Michael Saylor’s company, Strategy, has added to its massive Bitcoin holdings once again, acquiring 397 BTC worth around $45.6 million — though the firm’s accumulation pace appears to be cooling compared to previous months.
According to a filing submitted Monday to the U.S. Securities and Exchange Commission (SEC), Strategy bought the coins at an average price of $114,771 per Bitcoin. This latest acquisition raises the firm’s total Bitcoin stash to 641,205 BTC, accumulated at an average cost of $74,047 per coin, for a total spend of roughly $47.49 billion. Year-to-date, the company’s Bitcoin position is up by 26.1%, as confirmed in an X post from Strategy.
Just a week earlier, the firm had purchased 390 BTC for $43.3 million, bringing its October total to 778 BTC — one of the smallest monthly additions in years. In comparison, Strategy added 3,526 BTC in September, marking a 78% drop in monthly accumulation.
Institutional demand remains key to Bitcoin’s momentum
Market analysts note that Strategy’s slowdown, combined with reduced inflows into U.S. spot Bitcoin ETFs, could temporarily limit Bitcoin’s upward momentum. According to CryptoQuant, both entities have been the main institutional demand drivers for Bitcoin throughout 2025.
“Right now, most of Bitcoin’s demand comes from ETFs and Strategy — both have eased their buying,” said Ki Young Ju, founder and CEO of CryptoQuant. “If accumulation from these channels picks up again, we’ll likely see market momentum return.”
Despite the reduced pace, Strategy’s continuous purchases reinforce Michael Saylor’s unwavering long-term conviction in Bitcoin as the ultimate store of value — a stance that continues to define the company’s strategy in every market cycle.
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