Michael Saylor's former company, MicroStrategy, recently increased its Bitcoin (BTC) holdings by purchasing an additional 130 BTC between March 10 and March 16, with the total expenditure amounting to approximately $10.7 million. The average purchase price for this batch of BTC was recorded at $82,981. This acquisition represents the smallest Bitcoin purchase made by the company since August 2024.

As of March 16, MicroStrategy's total Bitcoin holdings stand at 499,226 BTC, which are currently valued at around $33.1 billion. The company's cumulative average cost per Bitcoin remains at approximately $66,000.

This recent purchase follows closely after MicroStrategy executed its largest Bitcoin acquisition of 2025 in February, when the company spent $2 billion on BTC at prices exceeding $97,000. Given the current market conditions, where Bitcoin is trading at lower levels, this smaller acquisition has sparked discussions regarding the company's strategic approach.

One potential explanation for the limited purchase size is that MicroStrategy might be awaiting additional capital from its stock offerings. Last month, the company successfully raised $2 billion through a private placement of convertible senior notes. It is likely that most of these funds were utilized for their previous acquisition. Should further capital be required, the company may be deliberately controlling the pace of its Bitcoin purchases.

MicroStrategy finances its Bitcoin acquisitions primarily through stock sales and zero-interest convertible notes, without resorting to the liquidation of other assets. Thus far, this strategy has proven effective; however, the company's capacity to raise capital hinges on maintaining robust financial health. A significant increase in liabilities compared to assets could complicate future fundraising efforts.

There is also a more pressing concern surrounding MicroStrategy's decision to make such a modest Bitcoin purchase. At present, Bitcoin is trading slightly below $83,000, and several analysts argue that the price has not yet reached its low point. Experts like Arthur Hayes anticipate that BTC might decline further, potentially dropping to around $70,000 before the next uptrend.

BeinCrypto analysts posit that the current market dynamics reflect a temporary adjustment rather than the conclusion of the bullish cycle. If MicroStrategy aligns with this perspective, it may be adopting a wait-and-see approach, anticipating a deeper price dip before committing to a larger investment.

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