Michael Saylor Hits Pause on Bitcoin Buying Spree as MSTR’s Premium Craters

MicroStrategy’s relentless Bitcoin accumulation engine is slowing—just as its stock premium evaporates. K33 Research flags a cooling trend in Saylor’s signature strategy.

The crypto kingpin’s playbook faces headwinds. With MSTR’s premium over BTC holdings shrinking, the market’s patience for leveraged Bitcoin bets wears thin—another case of Wall Street math killing the vibe.

K33: MSTR Premium Shrinks as Bitcoin Treasury Race Heats Up

K33 Head of Research Vetle Lunde attributes the deceleration to two key factors: a declining premium for MSTR shares relative to the firm’s bitcoin holdings, and intensifying competition among corporations entering the Bitcoin treasury space.

“The pace of ATM utilization is notably slower than the first round,” Lunde noted.

Between early November and mid-December, Strategy raised an average of $2.13 billion weekly. In contrast, recent averages have dropped to $788 million.

MSTR shares, once trading at a hefty premium to the company’s net Bitcoin asset value, have seen that margin shrink.

Last week, the premium fell from 185% to 163%, marking lows not seen since early April.

According to Lunde, such compression pressures Strategy to dial back aggressive ATM offerings, lest dilution undermine investor confidence.

Meanwhile, more than 70 companies have now adopted Bitcoin treasury strategies, with firms like Twenty One, Nakamoto, Metaplanet, and TRUMP Media joining the ranks.

Trump Media alone launched its treasury push with a $2.5 billion private placement backed by roughly 50 institutions.

As the field widens, Lunde suggests traders are spreading bets beyond MSTR, diminishing some of its dominance in equity-based Bitcoin exposure.

PRESS RELEASE: K33 secures financing of SEK 60 million to buy bitcoin and launch its Bitcoin Treasury Strategy.

Read the press release here: https://t.co/zRPFCWag5P pic.twitter.com/qAha0lpKnt

Despite this, Strategy’s stash now totals 580,250 BTC, valued at $63.3 billion—accounting for over 2.75% of Bitcoin’s capped 21 million supply.

With BTC trading NEAR record highs, demand for Bitcoin treasury firms remains strong. Still, Lunde cautions that most new entrants are niche players, unlikely to disrupt bitcoin’s broader momentum.

“Signs of euphoria are still subdued in spot and derivatives markets,” he said. “Aside from MSTR, most treasury stocks reflect limited segments of the BTC ecosystem.”

Strategy Could Become Top Publicly Traded Company in World

Meanwhile, Jeff Walton, an analyst at Strategy, has said the firm may one day rise to become the top publicly traded company in the world.

Walton believes the company’s unprecedented exposure to Bitcoin, which recently crossed $111,000, gives it a unique edge.

“Strategy holds more of the best asset and most pristine collateral on the planet than any other company, by multiples,” he said.