Strategy Abandons ‘Infinite Bitcoin Buys’ Doctrine for Defensive Balance Sheet Management

Strategy’s treasury doctrine has executed a hard pivot, with new filings confirming a stark deceleration in Bitcoin acquisitions throughout 2025. The company, which defined the “infinite accumulation” model, has redirected its capital markets firepower toward building a solvent U.S. dollar reserve, prioritizing balance sheet immunity over aggressive asset expansion..

Recent show that Strategy raised more than $1.44 billion through common-equity issuance to create a dedicated dollar reserve. The company stated that this cash pool is intended to cover dividend obligations on preferred stock and interest expenses for at least 12 months, with a target runway of 24 months. As part of the same update, Strategy noted that its risk-management options now include the possibility of selling Bitcoin or Bitcoin-linked derivatives if necessary.

The decision signals a shift from its 2020–November 2025 model of issuing securities primarily to accumulate additional Bitcoin. Instead, the firm is adopting a dual-reserve approach that keeps long-term Bitcoin holdings while retaining short-duration liquidity designed to avoid forced asset sales during periods of volatility.

Data from CryptoQuant Research shows that corporate Bitcoin accumulation was heavily concentrated in late 2024, setting records that have not been repeated since. Treasury-focused firms purchased 134,500 BTC in November 2024, a level far above earlier periods. Activity eased the following month to 59,700 BTC, but remained substantially higher than historical acquisition ranges.

Buying levels in 2025 settled into a more moderate pattern, though still elevated compared to long-term averages. Companies added 29,100 BTC in March and 31,500 BTC in July. By November 2025, accumulation had slowed to 9,100 BTC, signaling a return toward normal conduct after the prior year’s surge.

Bitcoin traded at $93,358.34 at the time of writing, reflecting a 0.48% increase over the past 24 hours. Market capitalization rose to $1.86 trillion. Trading volume fell 16.71% to $71.75 billion, pointing to reduced short-term activity.

Intraday movement showed repeated dips below $93,000 followed by recoveries, with higher lows forming through the session. Attempts to move toward $94,000 were met with resistance, and the price stabilized above $93,300 early on December 4.