Strategy is once again strengthening its position in bitcoin, despite a hesitant market. The company led by Michael Saylor has just announced the purchase of an additional 1,031 BTC, extending a series of acquisitions initiated since the beginning of the month. This operation takes place in a context marked by the rise in power of institutional players and increased pressure on prices. It thus raises questions about the accumulation strategy adopted and its implications for market balance.
In brief
- Strategy strengthens its accumulation strategy with the purchase of 1,031 Bitcoins for $76.6 million.
- The company increases its reserves to 762,099 BTC, despite an unrealized capital loss of around 7%.
- A series of massive purchases in March confirms sustained investment dynamics.
- Strategy faces growing competition from Bitcoin ETFs, including BlackRock.
Strategy continues its purchases despite an uncertain market
Strategy acquired 1,031 bitcoins for $76.6 million, according to an 8-K filing submitted to the SEC. The operation was carried out at an average price of $74,326 per BTC, a level lower than the overall average cost of its acquisitions, established at $75,694.
The company precise that these purchases were financed by the sale of common stock. This acquisition now brings its holdings to 762,099 BTC, at a total cost of approximately $57.69 billion.
- In March, Strategy purchased 41,362 BTC for approximately $2.93 billion;
- Bitcoin is currently trading around $70,895;
- The company shows an unrealized capital loss of around 7%;
- The current valuation of its holdings is around $54 billion.
These elements reflect a strategy of progressive accumulation, regardless of short-term fluctuations.
A change in financing and pressure from institutional actors
The financing of this latest acquisition is based exclusively on the sale of common shares, a notable change from previous transactions.
In its purchase of 22,337 BTC (approximately $1.6 billion), Michael Saylor's company had largely mobilized its STRC preferred stock proceeds, which generated nearly $1.2 billion, or approximately 75% of the total funding. This shift in funding sources reflects an adjustment in capital management and investor exposure to its Bitcoin strategy.
At the same time, Strategy's position fits into an increasingly competitive institutional landscape. The company's holdings remain slightly lower than BlackRock's iShares Bitcoin Trust (IBIT) fund, which holds approximately 785,300 BTC on behalf of its clients. More broadly, American spot Bitcoin ETFs accumulate nearly 1.3 million BTC, or approximately 6.1% of the total supply capped at 21 million.
The simultaneous evolution of these strategies reveals a market structured by players capable of absorbing significant volumes. The continued accumulation of Strategy, despite a temporarily negative performance, contrasts with the diversification logic of ETFs. This double movement could influence market liquidity, price formation and the role of bitcoin in corporate balance sheets and institutional portfolios in the months to come.
Strategy continues its accumulation at a sustained pace, despite a market under pressure and increased institutional competition. This dynamic is part of a key phase for the company, now on the verge of recording its second best acquisition quarter. It remains to be seen whether this strategy will strengthen its position or increase its exposure to bitcoin cycles.
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