A significant shift is underway in the corporate world's approach to Bitcoin, as Strategy, the largest corporate holder of the cryptocurrency, has dramatically curtailed its aggressive accumulation. This slowdown, evident throughout 2025, raises crucial questions about the sustainability of the previous year's treasury accumulation boom and signals a potential re-evaluation of digital asset strategies among major players.
Strategy's Dramatic Policy Shift
Strategy's once-unprecedented Bitcoin buying spree has largely come to a halt. Data reveals a stark contrast between November 2024's peak acquisition of 134.5K BTC and November 2025's mere 9.1K BTC. This represents a staggering 93% decline from its 2024 peak, with early December 2025 figures showing an even weaker purchasing pace. This sharp reduction underscores a major policy shift in how Strategy allocates its treasury, moving away from the aggressive accumulation that characterized late 2024 and contributed significantly to broader institutional confidence in digital assets.
Broader Market Cooling and Supply Dynamics
Strategy's reduced buying is not an isolated incident but reflects a broader cooling trend in the corporate Bitcoin treasury market. While the number of entities holding Bitcoin has continued to grow, the total amount of BTC held in corporate treasuries actually decreased by 1.16% over the past month. This indicates that new entrants are not acquiring Bitcoin at a scale sufficient to offset the diminished purchasing activity from major players like Strategy. The retreat of corporate and treasury buyers removes a significant source of consistent buy-side pressure that acted as a major tailwind for BTC supply dynamics in 2024, contributing to scarcity narratives and strengthening long-term holder supply. With this corporate absorption diminishing, the market's structural demand will increasingly rely on ETF flows, long-term holders, and overarching macro sentiment to support its long-term stability.
