Yeliz Akmaca 
Strategy (formerly MicroStrategy) did not announce any new Bitcoin acquisitions last week. However, on September 29, 2025, the company disclosed that it had purchased 196 BTC for $22.1 million at an average price of $113,048. With this move, the firm’s total Bitcoin holdings rose to 640,031 BTC, acquired at an average cost of $73,983.
This accumulation makes Strategy one of the largest institutional holders of Bitcoin worldwide, often described as a major whale in the crypto market. Yet, investors have noticed that the pace of purchases has slowed compared to the aggressive buying seen during the summer of 2025.
Declining Purchases Raise Investor Questions
The reduction in Bitcoin acquisitions has fueled speculation about a potential strategic shift. During the same period, Bitcoin gained 22% in value, while Strategy shares increased by only 9%. This performance gap has worried investors, as the company’s stock is designed to reflect Bitcoin’s growth.
Moreover, Strategy has financed these purchases through stock sales. Recently, the firm issued 3.2 million new shares, leading to a dilution of nearly 94%. Analysts warn that such heavy dilution could undermine shareholder confidence and raise questions about the sustainability of Strategy’s financial model.
Michael Saylor’s Long-Term Bitcoin Commitment
CEO Michael Saylor continues to emphasize the company’s commitment to Bitcoin as a long-term strategy. He has repeatedly stated that holding BTC is a hedge against inflation and a key driver of corporate value. However, with increased stock dilution and a noticeable lag in share performance, investors are beginning to question the effectiveness of this approach.
Still, many long-term supporters view Strategy’s vast Bitcoin reserves as a strong foundation for future growth. They argue that despite market volatility, the company remains uniquely positioned to benefit from Bitcoin’s long-term trajectory.
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