Bitcoin is enjoying new heights, but MicroStrategy and Metaplanet didn’t make any purchases today. This has left analysts divided, wondering if there will be further growth or dangerous risks.
Michael Saylor’s company has already struggled to fund these Bitcoin buys, taking on massive debts and diluting its shares. If it can’t restart acquisitions, or if BTC’s price stagnates, it could trigger a cascade of problems.
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Why Didn’t MicroStrategy Buy Bitcoin?
Bitcoin hit an all-time high yesterday, and its price is currently very close to crossing that line a second time. This has generated a lot of optimism, but there’s also a deeper concern brewing. MicroStrategy and Metaplanet, two Bitcoin digital asset treasury (DAT) firms, typically announce their weekly purchases on Mondays.
Today, however, they’re both resting on their laurels, touting the gains of their existing stockpiles without making any new acquisitions.
Furthermore, MicroStrategy’s behavior seems isolated to Bitcoin; Solana is also nearing an all-time high, yet one SOL DAT announced a $530 million stockpile today. This has left some prominent analysts ecstatic, suggesting that these treasury firms are expecting BTC to jump even higher:
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However, there are also a few bearish concerns. Analysts recently noted that leverage and derivatives trading are powering these BTC gains, with active wallet addresses falling to five-year lows.
If macroeconomic FUD, not consumer demand, is fueling these price actions, it could seriously hamstring future price gains.
One Grim Scenario
MicroStrategy, for its part, has already been struggling with its mandate to buy Bitcoin. Diminishing returns are prompting the firm to massively dilute its stock, which is very dangerous for its future.
Saylor’s company needs to advertise itself as a better investment than buying BTC outright, but it might underperform it instead.
MicroStrategy is already a pillar of investor confidence in Bitcoin, and this confidence is apparently more influential than organic demand. For now, the firm’s stock price is still rising, but this might change quickly.
MicroStrategy has already battled fears of forced Bitcoin liquidation, and an event like that would be catastrophic. The firm is currently buried in debt from its massive stock sales, but its engine of future growth could be stalling.
For now, things could go either way. Bitcoin is up, and its attendant DAT firms are coasting on their investments. However, if these companies don’t start buying more BTC soon, we might be in an unprecedented scenario.
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Landon Manning
https://beincrypto.com/microstrategy-bitcoin-buy-pause-dilution-fears/
2025-10-06 17:24:00
