Strategy Slows Bitcoin Buying After Resuming Accumulation
Strategy resumed Bitcoin accumulation in September, buying 950 BTC for about $75.7 million between 14 and 20 September with cash. It then bought another 334 BTC between 28 September and 4 October at an average price of $85,838.80, spending approximately $28.7 million. The later purchase lifted Strategy’s holdings to 848,000 BTC, worth roughly $73 billion and equal to more than 4% of Bitcoin’s maximum supply.
Strategy has invested about $64 billion in Bitcoin, including fees, at an average cost of $75,440.70 per BTC. The latest purchase was funded by selling 92,894 MSTR shares for about $15.7 million and using $13 million in cash. This contrasts with the earlier cash-funded purchase, when Strategy reported no sales through its MSTR at-the-market programmes. The company also repurchased 1.77 million STRC preferred shares for $174 million during the earlier period.
The pace of Bitcoin buying has slowed sharply. Strategy previously purchased as many as 1,665 BTC in a single transaction. Its large Bitcoin exposure, preferred-share obligations and debt-interest costs may be limiting further accumulation. MSTR shares fell 7.1% during the latest week to close at $160.01, were nearly flat year to date and remained down 48% over the previous year.
Strive, another Bitcoin treasury company, bought 1,355 BTC for about $107.7 million during the earlier period, increasing its holdings to 26,355 BTC. Its Bitcoin exposure per effective common share rose 14.1%, despite an 8.2% increase in its effective share count. However, SATA preferred shares outstanding rose about 35.2% to 11.18 million, increasing senior claims and potential dividend costs.
For crypto traders, Strategy’s continued Bitcoin demand remains modestly supportive, but the reduced buying intensity limits the near-term bullish impact. The use of equity financing also highlights dilution risk, while Strive’s faster growth carries greater preferred-stock obligations. The combined signal for BTC is neutral, with longer-term institutional demand offset by slower accumulation and financing concerns.
Neutral
The news is neutral for BTC because Strategy continues to accumulate Bitcoin, but the scale and pace of its purchases have declined. The September 14–20 purchase of 950 BTC was followed by only 334 BTC between September 28 and October 4. Continued treasury demand may offer short-term support, particularly during periods of institutional buying, but the latest purchase is too small to create a strong supply shock in the wider Bitcoin market.
The funding mix also limits the bullish interpretation. Strategy used both cash and the sale of 92,894 MSTR shares, introducing potential equity dilution and signalling that financing requirements may constrain future purchases. Its preferred-share obligations and debt costs add further pressure. Strive’s larger percentage growth supports the long-term trend of corporate Bitcoin adoption, but its expanding preferred-stock liabilities create similar financing risks.
In the short term, traders are likely to focus more on the slowing accumulation rate, MSTR’s weak share performance and broader Bitcoin liquidity conditions than on the absolute number of coins purchased. Over the longer term, corporate treasury demand remains a structural positive for BTC if these companies can maintain their buying programmes. However, the latest data do not justify a strongly bullish reaction, so the overall market impact is neutral.