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What to make of MSTR’s bitcoin pause

Published

While some view the firm’s BTC buying pause as a bearish development, a couple analysts think differently

MicroStrategy took a breather from its aggressive bitcoin buying spree — during a week that would end with a sizable downturn, no less.

The company has hoarded BTC for four-plus years now, and accelerated those purchases after the latest US presidential election.

First, let’s look at MSTR’s recent buys:

Oct. 31-Nov. 10: 27,200 BTC for $2 billion (avg. $74,463 per BTC) Nov. 11-17: 51,780 BTC for $4.6 billion ($88,627) Nov. 18-24: 55,500 BTC for $5.4 billion ($97,862) Nov. 25-Dec. 1: 15,400 BTC for $1.5 billion ($95,976) Dec. 2-8: 21,550 BTC for $2.1 billion ($98,783) Dec. 9-15: 15,350 BTC for $1.5 billion ($100,386) Dec. 16-22: 5,262 BTC for $561 million ($106,662) Dec. 23-29: 2,138 BTC for $209 million ($97,837) Dec. 30-Jan. 5: 1,070 BTC for $101 million ($94,004) Jan. 6-12: 2,530 BTC for $243 million ($95,972) Jan. 13-20: 11,000 BTC for $1.1 billion ($101,191) Jan. 21-26: 10,107 BTC for $1.1 billion ($105,596) Jan. 27-Feb. 2: 0 BTC

Total BTC acquired since Oct. 31: 218,887 BTC Total spent on BTC: $20.4 billion (average ~$93,200 per BTC)

In a one-month span (Oct. 31 to Dec. 1), Saylor’s team bought nearly a third of the BTC it holds today.

In all, MicroStrategy bought about 1% of the bitcoin supply in three months, and now owns 471,107 BTC — more than 2% of the total number of bitcoin that will ever exist.

While some on social media viewed the BTC buying pause as a bearish development, a couple analysts think differently.

Benchmark’s Mark Palmer told me it likely stemmed from the firm’s focus on executing its first-ever issuance of perpetual preferred stock. Expected to close Wednesday, that deal would raise $563 million to buy even more BTC.

TD Cowen’s Lance Vitanza suspects MicroStrategy was prohibited from buying while marketing this preferred stock — an offering he thinks will allow MSTR to ramp up BTC purchases.

MicroStrategy did not immediately return a request for comment.

Palmer said: “We fully expect the company to continue to aggressively lean into its bitcoin acquisition strategy during the balance of 2025.”