Michael Saylor has signaled another potential Bitcoin purchase by MicroStrategy (often referred to as Strategy) ahead of its expected Monday update.
Summary
Saylor hinted at a fresh Bitcoin buy after Strategy’s holdings rose to 815,061 BTC last week.
Analysts anticipate a smaller purchase as MSTR share issuance has paused with the stock trading below par.
While Strategy still has ATM capacity, current funding conditions may restrict the size of near-term acquisitions.
Saylor posted his usual Sunday teaser on X, writing, “The ₿eat Goes On,” drawing attention following the company’s major acquisition last week. Strategy added 34,164 BTC, taking its total holdings to 815,061 BTC.
However, market observers do not expect another billion-dollar buy this time. Reports suggest the company’s primary funding channel has slowed, as MSTR-linked issuance paused while shares hovered slightly below par.
Strategy has historically relied on share sales to finance its Bitcoin purchases. But with MSTR trading around $99.46, just under par value, that funding mechanism appears less active.
Strategy weighs funding options
Despite this slowdown, Strategy still retains alternative funding avenues. The company reportedly has around $26.7 billion in common stock capacity through its at-the-market (ATM) program, which allows it to sell shares when conditions are favorable. Typically, this approach is used when the stock trades at a premium to its Bitcoin holdings.
Another smaller funding source mentioned is SATA (Strive Series A), though activity through this route remains limited, with only 0.72 BTC acquired this week.
Bitcoin strategy faces scrutiny
The upcoming update arrives amid growing debate around Strategy’s Bitcoin treasury model. Supporters view it as a long-term accumulation strategy, while critics argue it relies heavily on consistent access to capital markets.
Concerns persist that tighter funding conditions could slow future purchases or increase pressure on the company’s balance sheet. While last week’s large acquisition demonstrated Strategy’s ability to act when conditions align, the next update may indicate a shift toward a more measured pace.
