US tech giant MicroStrategy has delayed its planned Bitcoin purchase until “further notice”, sources at the firm told London Insider on 17 April.
This adjusted buying strategy could result in the firm not buying any additional Bitcoin until May.
Earlier today, the same sources had informed London Insider that MicroStrategy was planning to buy more Bitcoin this week, but this latest BTC acquisition has now been delayed for reasons that are not yet clear.
Specifically, it was previously reported that MicroStrategy were planning to buy an undisclosed quantity of Bitcoin this week, with an official announcement coming on 21 April, but this is no longer the case.
The firm added to its Bitcoin holdings last week, with London Insider exclusively reporting this on 12 April and the company officially announcing the acquisition two days later on 14 April.
Between April 7 and April 13, 2025, MicroStrategy sold nearly 960,000 shares of its Class A common stock, generating approximately $285.7 million in net proceeds. The company swiftly used the funds to acquire an additional 3,459 bitcoins at an average price of $82,618 each, inclusive of related costs.
This latest purchase was first reported on April 12 by London Insider and later confirmed by MicroStrategy itself on April 14.
Bitcoin Holdings Reach New Milestone
Following the transaction, MicroStrategy’s total Bitcoin stash has grown to an impressive 531,644 BTC. On average, the company has paid $67,556 per coin across all its purchases, bringing its total investment to around $35.92 billion.
The continuous accumulation strategy underscores the firm’s belief in Bitcoin as a long-term store of value, even amid regulatory changes and market fluctuations.
ATM Programs Continue to Fund Purchases
The funds for this latest acquisition were sourced from MicroStrategy’s ongoing at-the-market (ATM) equity programs. The first program, initiated in October 2024, permits up to $21 billion in sales of Class A common stock. More recently, in March 2025, the company introduced a second ATM program specifically for its 8.00% Series A perpetual preferred stock (NASDAQ: STRK), also capped at $21 billion.
As of now, MicroStrategy has roughly $20.97 billion in remaining issuance capacity under the STRK program, which remains a key financial tool in supporting its aggressive Bitcoin accumulation efforts.
Financial Metrics Paint a Complex Picture
MicroStrategy’s market capitalization stands at $78.1 billion, signaling investor confidence despite some red flags in its financial metrics. According to InvestingPro, the company has a current ratio of just 0.71, indicating potential liquidity issues. Additionally, its beta of 3.47 suggests high market volatility, making it a riskier asset for more conservative investors.
In the first quarter of 2025, the company disclosed a significant $5.91 billion unrealized loss on its Bitcoin holdings, largely attributed to updated accounting rules that require fair market value reporting. However, this was partially offset by a $1.69 billion income tax benefit.
Wall Street Analysts Offer Mixed Reactions
Reactions from financial analysts remain split. Benchmark reaffirmed its Buy rating on the stock with a price target of $650, while TD Cowen also backed the stock with a $550 target, citing optimism in the company’s use of new fixed-income strategies to support future Bitcoin buys.
In contrast, Monness Crespi Hardt downgraded MicroStrategy to a Sell rating, slashing its price target to $220. The firm expressed concern over the company’s increasing reliance on convertible debt and the sustainability of its Bitcoin-centric approach, especially as competition intensifies in the crypto space.