Why MicroStrategy’s Bitcoin Buying Spree Came to a Sudden Halt

Imagine being on a relentless shopping spree, dropping billions of dollars on a single asset, only to hit the brakes after months of non-stop buying. That’s exactly what MicroStrategy, the self-proclaimed Bitcoin treasury company, has done.

After splashing out a staggering $20 billion on Bitcoin over just 12 weeks, the software-turned-crypto-giant has finally taken a breather. On a Monday morning in New York Michael Saylor broke the news. Last week, MicroStrategy didn’t sell any shares under its equity offering program, and more importantly, it didn’t buy any Bitcoin either.

MicroStrategy is still sitting on a mountain of Bitcoin. As of February 2, 2025, the company holds 471,107 coins, worth around $46.6 billion at current prices. That’s no small feat, especially considering they’ve spent $30.4 billion to acquire them, at an average price of $64,511 per coin. The bulk of this hoard, though, didn’t come from years of slow and steady accumulation. No, MicroStrategy went into overdrive toward the end of last year and the start of 2025, funneling over $20 billion into Bitcoin in just three months.

From Software to Bitcoin: The Evolution of MicroStrategy

If you’re wondering how a company that used to focus on data analysis software ended up as a Bitcoin juggernaut, you’re not alone. Based in Tysons, Virginia, MicroStrategy has undergone a dramatic transformation over the past few years. Back in 2020, when COVID lockdowns were wreaking havoc and the Fed slashed interest rates, Saylor found himself at a crossroads. The company was struggling, and he needed a way to preserve value for shareholders. Enter in Bitcoin. Saylor became a vocal advocate for the cryptocurrency, touting it as the ultimate store of value. What started as a bold experiment quickly turned into a full-blown strategy. MicroStrategy began buying Bitcoin, and it didn’t stop.

Fast forward to today, and MicroStrategy’s stock has become a proxy for Bitcoin itself. Investors who want exposure to the cryptocurrency without the hassle of storing it themselves have flocked to the company’s shares. And the numbers tell the story. When MicroStrategy announced its first Bitcoin purchase in August 2020, its stock was trading at a modest $14.44. Today? It’s hovering around $332—a mind-blowing 2,199% increase. The company’s meteoric rise even earned it a spot on the Nasdaq-100 in December, rubbing shoulders with tech giants like Apple and Microsoft.

So why the sudden halt? Saylor didn’t elaborate, but it’s worth noting that even the most aggressive strategies need moments of recalibration. For now, MicroStrategy’s massive Bitcoin stash remains a testament to its unwavering belief in the cryptocurrency’s future. Whether this pause is a brief pit stop or a sign of things to come, one thing is certain: MicroStrategy’s Bitcoin saga is far from over.