MicroStrategy halts bitcoin buying, holds $44 billion worth

MicroStrategy’s continuous twelve-week bitcoin purchasing streak came to an end, as the company disclosed in an 8-K filing with the Securities and Exchange Commission.

The business intelligence firm, known for its significant investment in bitcoin, did not engage in any transactions to buy the cryptocurrency or sell shares of its class A common stock under its at-the-market equity offering program between January 27 and February 2.

MicroStrategy’s total bitcoin holdings amount to 471,107 BTC, valued at over $44 billion. The average purchase price for these holdings was $64,511 per bitcoin, resulting in a total expenditure of approximately $30.4 billion, including fees and expenses, as reported by Michael Saylor, the company’s co-founder and executive chairman. This figure represents more than 2.2% of the total 21 million bitcoin supply.

As of January 26, MicroStrategy had about $4.35 billion worth of shares available for sale under its “21/21 plan,” which aims to raise a total of $42 billion through equity offerings and fixed-income securities for bitcoin acquisitions. On Friday, the company successfully raised $563.4 million through an additional preferred stock offering, which will support further bitcoin purchases.

Despite the recent sell-off influenced by Trump tariffs, Mizuho (NYSE:MFG) Securities maintains a positive outlook on bitcoin, projecting a potential 30% price increase over the next three years. Consequently, Mizuho has rated MicroStrategy as outperform with a price target of $511, recognizing the company’s accelerated progress toward exceeding its capital raise goals.

MicroStrategy’s recent announcement concludes a significant buying period where the company acquired approximately $20 billion worth of bitcoin in recent months.

Despite this aggressive acquisition strategy, the company’s market cap of $84.1 billion is trading at a considerable premium to its bitcoin net asset value (NAV), which has prompted some investors to express concerns over the premium to NAV valuation and the sustainability of its equity and debt-funded bitcoin purchases.

MicroStrategy’s stock experienced a downturn, closing down 1.6% at $334.79 on Friday and trading down 7.3% in pre-market trading on Monday. Over the past year, the company’s shares had seen a dramatic increase, gaining more than 567% according to TradingView data.

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