Software company MicroStrategy is pushing forward with its Bitcoin buying spree in 2025, today snapping up more than $100 million worth of the orange coin.

An SEC filing and Monday announcement from the company’s co-founder and Bitcoin bull Michael Saylor showed that MicroStrategy spent $101 million buying 1,070 BTC at an average price of $94,004. That’s roughly half the amount of Bitcoin the company bought last week, consistent with the weekly buying trend that MicroStrategy started in November following the reelection of Donald Trump.

MicroStrategy now holds 447,470 Bitcoin in total. At today’s Bitcoin price of $101,832, that’s a stash worth over $45.5 billion. All told, the company bought their coins at an average price of $62,503, the announcement said.

Prediction markets last week were bullish that MicroStrategy would buy more Bitcoin today—and understandably so, given that that today’s purchase makes nine consecutively weekly buys for Saylor’s company.

On Myriad—a points-based prediction market and engagement platform developed by Dastan, parent company of an editorially independent Decrypt—users saw an 86% chance that MicroStrategy would hold at least 450,000 BTC before the end of this week. Those odds, though, have now tanked to just 20% as of this writing following the company’s announcement of a much smaller purchase relative to previous weeks.

On the Monday following Trump’s win, MicroStrategy announced it bought more than $2 billion worth of Bitcoin. It then followed up the next week with another $4.6 billion, and then again with its single largest purchase yet of $5.4 billion the week after that.

The company has continued buying more Bitcoin every week since, but the individual amounts have gradually decreased in recent weeks as the price of Bitcoin has swelled. Users on Polymarket, a prediction market co-founded by Shayne Coplan in 2020, currently see only a 2% chance that MicroSrategy holds more than 500,000 BTC by Trump’s inauguration on January 20.

MicroStrategy was previously a software company that sold data-analyzing solutions to companies. It still does that, but Saylor has since rebranded the firm as a Bitcoin development company, leading with its Bitcoin treasury.

It all started in 2020, when covid lockdowns and record low interest rates threatened to hurt the company’s shareholders, according to Saylor. He decided to buy Bitcoin and has since argued that the asset—being scarce—is the best way to preserve wealth.

Now, MicroStrategy makes most of its money by securitizing the biggest cryptocurrency by market cap: investors wanting exposure to Bitcoin can buy shares of the company that trade on the Nasdaq—an arguably safer, more regulated way of crypto investing.

It is now the biggest publicly traded holder of the cryptocurrency and issues debt to buy Bitcoin—making a killing for investors in the process: MicroStrategy stock is up over 500% year-to-date.

But concerns have been raised about how viable this is if the price of Bitcoin were to tank: the company is highly leveraged and some analysts now believe the stock price may be overvalued.

Edited by Stacy Elliott.

Disclaimer: The analyst who wrote this piece owns shares of MicroStrategy (MSTR).

MicroStrategy (MSTR) has increased its bitcoin (BTC) holdings for the ninth consecutive week.

MicroStrategy holds more bitcoin than any other publicly traded company. In the week ending Jan. 5, MicroStrategy purchased a further 1,020 BTC for $101 million, bringing its total bitcoin holdings to 447,470 BTC.

It wouldn’t be a Sunday without Executive Chairman Michael Saylor teasing the announcement in a post on X. The average purchase price of the bitcoin was $94,004, which raised the average price to $62,503.

The latest bitcoin purchase was funded through share sales under the company’s at-the-market (ATM) program, for which they have $6.77 billion left on the ATM program.

The share price recovered on Friday with a 13% gain after an almost 50% drop from the Nov. 21 high of $543, while the stock is trading around $353 — 2% higher — in pre-market trading.

In addition, MicroStrategy announced it would be raising up to $2 billion via a preferred stock offering. This $2 billion offering sits separately to the 21/21 plan of $21 billion in equity and $21 billion in fixed income.

Preferred stock takes precedence over Class A common stock. In the filing, some features include convertibility to Class A common stock, payment of cash dividends and provisions allowing for the redemption of shares. The perpetual preferred stock and price offering terms have yet to be determined, while the offering is expected to occur in Q1 2025. The purpose of the offering is for MicroStrategy to acquire more bitcoin.