MicroStrategy Halts 13-Week Bitcoin Buying Run, Raising Questions About BTC Momentum

Key Points

• MicroStrategy halted its 13-week Bitcoin buying streak after acquiring 90,831 BTC.
• Pause linked to preferred share funding constraints, not a full stop to accumulation plans.

MicroStrategy (MSTR) did not increase its Bitcoin holdings last week, marking the first interruption in a 13-week acquisition streak that began in late December 2025.

The absence of Executive Chairman Michael Saylor’s usual weekend purchase signal also reflected the pause in buying activity.

During the streak, the company accumulated approximately 90,831 BTC through consistent weekly purchases.

A Structured 13-Week Accumulation Program

The acquisitions were carried out through a structured capital-markets strategy rather than opportunistic buys.

Funding came from at-the-money common stock sales, convertible debt issuances, and proceeds from perpetual preferred equity offerings including STRK, STRF, and STRC.

In the week of March 2–8, the firm purchased 17,994 BTC at an average price near $76,000, financed by $900 million in Class A stock sales and $377 million from discounted STRC shares.

Between March 9–15, the company recorded its largest weekly purchase of the year, acquiring $1.57 billion worth of Bitcoin.

By March 23, the pace had slowed substantially, with just 1,031 BTC added at an average price of $74,326.

The company’s treasury now holds 762,099 Bitcoin at an average acquisition price of $75,694 per token, representing more than 2.8% of the total BTC supply.

This steady weekly demand had become a closely watched factor for market participants monitoring spot supply dynamics.

Preferred Share Funding Constraints

The halt in purchases has been linked to limitations in the STRC preferred share issuance program.

STRC was designed to fund Bitcoin acquisitions by raising capital from yield-focused investors, a mechanism dependent on shares trading at or above par value.

By the week ending March 23, STRC shares fell below $100, restricting further issuance and limiting a key source of funding.

Remaining capacity included approximately $76.5 million in MSTR at-the-market stock sales, an amount significantly smaller than prior weekly allocations.

The company announced a new $4.2 billion STRD perpetual preferred offering with an 11.5% annual yield reset monthly, positioning it as an additional funding channel.

It also disclosed holding $2.25 billion in USD reserves to cover an estimated 60 to 100 days of preferred dividend obligations.

Saylor described the pause as a holding period, while company leadership reiterated that 2026 remains central to its capital-raising and Bitcoin strategy.

The company previously outlined ambitions to significantly expand its long-term digital asset holdings, including discussions around reaching one million BTC over time.