MicroStrategy, rebranded as Strategy, remains the largest corporate Bitcoin holder, but its acquisition pace has sharply declined. According to CryptoQuant analyst J. Maartunn, weekly Bitcoin purchases dropped from tens of thousands of BTC in late 2024 to around 200 BTC recently, compared to a peak of 55,500 BTC in a single week. This slowdown stems from tighter financial conditions, with Strategy's equity issuance premium plunging from 208% to 4%, reducing the efficiency of stock offerings for funding new buys.
Concurrently, Strategy's stock price has fallen approximately 50% from its record high, while Bitcoin trades near $111,000, down about 16% from its all-time peak of $126,000. Despite this, executive chairman Michael Saylor signaled potential new accumulation by posting "It's Orange Dot Day" on X, a cryptic phrase that historically precedes official purchase announcements within 24 to 48 hours, fueling market speculation.
In a separate post, Strategy highlighted Bitcoin's supply scarcity, noting that 95% of all Bitcoin will be mined in just 21 days. The remaining 5% will be mined gradually, with 4% by 2035 and the final 1% expected by 2140, underscoring the asset's deflationary design. Strategy has spent roughly $19.5 billion on Bitcoin in 2025 alone, trailing its $21.7 billion total from 2024, and now holds 640,418 BTC, representing about 3.2% of circulating supply at an average cost of $74,010 per Bitcoin, yielding a gain of over 52%.
Saylor has repeatedly described Bitcoin as "digital gold" and a hedge against monetary debasement, reinforcing institutional conviction as supply constraints intensify.
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