CryptoQuant has released a report stating that Strategy has moved from an aggressive Bitcoin purchase model to a more conservative one. According to the platform, the liquidity-focused approach comes amid the largest drawdown of Bitcoin this year.
“Strategy’s Bitcoin buying has collapsed through 2025,” CryptoQuant noted in a Wednesday report. The company also mentioned a dramatic monthly reduction in Bitcoin buys by Strategy since late 2024. CryptoQuant reports that the company’s monthly purchases decreased from 134,000 BTC at the 2024 peak to just 9,100 BTC in November 2025, with only 135 BTC so far this month.
CryptoQuant says Strategy has changed its Bitcoin purchase model
According to the data analytics firm, the 24-month buffer is a clear indication that Strategy is bracing for the bear market. On November 17th, Strategy acquired 8,178 BTC for approximately $835.5 million, its largest purchase since July, bringing its total holdings to 649,870 BTC, valued at approximately $58.7 billion at the time of writing.
The firm has been the subject of intense speculation over the last several months following a downturn in the crypto market. Just a few weeks ago, Strategy CEO Phong Le hinted that the company could sell some of its Bitcoin to cover debt costs, but only if its stock falls below net asset value (NAV) or if it loses access to financing.
The company has also set aside a $1.4 billion cash reserve to cover dividend payments and debt obligations. This reserve is expected to provide a 12-month runway, with plans to expand it to cover 24 months, the company added. Strategy has also faced several challenges in its attempt to join major stock market indexes.
MSCI, which sets eligibility criteria for many of these indexes, has suggested a policy change that would bar treasury companies holding 50% or more of their balance-sheet assets in digital assets. The directive would cut off firms like Strategy from the passive inflows that come with index inclusion. Michael Saylor, the co-founder of Strategy, recently stated that Strategy is engaging with MSCI regarding the proposed policy change, which is set to take effect in January.
