MicroStrategy, now operating under the name Strategy, did not acquire any Bitcoin between March 31 and April 6. This broke its consistent buying pattern amid growing concerns over unrealized losses and market volatility.
The software and analytics firm, widely known for its aggressive Bitcoin acquisition strategy, has typically added BTC to its balance sheet on a near biweekly basis, often funding purchases through stock sales. However, the company’s latest regulatory filing confirms it did not buy Bitcoin last week, marking a rare pause.
Unrealized Losses Mount
The halt in purchases coincides with a significant downturn in the value of Strategy’s digital asset holdings. The firm disclosed an unrealized loss of $5.91 billion on its Bitcoin investments for the first quarter of 2025, driven by the recent decline in Bitcoin prices.
Between January and March, Strategy acquired 80,715 BTC at an average price of $94,922, spending a total of $7.66 billion. This contributed to the company’s current Bitcoin stash of 528,185 BTC, acquired at a cumulative cost of $35.63 billion—translating to an average purchase price of $67,458 per coin.
With Bitcoin trading near or below the company’s average acquisition cost, Strategy’s investment is at risk of slipping into a net loss. This scenario raises questions about whether the company might consider offloading some of its holdings to reduce exposure.
Market Implications and Investor Sentiment
While no sale has been announced, the possibility of Strategy liquidating part of its Bitcoin holdings could have wider implications for the crypto market. The company holds over 2% of Bitcoin’s total circulating supply, and any move to sell—even through over-the-counter deals—may signal bearish sentiment to other investors.
Last month, the company made one of its largest single purchases to date, acquiring 22,048 BTC for $1.92 billion. That followed the acquisition of 6,911 BTC the week before for $584 million, showing a steady pace until the recent halt.
Strategy, led by Executive Chairman Michael Saylor, has long maintained a pro-Bitcoin stance, treating the asset as a long-term store of value. However, as the market experiences renewed turbulence, the firm’s approach is likely to face increasing scrutiny.
The company has not issued a statement explaining the pause in purchases. Analysts and investors are watching closely for updates, particularly as Bitcoin’s price movement remains volatile heading into the second quarter.
