No New Bitcoin Buys For Strategy This Quarter

In brief

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  Michael Saylor surprises by halting his bitcoin purchases, despite a new historic BTC record above $126,000.
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  Strategy reports $3.89 billion unrealized gains in the fourth quarter, without increasing its position.
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  The company now holds 640,031 BTC, bought at an average price below $74,000, for a valuation of about $79 billion.
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  The decision not to buy sparks reactions in the crypto community, some seeing it as a change of direction or a wait-and-see strategy.

Exceptional results, but no bitcoin purchase at the peak

The fourth quarter was marked by an unusual decision. Michael Saylor did not make a new bitcoin purchase, despite the price surge to a historic peak.

On platform X (formerly Twitter), he summarized this stance in a tone both ironic and confident: “No new orange dot this week, just a $9 billion reminder of why we continue to hold at all costs.”

This sentence refers to the famous “orange dots” that traditionally symbolize BTC purchases on charts published by the company. The focus is therefore, for once, on the results achieved rather than an aggressive strategy.

The figures published in the quarterly SEC report give a precise idea of the scope of the performance:

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  640,031 BTC held as of September 30, 2025;
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  Average purchase price: below $74,000;
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  Estimated market valuation: about $79 billion;
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  Book value of assets: $73.21 billion;
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  Unrealized gains in Q3 alone: $3.89 billion;
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  Total unrealized gains: over $9 billion;
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  Deferred tax liability: $7.43 billion.

These elements confirm the profitability of the accumulation strategy led by Strategy. By choosing not to buy at the peak, Saylor surprises, but does not call into question his long‑term positioning on bitcoin.

A pause between timing strategy and tax management

While these results could have provided Michael Saylor with an ideal excuse to increase his exposure, he chose restraint. On social networks, numerous reactions have noted this change of tone.

“Did you understand it’s not very smart to buy at the highest ? Are you waiting for a drop ?”asked a user on X, while another put it into perspective: “everyone needs to catch their breath, even Saylor.” For a figure built on aggressive accumulation, this pause certainly raises questions about intentions.

This withdrawal could be explained by a series of technical considerations. On one hand, potential tax pressure remains high with more than $7 billion in deferred liabilities, which could encourage the company to delay to optimize its accounting strategy. On the other hand, while BTC balances on exchanges are at their lowest since 2015, the company could be waiting for a market pullback to resume purchases under better conditions.

The choice not to buy can therefore be interpreted as a finer management of entry timing, without calling into question Strategy’s overall commitment to bitcoin.

By stepping away from his usual systematic buying behavior, Michael Saylor seems to be testing a more nuanced approach, or simply taking time to catch his breath after a phase of accelerated growth. This decision could signal the start of a new phase of strategic maturity for Strategy with $77.4 billion in bitcoin, without breaking with the holding philosophy that made it successful.