MicroStrategy’s treasury holds 818,334 BTC, putting it 181,666 BTC short of its 1 million target and requiring roughly $14 billion in additional purchases at current prices. In contrast, its rival has amassed 5.078 million ETH—84% of its goal to control 5% of Ethereum supply—leveraging a smaller capital runway.

After acquiring $4.1 billion worth of Bitcoin in April—the largest monthly haul in a year—MicroStrategy has decelerated its pace, adding just 3,273 BTC worth $255 million in the latest week at an average price near $77,900. The slowdown follows intense buying activity funded through various capital raises.

The company has financed its Bitcoin buildup through at-the-market common share sales alongside its STRC perpetual preferred share program, balancing dilution concerns and cost of capital. It currently carries about $8.25 billion in debt, $13.53 billion in preferred stock, and faces $1.49 billion in annual dividend obligations on non-yielding crypto assets.