Michael Saylor's Strategy has posted one of its slowest monthly Bitcoin acquisition totals in 2025, purchasing just 778 Bitcoin throughout October compared to 3,526 Bitcoin in September. This 78% decline underscores a significant slowdown in the world's largest public Bitcoin holder's accumulation activity.
Recent Acquisitions and Holdings
The company acquired 390 Bitcoin for $43.3 million last week at an average price of $111,117 per coin, according to a Monday Securities and Exchange Commission filing. The latest purchase brought Strategy's total holdings to 640,808 Bitcoin, acquired for approximately $47.4 billion at an average price of $74,032 per Bitcoin.
Strategy's October accumulation represents among the smallest monthly totals in the company's treasury history. The latest buy pales in comparison to the massive 31,466 Bitcoin and 26,695 Bitcoin acquired in July and May, respectively.
Analysis of the Slowdown
CryptoQuant analyst JA Maartun attributed the rapid slowdown to capital raising difficulties, with equity issuance premiums plummeting from 208% to 4%. Maartun noted in a Sunday X post that Strategy is no longer buying large amounts but continues to purchase Bitcoin, indicating that long-term conviction remains even as funding pressure increases.
"Strategy is no longer buying big, but they’re still buying."
Year-to-Date Investment Trends
Despite the sharp slowdown, 2025 remains the largest year for Bitcoin investments by Strategy, with $19.53 billion spent on Bitcoin acquisitions so far. The company has roughly two months remaining to surpass last year's record of $21.76 billion spent on Bitcoin, according to Maartun.
Funding Mechanisms for Acquisitions
The latest 390 Bitcoin acquisition was funded using proceeds from at-the-market sales of perpetual Strike preferred stock (STRK), perpetual Strife preferred stock (STRF), and perpetual Stride preferred stock (STRD). Strategy's preferred stock at-the-market programs total $21 billion for STRK, $4.2 billion for STRC, $2.1 billion for STRF, and $4.2 billion for STRD, in addition to the firm's "42/42" plan targeting $84 billion in capital raises through 2027.
Last week, Strategy sold 191,404 STRK shares for approximately $17 million, with $20.35 billion remaining available for issuance. The company sold 175,634 STRF shares for $19.4 million with $1.67 billion remaining, and 87,462 STRD shares for $7 million with $4.14 billion remaining. No Class A common stock (MSTR) or perpetual Stretch preferred stock (STRC) were sold last week.
Other Public Companies with Bitcoin Holdings
There are now 190 public companies that have adopted some form of Bitcoin acquisition model. MARA, Tether-backed Twenty One, Metaplanet, and Bitcoin Standard Treasury Company, backed by Adam Back and Cantor Fitzgerald, comprise the remainder of the top five, holding 53,250 Bitcoin, 43,514 Bitcoin, 30,823 Bitcoin, and 30,021 Bitcoin, respectively.
Market Performance of MSTR Stock
Strategy's latest buy came as its Common A stock (MSTR) fell below $280 last week, marking a gradual sell-off after shares topped around $456 in July. The stock closed up 1.5% on Friday at $289.08 and traded up 4.1% in pre-market Monday. MSTR gained 3.5% last week overall but remains negative 3.7% year-to-date compared to Bitcoin's 23.4% gain for 2025.