Michael Saylor’s Strategy Opens November with $45M Bitcoin Purchase

Michael Saylor’s company Strategy opened November with another Bitcoin purchase, adding 397 BTC for about $45.6 million at an average price of $114,771 per coin, according to a Monday filing with the U.S. Securities and Exchange Commission. The fresh buy lifts Strategy’s stash to 641,205 BTC, accumulated for roughly $47.49 billion at an average cost of $74,047. By the firm’s tally, the position is up 26.1% year to date.

Even so, the accumulation tempo is clearly easing. Strategy bought 390 BTC the previous week for $43.3 million, taking October’s total to 778 BTC, among the smallest monthly adds in recent years. September’s haul was 3,526 BTC, about 78% more than October’s figure.

Market watchers are debating what the slower clip could mean for prices. Throughout 2025, institutional flows — particularly from U.S. spot Bitcoin exchange-traded funds — and Strategy’s steady purchases have been major sources of demand. Analytics firm CryptoQuant argues that a durable recovery back to prior highs will likely require those large buyers to re-accelerate their intake.

“Current demand is concentrated in ETFs and Strategy, and both have scaled back lately. If these channels pick up again, momentum probably returns,” CryptoQuant founder and CEO Ki Young Ju said in a Sunday post on X.

For now, Strategy’s continued but moderated buying underscores a more selective approach after months of heavy accumulation. Traders will watch whether November brings larger ticket purchases from the company and renewed ETF inflows, both of which could bolster liquidity and sentiment. Until that happens, analysts expect price action to be driven by macro cues and the cadence of institutional bids rather than retail speculation alone, for now.