What to make of MSTR’s bitcoin pause

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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.”

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