Strategy skipped a week of its BTC purchases, as the leading coin continued to show price weakness. The non-stop streak of buying at least a few hundred BTC stalled, causing fears that the market would test Strategy’s playbook again.
Strategy skipped a week of buying BTC, even after adding more coins during the last month of sliding prices. Late on Sunday, the company’s executive chairman Michael Saylor posted his usual message in anticipation of Monday’s purchase. In hindsight, Saylor’s messaging was not really promising another orange dot on the chart.
The recent weekly purchases were fueled by new preferred share issues, loading the balance of Strategy with new obligations to pay out several types of dividends. During previous weekly purchases, Strategy did not spend all funds raised on BTC, instead retaining a part for operating expenses.
Skipping a week of BTC purchases happened after the possibility of removing Strategy from the MSCI, along with other crypto companies.
Strategy slowed down common stock issues in 2025
Instead of announcing a purchase, Strategy wrapped up its raises for 2025, for a total of over $21B. In 2025, the fundraising structure of Strategy became more complex in comparison with the simple model of 2024. During its initial takeoff stage, it was enough for Strategy to use common stock and one type of convertible debt.
In 2025 to date, Strategy has raised $11.9B in common stock at a much slower pace compared to 2024. The ability to raise funds through MSTR diminished over the course of 2025, due to dilution and a flagging market price.
MSTR trades at around $173.12, well outside the range when Strategy can issue more common stock. While both the common and preferred shares of Strategy are down, BTC is still above Strategy’s average price.
The company still has more than 40% of its treasury underwater, and is only a 15% slide away from holding BTC with unrealized losses. Despite this, Saylor has hinted at becoming a holder, not giving up on the treasury.
As 2025 nears its end, Strategy has poured more than $43B into BTC purchases, over the course of bearish periods and some of the biggest rallies.
Smaller entities keep buying BTC
Smaller treasuries are still used to boost company balances or give exposure to new buyers. As of November 24, the cut-off to enter the top 100 of treasury companies is at 135 BTC, rising from just 23 BTC earlier in 2025.
Out of 18 playbook companies, just five trade with a positive mNAV, with a stock premium over their BTC purchases.
Smaller entities are still unable to support BTC in the way Strategy’s playbook has expanded. Currently, Strategy tries to focus on its debt-financed purchases, showing enthusiasm for the yield-bearing products. However, not all of Strategy’s preferred shares are backed by BTC, or entitle holders to compensation in the case of insolvency.
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