Michael Saylor’s Strategy Is Bracing For a Bear Market: CryptoQuant

“Strategy’s Bitcoin buying has collapsed through 2025,” stated on-chain analysis platform CryptoQuant in a Wednesday report. Monthly 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.

“A 24-month buffer makes one thing clear: they’re bracing for the bear market.”

The report added that Strategy has also announced a “major shift” in how it manages its balance sheet.

Strategy’s Bitcoin buying has collapsed through 2025.

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.

A 24-month buffer makes one thing clear: they’re bracing for the bear market. pic.twitter.com/qEwXR3JQ82

— CryptoQuant.com (@cryptoquant_com) December 3, 2025

Changes to Strategy’s Strategy

The company raised over $1.44 billion through common equity issuance to build a US dollar reserve. This would be dedicated to paying dividends on preferred stock and servicing interest obligations for at least 12 months, it added.

“Importantly, Strategy also disclosed that it may sell Bitcoin or Bitcoin derivatives as part of its risk-management options.”

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.

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.

“Strategy’s shift from aggressive Bitcoin accumulation to a more conservative, liquidity-focused treasury approach coincides with Bitcoin’s 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.”

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 to SaylorTracker. However, this could turn into a loss if markets enter another prolonged crypto winter.

Strategy Stock Woes

Company share (MSTR) prices have been on a steady decline since mid-July, falling almost 60%. Losses accelerated in early October, just after the Bitcoin price peak, and when markets started trending downward.

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 at the same price it was on January 1 – $93,600.

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