Strategy (MSTR) Stock: Bitcoin Purchases Drop 98% in Major Strategy Shift

TLDR

• Strategy’s Bitcoin buying collapsed from 134,000 BTC monthly to just 135 BTC in December 2025
• Company created $1.4 billion cash reserve for debt obligations and dividend payments
• CEO Phong Le said Strategy might sell Bitcoin if stock drops below net asset value
• MSCI proposed rules that could prevent Strategy from joining major stock indexes
• Company holds 649,870 BTC worth $58.7 billion but shifted to defensive posture

Strategy’s Bitcoin buying binge has ended. The company purchased only 135 BTC in December 2025, down from 134,000 BTC at its November 2024 peak.

CryptoQuant analysts call it a 98% collapse. They say Strategy is preparing for a long bear market.

The shift is dramatic for the world’s largest corporate Bitcoin holder. Strategy owns 649,870 BTC valued at $58.7 billion. But the buying that defined last year has stopped.

MicroStrategy Incorporated, MSTR

November 2025 saw just 9,100 BTC purchased. The company’s last big buy happened November 17 when it bought 8,178 BTC for $835.5 million. Activity has slowed to a crawl since then.

CEO Opens Door to Bitcoin Sales

CEO Phong Le dropped a bombshell in November. Strategy might sell Bitcoin under specific conditions.

If the stock falls below net asset value, sales could happen. The company would also consider selling if it loses financing access.

That’s a complete reversal from the endless accumulation approach. Strategy is now focused on building financial buffers instead of stacking sats.

The company set up a $1.4 billion cash reserve. The money will cover debt payments and dividends for 12 months. Management wants to extend that to 24 months.

Average purchase sizes tell the story. Strategy bought 15,133 Bitcoin per transaction in 2024. That dropped to 5,330 BTC in 2025.

Index Problems Mount

Strategy faces trouble with MSCI. The index provider wants new rules blocking treasury companies with 50% or more assets in crypto.

That would keep Strategy out of major stock indexes. Index inclusion means automatic buying from passive funds.

Michael Saylor is talking with MSCI about the changes. The new policy starts in January.

Missing out on index inclusion cuts off billions in potential passive fund flows. Those funds automatically buy stocks in the indexes they track.

Polymarket traders expect small routine purchases to continue. But odds of a buy above 1,000 BTC are just 40-45%. The market knows big accumulation is over.

Treasury Trade Cools Down

The entire crypto treasury sector has cooled. Digital asset treasury inflows hit their lowest point since mid-June.

Treasury companies aren’t absorbing meaningful Bitcoin supply anymore. Strategy’s slowdown reflects broader market weakness.

CryptoQuant’s report shows the company moving from aggressive accumulation to balance sheet protection. The $1.4 billion reserve and smaller purchases point to caution.

The analysts noted that a 24-month buffer makes Strategy’s intentions clear. They’re preparing for a bear market.

Strategy’s November 17 purchase of 8,178 BTC for $835.5 million brought total holdings to 649,870 BTC worth $58.7 billion at current prices.

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