MSTR Bitcoin Plan Slows as Strategy Builds Cash Buffer for Bear Market Risk

TLDR:

• Strategy’s MSTR Bitcoin strategy slows as BTC purchases fall from 134K in 2024 to 9.1K in November 2025.
• The firm raises 1.44B dollars to fund a US dollar reserve covering key obligations for up to 24 months.
• CryptoQuant data shows early December BTC buys at only 135 coins, marking a steep demand cooldown.
• The company adds optional BTC or derivative sales to avoid forced liquidation during deep market stress.
  

Smart money in the Bitcoin market is watching Strategy closely as its buying pace cools. Fresh data shows the company cutting monthly purchases from 134,000 BTC at the 2024 peak to only 9,100 BTC in November. 

Early December activity is even quieter, reaching just 135 BTC so far. The scale of this slowdown suggests a new approach to how the firm navigates its exposure.

Strategy Reshapes Its MSTR Bitcoin Strategy for Market Stress

The company has shifted toward a two-part treasury structure that separates long-duration Bitcoin holdings from short-term US dollar liquidity. This change follows Strategy’s decision to raise more than 1.44 billion dollars through common equity issuance. 

According to the company, the reserve is set aside to cover preferred dividends and interest expenses for at least 12 months. The stated objective is a 24-month liquidity runway that strengthens its position during uncertain conditions.

CryptoQuant data shows how the slowdown in buying aligns with this treasury update. Strategy has historically relied on equity and convertible issuances to expand its BTC stack. 

That pattern defined its activity from 2020 through late 2025. The latest track introduces a measured pace that reduces dependence on constant Bitcoin accumulation.

The new framework includes optional Bitcoin or derivative sales as part of risk management. Strategy disclosed this detail as a way to avoid forced moves during volatile markets. This capability adds more flexibility compared to earlier cycles, when the firm leaned fully into aggressive accumulation. 

CryptoQuant’s post describes the reduced buying as a material shift for market flow. Strategy’s aggressive inflows played a major role during previous bull phases. 

With demand softening, one meaningful source of market pressure steps back. The new reserve, however, lowers the likelihood of distressed BTC liquidation and supports long-term stability.

BTC Demand Cools as Strategy Prioritizes Liquidity Planning

The 24-month buffer signals a priority on weathering prolonged weakness. Strategy appears to be preparing for a drawn-out cycle rather than a quick rebound.

Its early-December figures show how dramatically the pace has changed since 2024. This approach fits with its updated liquidity model centered on steady cash positioning.

The reduced buying removes a strong demand driver, especially compared to periods of rapid accumulation. 

Market participants tracked Strategy’s activity as a proxy for institutional appetite. That link now shifts as the firm focuses on balance-sheet durability. The real-time data from CryptoQuant outlines how this new phase develops month by month.

Strategy’s shift matters because it affects both supply pressure and market mood. 

The firm’s optional sale mechanism reduces the probability that debt obligations force Bitcoin liquidation. That detail supports broader stability during a downturn. With a more flexible model, Strategy enters 2026 with a stance built for sustained volatility.

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