Michael Saylor’s Strategy Prepares for a Bear Market: CryptoQuant

The world’s largest Bitcoin Treasury company has slowed asset accumulation as bear market signals strengthen.

“The strategy’s Bitcoin buying has collapsed through 2025,” on-chain analytics platform CryptoQuant said in a Wednesday report. Monthly purchases fell from 134,000 BTC at the 2024 peak to just 9,100 BTC in November 2025, just 135 BTC so far this month, it added, highlighting the slowdown.

“A 24-month buffer makes one thing clear: they are preparing for the bear market.”

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

Strategy’s Bitcoin buying has collapsed through 2025.

Monthly purchases dropped from 134,000 BTC at the 2024 peak to just 9.1,000 BTC in November 2025, just 135 BTC so far this month.

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

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

Changes in the Strategy of Strategy

The company raised over $1.44 billion through the issuance of common shares to build a US dollar reserve. This would be for paying dividends on preference shares and meeting interest obligations for at least twelve months added.

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

This cash cushion is designed to cover preferred stock dividends of approximately $700 million per year and bond interest for 12 to 24 months, marking a departure from their previous strategy of continuously converting stocks into Bitcoin.

Key changes include a dual-reserve model that separates long-term Bitcoin ownership from short-term dollar liquidity, new flexibility in the ability to sell Bitcoin or derivatives for risk management, and declining BTC purchases.

“The strategy’s shift from aggressive Bitcoin accumulation to a more conservative, liquidity-focused treasury approach coincides with Bitcoin’s biggest decline in 2025, a decline severe enough that almost every major onchain and technical indicator now signals the market has entered a bearish phase.”

Strategy currently owns 650,000 BTC worth $61 billion at current market prices. It remains 26% higher than the average purchase price, which is around $74,436, according to to SaylorTracker. However, this could turn into a loss if the markets enter another prolonged crypto winter.

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Strategy stock problems

Corporate stock prices (MSTR) have fallen steadily since mid-July, falling nearly 60%. The losses accelerated in early October, just after Bitcoin’s price peak, and as markets entered a downtrend.

MSTR was trading at $188 at the time of writing, up 4% on the day as BTC rallied, but down 35% since the start of the year. Bitcoin has lost about 5% since the same time last year and is trading at the same price as on January 1: $93,600.