Saylor's Shopping Spree Hits the Snooze Button 🛒

Strategy, the largest corporate holder of Bitcoin ($BTC), added just 250 coins last week, bringing its total stack to 848,250 BTC and marking its second consecutive week of reduced buying after purchases of 1,665 BTC and 334 BTC in the prior two weeks, according to company filings. The slowdown stands in sharp contrast to November 2024, when the firm, formerly known as MicroStrategy, acquired 55,500 BTC in a single week.

The pullback does not reflect a shortage of cash. Strategy held approximately $4.9 billion in its dollar reserve as of its Oct. 5 filing, a balance earmarked for dividends. Instead, capital has increasingly flowed toward share repurchases. In the week ending Oct. 4, the company spent $176.3 million buying back Stretch (STRC), a preferred stock that pays a monthly dividend, roughly six times what it deployed into Bitcoin. A week earlier, STRC buybacks of $151.7 million likewise exceeded the $142.7 million spent on $BTC.

Bitcoin traded near $83,338, up 0.27% over 24 hours, according to BeInCrypto's price data. At that level, Strategy's holdings are valued at approximately $70.7 billion, against an average cost basis of $75,441 per coin as shared by Executive Chairman Michael Saylor on X on Oct. 11. Gold advocate Peter Schiff has argued that Strategy has lost its buying power, noting that STRC share sales that previously funded purchases have slowed.

Saylor continued his customary signaling, teasing the latest acquisition on Sunday with his signature chart of orange dots representing each buy. The company still has roughly $18.8 billion of common stock authorized for sale under its Sept. 28 filing, leaving substantial room for future capital raises. Upcoming disclosures will reveal how much of that capacity is directed toward additional $BTC acquisitions versus further STRC buybacks.