MicroStrategy Inc. (NASDAQ: MSTR) keeps buying up more and more Bitcoin. The company’s latest purchases were disclosed in SEC filings from Monday showing that some $209 million worth of Bitcoin was purchased from December 23 through December 29.
MicroStrategy is the world’s largest known direct corporate holder of Bitcoin, although the top Bitcoin ETF now holds more Bitcoin (see below) than MicroStrategy. MicroStrategy’s total is now 446,400 Bitcoins. That was worth more than $41 billion based on the current price ($92,650) per coin.
The latest purchases come to an average purchase price of $97,837 per coin — about $3300 over the current spot price as of the present time. This newest filing made the eighth consecutive week where the top Bitcoin investor issued securities and used the new proceeds to buy more Bitcoin. What may stand out to some Bitcoin bulls and bears alike is that it’s actually a considerably smaller amount than has been purchased in prior weeks.
The prior week’s purchases came to $561 million (5,262 coins at $106,662 on average), and the week before that was roughly $1.5 billion worth.
Oggonomics is not speculating on why the purchases have been slowing, but there are some obvious answers that could come to mind:
- Diminishing relative benefits — as the price has risen so much, it requires more securities to be sold to buy each new coin.
- Competing for available supply — the 21 million Bitcoin cap is one thing, but Bitcoin ETFs and other corporate “Bitcoin Treasury” announcements mean more buyers are competing for the same coins.
- Bitcoin bulls slowing — as the price hit $100,000 per coin (more than double from year ago), some buyers may wonder if the gains can be maintained in 2025.
MicroStrategy’s aggregate purchases of Bitcoin come to about $27.9 billion, so the $41.5 billion current value is still going in MicroStrategy’s favor. And MicroStrategy’s inclusion into the NASDAQ-100 may make it easier for the Bitcoin investor to issue new shares in 2025. That said, it also now puts MicroStrategy’s interest for new ETF inflows in the same light as companies like NVIDIA, Apple, Microsoft, Amazon, Meta, Tesla and others.
As of December 23, about $7.08 billion worth of stock remained available for sale under MicroStrategy’s prior $21 billion share-sales pact.
For a reference to the size of the ETF, the iShares Bitcoin Trust ETF (NYSEArca: IBIT) listed its net assets as of December 27 at $52,068,254,493.00 for a total of 552,554.76 Bitcoin.
Oggonomics has been mapping out the Bitcoin growth and supply for 2025 and more pieces with graphics and charts will be forthcoming in 2025.
