28-5-2025 – Strategy—previously MicroStrategy—has tempered its once-voracious appetite for Bitcoin, scaling back from the fevered accumulation seen last November. According to a Tuesday report by Vetle Lunde, Research Director at K33, two key factors underpin this deceleration. The premium of Strategy’s Class A common stock (MSTR) against its Bitcoin reserves has dwindled, while a surge in corporate competition to amass the cryptocurrency has reshaped the investment landscape.
From May 19 to May 25, Strategy acquired 4,020 Bitcoins at an average cost of $106,237 per coin, amounting to roughly $427.1 million. The bulk of this—$348.7 million—was funded through its latest $21 billion at-the-market (ATM) offering, a stark contrast to the $705.7 million raised the prior week and $1.31 billion between May 5 and 11. Lunde pointed out that the new $21 billion ATM plan is being tapped at a far slower rate than its predecessor, which saw Strategy raise an average of $2.13 billion weekly from November 4 to December 16 last year. In contrast, the past three weeks averaged a more modest $788 million.
The report also highlights a broader market dynamic: the rise of rival firms building Bitcoin reserves has diluted demand for MSTR stock, offering investors alternative avenues to gain exposure to the cryptocurrency. Compounding this, Strategy’s swelling Bitcoin portfolio demands increasingly robust buying to sustain its historical 2x net asset premium. Last Friday, the premium plummeted from 185% to 163%—the lowest since April 8—driven by aggressive share issuance that has hastened its erosion. Lunde suggests that replicating the heady days of last November, when large-scale issuances bolstered the premium, may now prove elusive, prompting Strategy to recalibrate its financing approach.
