From 55,000 BTC a week to just 200 BTC. MicroStrategy’s Bitcoin buying pace has collapsed. From weekly purchases that once topped 55,000 BTC, the company is now adding only around 200 BTC per week, a staggering slowdown in accumulation.
During late 2024 and early 2025, there were weeks when the firm bought over 10,000 BTC, including one historic spike of 55.5K BTC.
Now? Just ~200 BTC/week, signaling a sharp change in strategy.
Spending Shrinks with It
The slowdown isn’t just in quantity, the spending is dropping too.
Dollar outlays have fallen from billion-dollar buying weeks to far smaller sums. Their latest purchase? $22.1 million for 196 BTC, averaging around $113K per coin.
That’s a world apart from the headline-making billion-dollar buys that characterized MicroStrategy’s aggressive 2024 spree.
Even so, the firm continues to accumulate, just at a slower, more measured pace. Another small purchase announcement is expected as soon as tomorrow.
Second-Largest Bitcoin Investment Year
Despite the slowdown, 2025 remains MicroStrategy’s second-largest Bitcoin investment year ever.
Year-to-date (YTD), the company has invested a massive $19.53 billion into Bitcoin.
That’s only behind 2024’s $21.76 billion, which marked their peak buying phase.
📉 Strategy’s Bitcoin buying is slowing — fast.
From 55,000 BTC per week to just 200 BTC.This thread breaks down what’s changed — and why it matters 👇🧵 pic.twitter.com/o589kdoh7s
— Maartunn (@JA_Maartun) October 26, 2025
Here’s how their yearly BTC investments stack up:
- 2025 YTD: $19.53B
- 2024: $21.76B
- 2023: $1.9B
- 2022: $276M
- 2021: $2.57B
Even with this year’s slower pace, they’re still putting up historic numbers, miles ahead of what most institutions can manage.
3.2% of All Bitcoin
MicroStrategy now controls roughly 3.2% of all Bitcoin in circulation, cementing its role as the largest corporate holder in the world.
At over 214,000 BTC, their treasury stands as a monumental bet on the future of digital money.
According to CoinMarketCap, Bitcoin trades around $113,000 with a market cap near $2.22 trillion, meaning MicroStrategy’s BTC holdings are valued at roughly $24.2 billion.
That’s a colossal position, one that continues to generate both admiration and debate across the crypto space.
Capital Is Harder to Raise
One of the biggest factors behind the slowdown is funding pressure.
MicroStrategy’s equity issuance, once their main vehicle for financing massive Bitcoin buys, has lost momentum.
Premiums on these issuances have collapsed from 208% at the peak to just 4% today.
That’s a massive shift.
When investors were willing to pay huge premiums for MSTR stock, the company could easily convert equity into billions for Bitcoin purchases. Now, with the premium almost gone, capital raising has become much tougher.
This financial squeeze explains why the firm’s buying volume has tapered so sharply in 2025.
MSTR Stock Feels the Pressure
The market has noticed the slowdown.
MSTR stock is down roughly 50% from its all-time high, while Bitcoin itself is just -16% away from its peak.
The divergence shows that investors are pricing in tighter conditions for MicroStrategy, even though Bitcoin’s price action remains relatively strong.
Still, the company’s underlying Bitcoin position continues to generate massive paper profits, estimated at ~$23.7 billion in unrealized gains.
So while the equity side feels the heat, the Bitcoin side remains deeply in the green.
Timing the Market, or Riding It
Interestingly, most of MicroStrategy’s recent buys happen near weekly highs, suggesting the firm is less focused on short-term price timing and more committed to long-term accumulation.
They’re not trying to buy dips, they’re trying to keep exposure consistent.
That’s the core of their “strategy-as-a-service” philosophy: steady conviction over short-term trading.
Even at $113K per Bitcoin, the company continues to add to its position.
It’s not the size of the buy that matters, it’s the signal of belief.
Conviction vs. Constraint
MicroStrategy’s current phase reflects a balance between conviction and constraint.
On one hand, they remain fully committed to the Bitcoin standard. On the other, funding challenges are forcing them to scale back the aggressive expansion that defined 2024.
They’re still buying, but carefully.
Each new purchase reinforces the message that MicroStrategy isn’t done accumulating. It’s simply adapting to a tighter market environment where capital efficiency matters more than ever.
For the broader Bitcoin market, MicroStrategy’s slowdown signals maturity.
Gone are the headline-grabbing billion-dollar buys, replaced by a steadier, more sustainable pace of accumulation.
And even with smaller weekly purchases, their influence remains enormous.
They still hold over 3% of the entire Bitcoin supply, making them a systemic presence in Bitcoin’s institutional narrative.
If the firm ever pivots, the impact could be massive, but so far, all signs point to continued faith in Bitcoin’s long-term potential.
Still Building, Still Buying
Despite the cooling pace, MicroStrategy’s leadership hasn’t wavered in tone.
CEO Michael Saylor has repeatedly emphasized that Bitcoin remains the company’s primary treasury reserve asset and a long-term store of value.
His strategy hasn’t changed, only the scale of execution has.
This phase might mark a slowdown, but it’s also a consolidation, both in strategy and conviction.
As Saylor himself has hinted before, it’s not about buying fast; it’s about buying forever.
MicroStrategy is no longer buying big, but they’re still buying.
Funding pressure, tighter capital markets, and reduced stock premiums have slowed their pace dramatically.
But the core thesis stands: Bitcoin remains the centerpiece of their corporate identity.
With $23.7B in unrealized profit, 3.2% of supply under control, and a clear belief in the digital asset’s future, MicroStrategy continues to play the long game, even if the tempo has changed.
Conviction stays. Speed slows. The Bitcoin strategy endures.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/microstrategy-cools-its-bitcoin-buying-spree-amid-capital-pressure/