Key Notes
Strategy’s monthly Bitcoin buys collapsed 93% year-over-year.
The company now prioritizes a dual-reserve structure.
Hamak Strategy is preparing a $3M capital injection to grow BTC treasury.
The world’s largest Bitcoin treasury company, Strategy (formerly MicroStrategy) saw its monthly BTC buys dropping from the November 2024 peak of 134,500 BTC to just 9,100 BTC in November 2025, a massive 93.3% drop.
According to on-chain analytics firm CryptoQuant, this month, Strategy has picked up only 135 BTC so far, which at current prices of $93,000, are worth $12.6 million.
Strategy’s Bitcoin buying has collapsed through 2025.
Monthly purchases fell from 134K BTC at the 2024 peak to just 9.1K BTC in November 2025, only 135 BTC so far this month.
A 24-month buffer makes one thing clear: they’re bracing for the bear market. pic.twitter.com/qEwXR3JQ82
— CryptoQuant.com (@cryptoquant_com) December 3, 2025
After the explosive 134.5K BTC surge in November 2024 and a strong 59.7K BTC follow‑through in December, Strategy’s accumulation cooled through early 2025. Purchases stabilized near the 25K–35K BTC from March to July before collapsing into single‑digit‑thousand levels by late 2025.
Strategy Goes Defensive
The 24‑month spending buffer indicates a defensive position. Strategy is preparing for a longer period of market weakness and instead of issuing equity and convertibles to scale its Bitcoin buys, the company is taking a new approach for its balance‑sheet strategy.
As per an announcement earlier this week, Strategy raised $1.44 billion through common‑equity issuance to build a dedicated US dollar reserve, specifically to cover at least twelve months of dividend and interest obligations. The company aims to expand that time to 24 months.
Related article: Michael Saylor's Strategy in Talks with MSCI about Possible Index Removal
This new dual‑reserve model combines long‑duration Bitcoin holdings with short‑duration USD liquidity.
This reduces the likelihood of forced Bitcoin sales during sharp BTC price drops while giving the company optionality to hedge or liquidate portions of its holdings if BTC drops to lower levels.
With 650,000 BTC now under management, roughly 3.1% of the 21 million BTC supply, Strategy now predicts a year‑end 2025 Bitcoin price range of $85,000 to $110,000.
Hamak Strategy Prepares a $3M Capital Injection
On the other hand, the UK‑listed Hamak Strategy Ltd. is moving forward with a fresh funding package of a gross value of £2.5 million, roughly $3.15 million. The firm will strengthen its gold reserves and boost its Bitcoin treasury as well.
JUST IN: ? @GoldHamak completes £2.5M CLN to support gold exploration in Africa & its #Bitcoin treasury policy. Investors warned of BTC risks. $HAMA.L $BTC pic.twitter.com/wyqyX98Y1v
— Treasury Stocks (@TreasuryStocks) December 4, 2025
Hamak has also secured an at‑the‑market issuance facility worth up to £30 million (about $37.8 million) which grants it the flexibility to raise capital on demand while retaining full discretion over pricing and volume.
