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Michael Saylor’s MicroStrategy added 130 Bitcoin (BTC) to its holdings between March 10 and March 16, spending approximately $10.7 million. The company’s average purchase price was $82,981, making it the smallest Bitcoin acquisition since August 2024.

This raises an important question: Why is MicroStrategy scaling back its Bitcoin purchases?

Why Is MicroStrategy Buying Less Bitcoin?

Current BTC Holdings and Average Cost

As of March 16, MicroStrategy holds 499,226 BTC, valued at around $33.1 billion. The company’s average cost per BTC is $66,000.

Strategy has acquired 130 BTC for ~$10.7M at ~$82,981 per bitcoin and has achieved BTC Yield of 6.9% YTD 2025. As of 3/16/2025, we hodl 499,226 $BTC acquired for ~$33.1 billion at ~$66,360 per bitcoin. $MSTR $STRK https://t.co/8xRmR8vlIt

— Michael Saylor⚡️ (@saylor) March 17, 2025

Just last month, MicroStrategy made its largest Bitcoin purchase of 2025, spending $2 billion at prices above $97,000. Now, with Bitcoin trading lower, this smaller buy suggests a shift in strategy.

Waiting for More Capital?

One reason for the limited purchase could be that MicroStrategy is waiting for more funding from stock offerings.

Last month, the company raised $2 billion through convertible senior notes. Most of that capital likely went toward its February Bitcoin acquisition. If the firm needs more funding, it might pace its purchases until new capital becomes available.

MicroStrategy funds its Bitcoin strategy through stock sales and zero-interest convertible notes. While this approach has been successful, its ability to continue raising capital depends on financial stability. If liabilities grow too fast, securing new funds could become difficult.

Is Bitcoin Headed for a Bigger Drop?

Another reason for the smaller BTC purchase could be uncertainty about Bitcoin’s short-term price movement.

Currently, Bitcoin trades just below $83,000, but analysts predict a potential drop before another rally. Experts like Arthur Hayes suggest BTC could fall to $70,000 before its next upward move.

MicroStrategy Waiting for a Better Price?

Some analysts believe the current market downturn is just a correction, not the end of the bullish cycle.

If MicroStrategy shares this view, the company might be waiting for a further dip before making another larger investment.

Final Thoughts

MicroStrategy’s smallest Bitcoin purchase in months suggests a more cautious approach. Whether due to funding constraints or expectations of a price drop, the company may be waiting for a better buying opportunity.

If Bitcoin falls to $70,000, expect MicroStrategy to seize the dip with another major acquisition.