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MicroStrategy Halts Bitcoin Buying Spree After 12 Consecutive Weeks
MicroStrategy, the largest corporate holder of Bitcoin (BTC), has put a stop to its aggressive purchasing streak after accumulating cryptocurrency for 12 consecutive weeks. The decision comes as a surprise, considering the company’s consistent purchases over the past few months.
During this period, MicroStrategy made record-breaking purchases, including its largest-ever single acquisition of 51,780 BTC worth $4.6 billion on November 18 and another major purchase on November 11, where it acquired 27,200 BTC valued at over $2 billion. These significant purchases led to a substantial increase in the company’s BTC holdings from 244,800 BTC in September 2024 to an astonishing 471,107 BTC, which is now worth approximately $44.7 billion.
Despite this remarkable growth, MicroStrategy’s stock (MSTR) faced heavy volatility. The stock surged past $470 per share in mid-November but later dropped below $290 by the end of December. Although it recovered alongside the crypto market in January, MSTR closed at $335 last Friday, with expectations of further declines amid a broader market downturn.
Bitcoin’s price tumbled by over $15,000 between Friday and Monday, marking a sharp decline in its recent bullish trajectory. This sudden drop coincides with MicroStrategy’s pause in BTC acquisitions, sparking questions about the company’s future buying strategy. Although MicroStrategy did not disclose the exact reason for stopping its purchases, it confirmed that it had neither sold its class A common stock nor added to its Bitcoin holdings.
Market analysts speculate that MicroStrategy might be reassessing its funding strategy. The firm had previously planned to raise over $40 billion in the next decade and has actively issued convertible notes and stock offerings to finance its Bitcoin purchases. Investors and analysts expect further clarity on the company’s strategy when it reports earnings this week.
At present, MicroStrategy holds approximately 2% of Bitcoin’s total supply.
Source: coinchapter.com
