tl;dr
MicroStrategy, now rebranded as Strategy, has slowed its Bitcoin purchases amid financial constraints, but CEO Michael Saylor's cryptic hints about future buys keep markets guessing. The company remains a major Bitcoin holder despite reduced activity.
**MicroStrategy’s Bitcoin Buying Slows as Saylor Hints at Future Purchases**
MicroStrategy, now rebranded as *Strategy*, the largest corporate Bitcoin holder, has significantly slowed its pace of Bitcoin acquisitions, marking a stark contrast to its aggressive buying spree in recent years. However, the company’s executive chairman, Michael Saylor, continues to signal that a major purchase could be on the horizon, keeping markets on edge.
### A Sharp Decline in Bitcoin Purchases
According to a report by CryptoQuant analyst J. Maartunn, Strategy’s weekly Bitcoin acquisitions have plummeted from tens of thousands of BTC per week in late 2024 to just around 200 BTC in recent weeks. This represents a dramatic slowdown compared to its peak in 2024, when the company purchased a record 55,500 BTC in a single week. Even the current rate of 200 BTC per week mirrors levels seen five years ago during the company’s early dollar-cost-averaging experiments.
The slowdown, however, is not a sign of waning confidence in Bitcoin. Instead, Strategy attributes the reduced pace to tighter financial conditions that have constrained its ability to deploy new capital. The company’s equity issuance premium—the gap between its share price and the book value of its Bitcoin holdings—has collapsed from 208% to a mere 4%, making stock offerings a less efficient tool for raising funds to buy more Bitcoin.
### Market Volatility and Financial Pressures
The broader market environment has also played a role. Strategy’s stock price has fallen nearly 50% from its all-time high, while Bitcoin itself trades about 16% below its $126,000 peak, hovering near $111,000 as of press time. These lower valuations, coupled with reduced financing options, have forced the company to adopt a more measured approach to acquisitions.
Despite the slowdown, Strategy remains a dominant force in the Bitcoin market. In 2025 alone, the company has spent approximately $19.5 billion on Bitcoin, trailing only its $21.7 billion total from 2024. Its holdings now stand at 640,418 BTC, representing roughly 3.2% of all Bitcoin in circulation.
### Saylor’s Cryptic Hints and “Orange Dot Day”
Even as buying activity slows, Saylor has not abandoned his bullish stance. On X (formerly Twitter), he recently shared a screenshot of Strategy’s Bitcoin tracker with the phrase “It’s Orange Dot Day,” a cryptic reference he has used before to signal upcoming purchases. These posts often precede formal announcements, suggesting that another large-scale acquisition could be imminent.
Saylor’s continued emphasis on Bitcoin as a core treasury strategy underscores his belief in the asset’s long-term value. While the pace of purchases has slowed, Strategy remains one of the most aggressive institutional buyers in the market, demonstrating its commitment to Bitcoin despite macroeconomic headwinds.
### The Road Ahead
As financial conditions evolve and market dynamics shift, Strategy’s approach will likely remain a focal point for investors and analysts. The company’s ability to navigate these challenges while maintaining its Bitcoin holdings could further solidify its position as a key player in the crypto ecosystem. For now, Saylor’s hints of a potential “Orange Dot Day” keep the narrative alive, leaving the market wondering when the next chapter of Strategy’s Bitcoin journey will unfold.