Strategy Bitcoin Purchase Drops from 134k BTC to 9k BTC As Bearish Trend Prolongs.

• Strategy Bitcoin monthly purchases drop from 134k BTC to 9.1k BTC in November and 135 BTC in December.

• Strategy created a dedicated United States dollar reserve exceeding $1.44 billion.

Strategy Bitcoin Accumulation Drops Significantly

Strategy’s monthly Bitcoin purchases fell from 134,000 BTC in November 2024 to just 9,100 BTC in November 2025 and 135 BTC so far this month.

Strategy’s reduced pace of BTC acquisition supports the narrative of a more defensive posture.

The company purchased a record 134,000 BTC in November 2024, during the height of its aggressive cycle. That figure fell to 59.7 thousand in December 2024, then dropped to 31.5 thousand in July 2025, and again to only 9.1 thousand BTC in November 2025.

So far in December, the firm has acquired just 135 BTC. CryptoQuant highlights these figures across multiple charts, showing the steady deceleration in purchases throughout the year.

A Tactical Shift in the Bitcoin Accumulation Model

CryptoQuant’s analysis indicates that Strategy has modified its long-standing approach to Bitcoin accumulation amid weakening market conditions. While Bitcoin remains central to the long-term corporate thesis, management no longer treats the position as untouchable across all market environments.

The company is now prioritizing the ability to defend its Bitcoin stack rather than simply maximizing its size. This includes maintaining cash buffers, implementing hedging when necessary, and allowing for selective monetization in distressed market conditions.

This adjustment appears to reflect internal expectations that Bitcoin may face a soft 2026 after formally entering a bear market last month. CryptoQuant’s charts in the report clearly illustrate the structural shift.

A New Dual Reserve Structure

Strategy has initiated one of its most significant treasury changes to date by creating a dedicated United States dollar reserve exceeding $1.44 billion.

According to the disclosures, the reserve is funded entirely through the market issuance of new MSTR common stock. It is designed to protect the firm through a potentially prolonged period of Bitcoin market weakness.

The newly built reserve is explicitly earmarked for three core obligations.

First, it secures annual cash dividends for the company’s preferred stock classes, estimated at roughly $700 million.

Second, it provides coverage for interest payments on Strategy’s outstanding convertible bonds.

Third, it acts as an emergency liquidity pool if capital markets tighten and short-term funding becomes more challenging to obtain.

This reserve is fully segregated from Strategy’s existing Bitcoin reserve. As a result, the company now operates under a dual-reserve framework for the first time, with independent structures for fiat liquidity and digital asset holdings.

Preparing for a Potentially Deep or Extended Drawdown

The CryptoQuant report notes that the Strategy appears to acknowledge a meaningful probability of a prolonged Bitcoin downturn. This shift has emerged alongside Bitcoin’s most significant drawdown of 2025, a drop severe enough that nearly every major on-chain and technical metric has turned bearish.

The CryptoQuant Bull Score Index has fallen to zero, the most bearish reading possible and a level not seen since January 2022, when the previous bear market began. For Strategy, navigating such conditions may require a balance between conviction and liquidity, which the firm now seems to be prioritizing through its expanded fiat reserve.