Catenaa, Monday, June 02, 2025-Strategy (formerly MicroStrategy) continues to acquire bitcoin aggressively but at a slower pace than its November peak, according to a report by K33 Research.
The company announced it purchased 4,020 bitcoins worth about $427 million between May 19 and May 25, at an average price of $106,237 per coin.
K33 attributes the slowdown to two key factors: a sharp decline in Strategy’s stock premium over its bitcoin holdings and growing competition from new corporate bitcoin treasury initiatives.
Strategy’s latest $21 billion at-the-market (ATM) offering has raised $348.7 million for bitcoin purchases in the past week, down from $705.7 million the prior week and significantly lower than the $1.31 billion raised between May 5 and 11.
Between November and December 2024, Strategy raised an average of $2.13 billion weekly through ATM offerings, compared with $788 million weekly in the past three weeks, signaling a marked deceleration.
The number of companies adopting bitcoin treasury strategies now exceeds 70, including recent entrants such as Twenty One, Nakamoto, and Trump Media and Technology Group, which launched its treasury backed by a $2.5 billion private placement.
As competition grows, demand for Strategy’s stock (MSTR) has waned, causing its premium to bitcoin holdings to drop from 185% to 163% recently—the lowest since early April. This contraction pressures Strategy to moderate future ATM raises.
Strategy holds 580,250 BTC valued at over $63 billion, representing roughly 2.75% of bitcoin’s total supply. Despite its dominance, K33 says corporate treasury buying remains a niche within the global bitcoin market, unlikely to threaten bitcoin’s overall momentum.
