MicroStrategy’s Bitcoin Strategy Faces Critical Test as Purchases Slow

The investment thesis that propelled MicroStrategy to extraordinary heights is showing signs of strain. The company, once celebrated as a Bitcoin pioneer, appears to be stepping back from the aggressive accumulation strategy that defined its market identity, raising fundamental questions about its future direction.

All attention turns to October 30, when MicroStrategy releases its quarterly results. While revenue projections sit between $116.8 million and $118.2 million, investors are focused on a more pressing question: Has the company permanently abandoned its pattern of substantial Bitcoin acquisitions? The answer could redefine the stock's trajectory for the foreseeable future.

Acquisition Momentum Grinds to Near Standstill

Current data reveals a dramatic shift in corporate behavior. During the present quarter, MicroStrategy added a mere 388 bitcoins to its treasury—the most modest accumulation in five years. This represents a stunning collapse from the double-digit growth percentages seen in previous quarters. The accumulation rate has plummeted from 18.3% in the first quarter of 2025 to virtually zero.

This development strikes at the core of MicroStrategy's investment appeal. The company historically commanded a significant market premium precisely because of its bold Bitcoin strategy. That premium now appears to be evaporating, with the price-to-book value ratio (mNAV) already retreating substantially from its peak levels.

Should investors sell immediately? Or is it worth buying MicroStrategy?

Technical Indicators Flash Warning Signals

Market technicians observe concerning patterns in the stock's performance. MicroStrategy shares have fallen below both their 50-day and 200-day moving averages—traditionally interpreted as bearish signals. Trading around $284, the stock sits approximately 40% below its November 2024 all-time high.

The equity has registered losses exceeding 13% over the past month, underperforming both Bitcoin itself and other cryptocurrency-related stocks like Riot Platforms. Market experts interpret this weakness as a correction following excessive valuation, suggesting that patience with the MicroStrategy narrative is wearing thin in a challenging macroeconomic environment.

Strategic Crossroads

The upcoming earnings report will provide crucial insight into whether the current purchasing restraint represents a temporary pause or a fundamental strategic shift. The company's next moves will determine if it can maintain its unique position in the market or if the era of aggressive Bitcoin accumulation has indeed reached its conclusion.