Strategy's monthly BTC buys contracted significantly in the second half of 2025 amid a broad downturn in the crypto treasury market.

Strategy, the largest corporate holder of Bitcoin, has slowed its rate of cryptocurrency accumulation in 2025, a move analysts at CryptoQuant interpret as preparation for a drawn-out bear market.

“Strategy’s Bitcoin buying has collapsed through 2025,” CryptoQuant said in a Wednesday report, noting a dramatic monthly reduction in Bitcoin (BTC) purchases by Strategy since late 2024. According to CryptoQuant:

Strategy purchased 8,178 BTC for approximately $835.5 million on Nov. 17 — its largest purchase since July — bringing its total holdings to 649,870 BTC, valued at approximately $58.7 billion at this writing.