Key Takeaways:
- Strategy’s Bitcoin acquisition rate has decreased as MSTR’s premium to net asset value diminishes.
- K33 reports increasing competition with over 70 firms implementing Bitcoin treasury strategies.
- Strategy remains the largest holder with 580,250 BTC valued at over $63 billion.
Strategy, a Bitcoin-centered firm previously known as MicroStrategy, appears to be reducing its rate of Bitcoin purchases, as highlighted in a recent report from K33 Research.
Under the leadership of co-founder Michael Saylor, the firm retains its position as the largest publicly traded Bitcoin holder. However, its recent purchasing activity has seen a notable decline compared to the aggressive buying spree that took place last November.
In its latest disclosure, Strategy indicated it acquired 4,020 BTC between May 19 and May 25, totaling an investment of $427.1 million. This purchase was financed through its ongoing $21 billion at-the-market (ATM) offering.
Nevertheless, the capital generated from this program has begun to decrease. During the reported week, only $348.7 million was utilized, a drop from $705.7 million the previous week and a sharp decline from $1.31 billion in early May.
K33: MSTR Premium Shrinks as Bitcoin Treasury Race Heats Up
According to K33 Head of Research Vetle Lunde, the slowdown can be attributed to two primary factors: a declining premium for MSTR shares relative to its Bitcoin reserves and the growing competition from other corporations entering the Bitcoin treasury market.
“The pace of ATM utilization is notably slower than the first round,” Lunde remarked.
Between early November and mid-December last year, Strategy averaged $2.13 billion raised per week, whereas recent weeks show a drastic decrease to an average of $788 million.
MSTR shares, which previously commanded a significant premium over the company’s net Bitcoin asset value, have witnessed that margin diminish. Last week, the premium fell from 185% to 163%, reaching its lowest point since early April.
Lunde explained that this compression is pushing Strategy to limit its aggressive ATM offerings to avoid diluting investor confidence.
In the meantime, over 70 companies have adopted Bitcoin treasury strategies, with organizations such as Twenty One, Nakamoto, Metaplanet, and Trump Media joining the landscape. Trump Media has begun its treasury initiative with a staggering $2.5 billion private placement supported by around 50 institutions.
As competition expands, Lunde observes that investors are diversifying their strategies, spreading their investments beyond MSTR and thereby reducing the firm’s dominance in equity-based Bitcoin exposure.
PRESS RELEASE: K33 secures financing of SEK 60 million to buy bitcoin and launch its Bitcoin Treasury Strategy.
Read the press release here: https://t.co/zRPFCWag5P pic.twitter.com/qAha0lpKnt
— K33 (@K33HQ) May 28, 2025
Despite these developments, Strategy’s total Bitcoin holdings now amount to 580,250 BTC, valued at $63.3 billion, which represents over 2.75% of Bitcoin’s total capped supply of 21 million.
With BTC nearing record trading highs, the demand for Bitcoin treasury firms continues to be robust. However, Lunde warns that the majority of newly entering companies are niche players, which are unlikely to shake the broader momentum in Bitcoin.
“Signs of euphoria are still subdued in spot and derivatives markets,” he noted. “Aside from MSTR, most treasury stocks reflect limited segments of the BTC ecosystem.”
Strategy Could Become Top Publicly Traded Company in World
Additionally, Jeff Walton, an analyst at Strategy, articulated that the firm could one day ascend to the status of the top publicly traded company globally.
Walton argues that the company’s unmatched exposure to Bitcoin, which recently surpassed $111,000, provides it with a distinctive advantage.
“Strategy holds more of the best asset and most pristine collateral on the planet than any other company, by multiples,” he asserted.
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