Strategy Slows Bitcoin Purchases to 2021 Levels: What’s Going on Behind the Scenes?

The company’s once-aggressive Bitcoin accumulation strategy appears to be losing momentum. After making headlines with massive weekly purchases, sometimes exceeding 10,000 BTC and even peaking at 55,500 BTC in late 2024, Strategy’s buying pace has now slowed drastically to around 200 BTC per week.

The largest corporate Bitcoin holder’s deceleration is reflected in its spending as well.

Slower Buys, Same Conviction

In his latest analysis, Crypto analyst ‘Maartunn’ estimated that spending fell from billion-dollar allocations to just $22.1 million spent for 196 BTC last week. Despite the slowdown, 2025 still ranks as Strategy’s second-largest BTC investment year, with $19.53 billion deployed so far, trailing only 2024’s $21.76 billion.

The firm now holds roughly 3.2% of all Bitcoin in circulation. However, tighter capital conditions have started to bite as equity issuance premiums have plummeted from 208% to just 4%, which has made fresh fundraising more challenging.

Meanwhile, MSTR stock is down nearly 50% from its all-time high, while Bitcoin itself trades only 16% below its peak, which has further widened the performance gap between the two assets. Despite this, the company’s share price remains closely correlated with Bitcoin, and Maartunn noted that it often mirrors its moves. Interestingly, Strategy continues to buy near local price highs, most recently acquiring 196 BTC at an average price of $113,000.

Even as the accumulation pace has slowed down, the firm’s unrealized Bitcoin profit still stands at a staggering $23.7 billion. As such, the analyst stated,

Trillion-Dollar Bitcoin Dream

Though purchases have eased, Strategy co-founder Michael Saylor remains adamant that Bitcoin is at the heart of the firm’s long-term corporate treasury strategy. Speaking at a conference in Prague, the former chief exec said that there is only one way to lose – and that’s not to play the (Bitcoin) game.

In a separate interview last month, Saylor revealed an ambitious “endgame” to build a trillion-dollar Bitcoin balance sheet and use it to reinvent the global credit system. He said the goal is to accumulate $1 trillion in Bitcoin and grow it by 20-30% annually.

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