MicroStrategy has significantly scaled back its aggressive Bitcoin accumulation strategy, with weekly purchases plummeting to levels not seen in five years. Despite this operational slowdown and a sharp drop in its stock price, founder Michael Saylor continues to signal bullish intent, recently hinting at another major purchase with a cryptic social media post.

A Drastic Reduction in Purchases

According to analysis from CryptoQuant, the company’s Bitcoin acquisition rate has fallen dramatically. After consistently buying tens of thousands of BTC per week in late 2024, MicroStrategy’s recent purchases have averaged only about 200 BTC. This is a stark contrast to its previous pace, which saw the company acquire over 10,000 BTC in a single week and hit a peak of 55,500 BTC in one large-scale operation.

While the current pace is reminiscent of its initial dollar-cost averaging strategy, the company’s holdings are vastly different today. MicroStrategy now holds approximately 640,418 BTC, which accounts for about 3.2% of Bitcoin’s total circulating supply, cementing its status as a major institutional holder.

The Market Squeeze Behind the Slowdown

The change in strategy isn’t driven by a loss of conviction but by challenging market conditions. A key factor is the collapse of MicroStrategy’s stock premium, which has fallen from a high of 208% to just 4%. This premium represents the gap between the company’s market capitalization and the book value of its Bitcoin holdings. A high premium previously made it highly effective to issue new shares to raise capital for more Bitcoin buys.

With the premium now gone, this financing method is far less attractive. This financial pressure is compounded by the company’s stock trading about 50% below its all-time high, while Bitcoin sits around $111,000, roughly 16% below its record of $126,000. This compression of margins severely limits the company’s ability to fund massive new acquisitions.

Saylor Signals Another Move

Even with these constraints, Michael Saylor continues to engage the market. On October 26, he posted an image of MicroStrategy’s Bitcoin tracker with the simple caption, “It’s Orange Dot Day.” Observers familiar with Saylor’s communication style recognize this as a pattern that has historically preceded official announcements of new Bitcoin purchases filed with the Securities and Exchange Commission (SEC).

The timing suggests a new wave of acquisitions could soon be formalized. Despite the slower pace, MicroStrategy has invested approximately $19.5 billion in Bitcoin in 2025, not far behind the $21.7 billion invested throughout all of 2024. The current slowdown appears to be a tactical pause, a period of consolidation as the company waits for more favorable market conditions to resume its landmark strategy.