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Michael Saylor's Strategy kickstarts November with $45M Bitcoin buy

Michael Saylor's investment firm, Strategy, added 397 Bitcoin (BTC) worth $45.6 million at an average price of $114,771 per coin in late October, marking one of its smallest monthly purchase totals in recent years, according to Coinpedia. The acquisition, disclosed via a U.S. Securities and Exchange Commission filing in a TradingView report, brings the company's total Bitcoin holdings to 641,205 BTC, valued at roughly $47.49 billion at an average cost of $74,057 per coin, Coinpedia reported. Despite the reduced buying pace, Strategy's Bitcoin portfolio remains a cornerstone of its financial strategy, with the firm achieving a 26.1% year-to-date yield as of November 2, 2025, Coinpedia noted.

October's purchase volume reflects a stark 78% decline from September's 3,526 BTC acquisition, underscoring a broader slowdown in institutional Bitcoin demand, the TradingView report said. The firm's October total of 778 BTC ranks among the smallest monthly figures in its history, contrasting sharply with the 31,466 BTC and 26,695 BTC purchases in July and May, respectively, the same report added. CryptoQuant analyst JA Maartun attributes the slowdown to capital-raising challenges, noting equity issuance premiums have plummeted from 208% to 4%, complicating Strategy's ability to fund large-scale acquisitions. "Strategy is no longer buying big - but they're still buying," Maartun wrote on X, emphasizing the firm's long-term conviction in Bitcoin despite "growing funding pressure."

The reduced buying activity coincides with a dip in Strategy's Common A stock (MSTR), which fell below $280 last week—a significant decline from its July peak of $456, the TradingView coverage noted. The stock's performance highlights broader market volatility, with Bitcoin itself trading in a $110,000–$115,000 range recently, according to CryptoIntelligence. Analysts suggest that while the slowdown signals caution, Strategy remains positioned to outpace last year's Bitcoin spending record. The firm has already allocated $19.53 billion to BTC in 2025, leaving roughly two months to surpass its 2024 total of $21.76 billion, the TradingView coverage added.

The broader institutional Bitcoin landscape shows mixed signals. While onchain data reveals a $8 billion increase in Bitcoin's realized cap to over $1.1 trillion, per Coinotag, spot Bitcoin ETFs have seen $488 million in outflows as of October 30, led by BlackRock's IBIT ETF, according to TradingView. Meanwhile, miners are expanding operations, with hash rate growth deemed a "clear long-term bullish signal" by CryptoQuant's Ki Young Ju. However, macroeconomic uncertainties, including potential Trump-era tariffs and Federal Reserve policy shifts, remain key risks for price recovery, CryptoIntelligence noted.

Strategy's measured approach aligns with a broader trend of institutional risk management. Hunter Horsley, CEO of Bitwise, notes that early Bitcoin holders are prioritizing "psychological de-risking" through strategies like ETF conversions and call option writing, according to BeInCrypto. Bloomberg ETF analyst Eric Balchunas has likened these moves to "The Big Short" investor exits, emphasizing that profit-taking does not necessarily signal pessimism.