A Major Bitcoin Company Is Changing Its Plan, Experts Say
A company called Strategy, which is famous for buying a lot of Bitcoin and is led by Michael Saylor, has slowed down its purchases significantly. This information comes from a company called CryptoQuant, which studies cryptocurrency data.
On-chain analysis is the method used to study this data, and it shows a big change. At its peak in 2024, Strategy bought 134,000 Bitcoin in one month. In November 2025, it only bought 9,100. This shows a major slowdown.
CryptoQuant believes this means the company is preparing for a bear market. A bear market is a term for when the prices of investments fall for a long period of time.
Strategy’s New Plan
The company has made some big changes to how it handles its money.
First, it raised over $1.44 billion in US dollars. It did this by selling parts of its company to investors, which is called issuing common equity. This money is being kept as a cash reserve instead of being used to buy more Bitcoin.
This cash will be used to pay for important company costs, like paying dividends to people who own a special type of company share called preferred stock. A dividend is a payment that a company makes to its shareholders, usually from its profits.
Most importantly, Strategy announced that it might sell some of its Bitcoin in the future. This is a big shift from their old plan of always buying and holding. They said this would be for risk management, which means taking steps to protect the company from losing money.
Why Are They Changing Their Plan?
This change is happening at the same time that Bitcoin’s price has had its largest drawdown (a drop from its highest price) of 2025. Many signs, including both on-chain data and technical indicators (math-based signals used to predict market trends), now suggest the market is in a bearish, or downward, phase.
Because of this, Strategy is being more careful. They are focusing on having cash ready to use, which is known as having good liquidity.
How Much Bitcoin Does Strategy Own?
Currently, Strategy holds 650,000 Bitcoin. At today’s market prices, that’s worth $61 billion. The company is still up 26% on its investment because it bought the Bitcoin at a lower average price. However, this profit could turn into a loss if the market enters a long crypto winter, which is another term for a long bear market in cryptocurrency.
How Is the Company’s Stock Doing?
The price of Strategy’s own company stock (which trades under the symbol MSTR) has also been falling. It has dropped almost 60% since the middle of July. The stock price is currently $188, which is down 35% since the beginning of the year.