The strategy skipped BTC purchases for a week as major coin prices continued to fall. The non-stop buying streak of at least a few hundred BTC stalled, raising concerns that the market would retest the strategy’s strategy.
This strategy skipped buying BTC by a week even after adding more coins during the price movement period last month. Late Sunday, the company’s executive chairman, Michael Saylor, posted his usual message in anticipation of Monday’s acquisition. In retrospect, Thaler’s message didn’t actually promise another orange dot on the chart.
i won’t go down
— Michael Saylor (@saylor) November 23, 2025
of Recent weekly purchases Spurred by the issuance of new preferred shares, new obligations were imposed on the strategy’s balances to pay several types of dividends. In the previous weekly purchase, Strategy did not spend all of the funds raised on BTC and kept a portion of it for operating expenses.
Skipping BTC purchases for a week occurred after the strategy could have been removed from the strategy. MSCIalong with other crypto companies.
Strategy will slow common stock issuance in 2025
Instead of announcing an acquisition, Strategy has raised more than $21 billion in funding for 2025. In 2025, Strategy’s funding structure has become more complex compared to the simple model in 2024. During the initial take-off phase, Strategy only needed to use common stock and one type of convertible debt.
By the first year of 2025, we had raised $21 billion. $BTC pic.twitter.com/exxrDqTjMS
— Strategy (@Strategy) November 24, 2025
So far in 2025, Strategy has raised $11.9 billion in common stock, at a much slower pace than in 2024. Due to dilution and weak market prices, our ability to raise funds through MSTR decreased throughout 2025.
MSTR is trading at around $173.12, well outside the range where Strategy could issue more common stock. Although Strategy’s common stock and preferred stock are both down, BTC remains above Strategy’s average price.
The company still owns more than 40% of the shares. underwater treasure troveonly a 15% slide from BTC holdings with unrealized losses. Despite this, Mr. Saylor did not let go of the Treasury and hinted that he would become a holder.
As 2025 draws to a close, Strategy has poured over $43 billion into BTC purchases through bearish periods and some of the biggest rallies.
Small businesses continue to buy BTC
Small treasuries are still used to increase corporate balances or provide exposure to new buyers. As of November 24, the threshold for entering the top 100 financial companies is 135 BTC, up from just 23 BTC at the beginning of 2025.
Only 5 of the 18 handbook companies are trading at a positive mNAV with a stock price premium over BTC purchases.
Smaller entities are not yet able to support BTC the way Strategy’s strategy has expanded. Currently, Strategy is focusing on debt purchases and is enthusiastic about high-yield products. However, not all of Strategy’s preferred shares are backed by BTC, nor do they entitle holders to compensation in the event of bankruptcy.
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