Despite a significant revenue slowdown and an 8% drop in its stock price, MicroStrategy's Michael Saylor has shocked the market with a massive new Bitcoin purchase. The iconic founder remains adamant in his "Bitcoin Standard" strategy, hinting at ongoing institutional accumulation with his cryptic tweet "Orange Dot Day."
CryptoQuant analyst J. Maartunn recently highlighted a radical shift in MicroStrategy’s accumulation strategy. The company’s weekly purchases have plummeted from tens of thousands of Bitcoin in late 2024 to approximately 200 BTC in recent weeks. For context, the company regularly purchased over 10,000 BTC in a single week. Their historical peak reached an impressive 55,500 BTC during one large-scale operation.
This current purchasing level takes us back five years, to when MicroStrategy was still testing its dollar-cost averaging strategy on Bitcoin. The major difference today lies in the accumulated reserves. The company now holds 640,418 BTC, representing approximately 3.2% of the total circulating supply.
MicroStrategy’s stock premium has collapsed from 208% to just 4%. This makes new share issuances much less attractive for raising capital. The company’s stock has fallen about 50% from its all-time high. Meanwhile, Bitcoin trades around $111,000, which is 16% below its record of $126,000. We’re seeing a compression of margins between the market capitalization and the book value of BTC holdings. This significantly limits the company’s ability to finance new massive purchases.
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Michael Saylor hasn’t lost his ability to generate buzz on social media. On X, he posted a screenshot of MicroStrategy’s Bitcoin tracker accompanied by the enigmatic phrase “It’s Orange Dot Day.” Market observers immediately recognize this type of message, which has systematically preceded official purchase announcements in the past.
This cryptic communication is an integral part of Saylor’s media strategy. Before each major acquisition, the CEO drops multiple hints on social media, creating anticipation in the crypto community before the official filing with the SEC. The timing of this message suggests that a new wave of purchases might be about to be formalized.
Despite the operational slowdown, MicroStrategy has invested approximately $19.5 billion in Bitcoin in 2025 alone, an amount close to its $21.7 billion invested throughout all of 2024. The company thus maintains its status as a major institutional accumulator, even if the acquisition pace has considerably decreased due to current financial constraints.
MicroStrategy’s purchasing slowdown does not reflect a change in conviction about Bitcoin. Current market conditions simply impose a more measured approach. The collapse of the stock premium makes ATM offerings (at-the-market offerings) much less effective for generating fresh capital intended for BTC purchases.
The company finds itself in a paradoxical situation: it holds considerable Bitcoin reserves, but its ability to acquire more directly depends on the gap between its stock price and the value of its digital assets. With a premium fallen to 4%, each new share issuance proportionally dilutes existing shareholders more for a smaller amount of Bitcoin acquired.
This dynamic forces MicroStrategy to pace itself and wait for more favorable opportunity windows. The market could interpret this slowdown as a signal of consolidation rather than abandonment of the Bitcoin-first strategy that has defined the company in recent years.
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