MicroStrategy has sharply cut its bitcoin acquisition pace. In a regulatory filing released Monday, the software firm disclosed it purchased only 1,031 BTC during the past week, spending roughly $76.6 million at an average price of $74,326. This marks a stark contrast with the prior two weeks, when each saw bitcoin allocations exceeding $1 billion.
Dramatic Volume Drop, Funding Shift to Common Stock
The filing shows Monday that the latest purchase was funded solely by selling MicroStrategy common stock, a departure from the preferred stock (STRC) offerings used in the larger buys. As bitcoin hovers around $70,000, down from earlier highs, the shift may indicate changing investor appetite for STRC or evolving capital market tactics. Chairman Michael Saylor confirmed the firm now holds 762,099 BTC acquired for a total of $57.69 billion, translating to an average cost of $75,694 per coin—roughly $5,700 above BTC's current spot price.
Unrealized Loss of $4.4B
Despite the paper loss, Saylor reiterated the company's commitment to its bitcoin-first treasury strategy. The portfolio's market value now stands at approximately $53.3 billion, below the $57.7 billion invested. MicroStrategy built this reserve through debt, equity issuances and cash flow, with the cost basis climbing during late 2024 and into 2025. No plans to alter course or sell any holdings have been signaled.
Premarket Bounce and Strategic Uncertainty
MicroStrategy shares rose 1.7% in premarket trading following the disclosure. Investors are watching whether the narrowing spread between the firm's average cost and bitcoin's price will force a strategic pivot. The current purchase volume slowdown—down from $1B+ per week to just $76.6M—raises questions about the sustainability of the aggressive accumulation model. Meanwhile, reports that MicroStrategy boosted its cash reserve to $510 million add another layer to the narrative, suggesting the firm may be preparing for a different approach to financing future acquisitions.