Strategy Slows Bitcoin Buying Despite $427M New Acquisition, Competition Heats Up

On Monday, the firm announced it had acquired an additional 4,020 BTC for approximately $427.1 million, with an average purchase price of $106,237 per coin, spanning the period from May 19 to May 25.

K33 Head of Research Vetle Lunde believes that the capital for this latest acquisition came largely from Strategy’s ongoing $21 billion at-the-market (ATM) offering, which contributed $348.7 million to the purchase. However, this marks a decline in weekly capital raised, down from $705.7 million the week prior and $1.31 billion during the week of May 5–11.

Slower ATM Utilization Suggests Waning Premium and Rising Competition

According to the report, the decelerating pace reflects shrinking investor premiums on Strategy’s MSTR shares relative to its Bitcoin holdings. This has made new capital raises less aggressive compared to previous months.

Lunde noted that the current ATM program is being utilized at a significantly slower rate than the initial $21 billion offering rolled out last year. Between November 4 and December 16, Strategy raised an average of $2.13 billion per week through its ATM offering. In contrast, the average weekly raise over the past three weeks has fallen to just $788 million.

The reduced pace of investment also comes as more companies enter the corporate BTC accumulation race, adding competitive pressure and reducing Strategy’s early-mover advantage. As the corporate demand for Bitcoin heats up, Strategy’s once-unquestioned lead in Bitcoin treasury strategy is facing new dynamics.

Strategy Remains the Largest Corporate BTC Holder

Despite the recent slowdown, Strategy continues to hold the largest corporate Bitcoin treasury globally. The firm remains a central figure in Bitcoin adoption at the institutional level and a key proxy for Wall Street exposure to the digital asset.

With its new program still in play and market conditions evolving rapidly, all eyes will be on how Strategy adjusts its pace and tactics in the face of changing investor sentiment and mounting competition in the Bitcoin accumulation landscape.