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Strategy's monthly BTC buys contracted importantly successful the 2nd fractional of 2025 amid a wide downturn successful the crypto treasury market.
Strategy, the largest firm holder of Bitcoin, has slowed its complaint of cryptocurrency accumulation successful 2025, a determination analysts astatine CryptoQuant construe arsenic mentation for a drawn-out carnivore market.
“Strategy’s Bitcoin buying has collapsed done 2025,” CryptoQuant said successful a Wednesday report, noting a melodramatic monthly simplification successful Bitcoin (BTC) purchases by Strategy since precocious 2024. According to CryptoQuant:
“Monthly purchases fell from 134,000 BTC astatine the 2024 highest to conscionable 9,100 BTC successful November 2025, lone 135 BTC truthful acold this month. A 24-month buffer makes 1 happening clear: they’re bracing for the carnivore market.”
Strategy’s monthly BTC purchases amusement a crisp downtrend from the November 2024 peak. Source: CryptoQuantStrategy purchased 8,178 BTC for astir $835.5 cardinal connected Nov. 17 — its largest acquisition since July — bringing its full holdings to 649,870 BTC, valued astatine astir $58.7 cardinal astatine this writing.
The institution has been the subject of aggravated speculation implicit the past respective months pursuing a downturn successful the crypto marketplace and the unwinding of the BTC proxy trade, which included integer plus treasury companies that accumulate crypto and mining operations.
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Strategy builds fortifications to woody with ongoing, marketwide pressures
In November, Strategy CEO Phong Le said the institution whitethorn consider selling immoderate of its BTC to screen indebtedness costs, but lone if the company’s banal falls beneath its nett plus worth (NAV), the full worth of its equilibrium expanse assets, oregon if it loses entree to financing.
The institution besides established a $1.4 cardinal currency reserve to conscionable its dividend outgo obligations and indebtedness work costs. The reserve should supply Strategy with a 12-month runway to conscionable its indebtedness obligations, with plans to grow the reserve to physique a 24-month buffer, the institution stated.
Strategy’s fiscal metrics dashboard. Source: StrategyStrategy’s bid for inclusion successful large banal marketplace indexes has besides tally into setbacks. MSCI, which sets eligibility criteria for galore of these indexes, has projected a argumentation alteration that would bar treasury companies holding 50% oregon much of their balance-sheet assets successful crypto.
Such a regularisation would chopped disconnected firms similar Strategy from the passive inflows that travel with scale inclusion.
Michael Saylor, the co-founder of Strategy, precocious said that Strategy is engaging with MSCI astir the projected argumentation change, acceptable to instrumentality effect successful January.
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