Strategy's Bitcoin Purchases Are Down 84% in Two Weeks — What Changed?

Nasdaq-listed Strategy, whose Bitcoin (BTC) hoard is larger than that of any other public company, added just 250 coins last week. Its total holdings now come to 848,250 BTC.

Two weeks back, the firm formerly called MicroStrategy picked up 1,665 BTC. It then bought 334 last week, so this week's figure represents the second consecutive smaller purchase.

Strategy's Bitcoin Purchases Have Slimmed Down Over Three Weeks

The most recent 250 BTC were acquired for approximately $[TK] million, averaging $[TK] per coin, as [SOURCE TK] reports.

For context, Strategy once purchased 55,500 BTC in one week during November 2024.

The reduced buying is not the result of depleted cash. In an Oct. 5 filing, Strategy reported about $4.9 billion in its dollar reserve, money earmarked for dividend payments.

Rather, a greater share of its cash has been going toward share repurchases. In the week through Oct. 4, it used $176.3 million to buy back Stretch (STRC), a preferred security that carries a monthly dividend.

That outlay equaled about six times what it spent on Bitcoin, BeInCrypto noted while covering last week's buyback-focused filing. One week prior, STRC repurchases of $151.7 million had also exceeded the $142.7 million that went to Bitcoin.

Could Strategy Be Losing Its Ability to Buy Bitcoin?

Bitcoin is changing hands at roughly $83,338, up 0.27% over the previous 24 hours, per BeInCrypto’s price tracking page.

At that valuation, the company’s Bitcoin holdings are worth some $70.7 billion. Its average purchase price stands at $75,441 per coin, based on a chart that Chairman Michael Saylor posted to X on Oct. 11.

Peter Schiff, a promoter of gold, has said that Strategy’s buying power has evaporated because the STRC share sales that previously bankrolled its acquisitions have vanished.

Saylor has not eased up on his signals, though. On Sunday, he hinted at the acquisition using his customary orange-dot chart, with a dot for each purchase.

Strategy remains authorized to sell about $18.8 billion of common stock, per its Sept. 28 filing. Its forthcoming filings will reveal how much of those funds end up in Bitcoin and how much in buybacks.