Key Takeaways:
Strategy’s Bitcoin buying pace has slowed as MSTR’s premium to net asset value declines. K33 cites rising competition from over 70 firms adopting Bitcoin treasury strategies. Strategy still leads the pack with 580,250 BTC, worth over $63 billion.Strategy, the Bitcoin-focused firm formerly known as MicroStrategy, appears to be easing its pace of Bitcoin acquisitions, according to a new report from K33 Research.
The company, led by co-founder Michael Saylor, remains the largest publicly traded holder of Bitcoin, but its recent purchase cadence has cooled compared to the frenzied buying seen last November.
In its latest filing, Strategy revealed it bought 4,020 BTC between May 19 and May 25 for $427.1 million, using proceeds from its ongoing $21 billion at-the-market (ATM) offering.
However, capital raised from the program has slowed. Only $348.7 million was deployed during that week—down from $705.7 million the week prior and $1.31 billion in early May.
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.
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.
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