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

• Strategy shifts from aggressive Bitcoin buying to a liquidity-focused dual-reserve model.
• Corporate Bitcoin accumulation peaked in late 2024 before returning to normalized 2025 levels.
• Bitcoin posts modest gains as trading volume drops, signaling reduced short-term activity.

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 filings 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 s…

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