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MicroStrategy, the globe’s largest corporate holder of bitcoin, announced a dramatic shift in its Bitcoin acquisition strategy on Monday.
Despite being the world’s “Bitcoin treasury company,” MicroStrategy said it suspended bitcoin purchases last week.
“Last week, MicroStrategy did not sell any shares of class A common stock under its at-the-market equity offering program, and did not purchase any Bitcoin,” MicroStrategy executive chairman Michael Saylor wrote on social media.
The firm had been aggressively scooping up the world’s largest cryptocurrency for twelve weeks in a row. It currently holds 471,107 Bitcoin — or 2.25% of Bitcoin’s total worldwide supply.
The company had spent approximately $30.4 billion on that trove of Bitcoin, at a price of nearly $64,511 per Bitcoin.
The majority of the purchases occurred over the past 12 weeks, with the company spending more than $20 billion during its most recent wave of Bitcoin-buying sprees.
In December, Saylor had been bullish on more Bitcoin buys, trumpeting the asset's usage as a potential store of value and inflation hedge. “Every day is a good day to buy Bitcoin,” he told CNBC. “We look at it as Cyber Manhattan. I would have bought Manhattan 100 years ago, 200 years ago. Every year for the past 300 years, you pay a little bit more than the person that bought before you. But it's always a good investment to invest in the economic capital of the free world,” Saylor said.
On the popular prediction market platform Polymarket, crypto bettors are wagering that MicroStrategy's chances of holding 500,000 Bitcoin ahead of March has dropped to just 51% — a decrease of 28%.