategy stock is struggling, but Saylor 'won't back down' from Bitcoin investment.

Strategy Bitcoin buys collapse, company bracing for bear market: Analyst

Company Fortification Amid Market Pressures

In November, MicroStrategy's CEO Phong Le hinted that the company might consider selling some of its Bitcoins if its stock fell below its net asset value (NAV) or if it lost access to funding. Furthermore, the company has set aside a cash reserve of $1.4 billion to cover dividend payments and debt service, allowing it to navigate its financial obligations for the next 12 months. Plans are in motion to expand this reserve, aiming for a 24-month safety net.

Bitcoin Price, MicroStrategy, Michael Saylor Source: MicroStrategy

Additionally, MicroStrategy’s efforts to be included in key stock market indexes have faced challenges. MSCI, which determines eligibility for many of these indexes, has proposed a policy change that could disqualify treasury firms that hold more than 50% of their balance sheet in crypto.

Such a ruling would hinder firms like MicroStrategy from benefitting from the passive investment inflows associated with index inclusion.

Michael Saylor, co-founder of MicroStrategy, acknowledged the ongoing discussions with MSCI regarding the impending policy change, which is due to be implemented in January.

Magazine: If the crypto bull run is over, it’s time to invest in a Ferrari: Crypto Kid