The Accumulation Machine

Last week’s purchases were mostly funded through $227.3 million in sales of the company’s STRC preferred stock. The remainder came from $72 million in common stock sales.

A CryptoQuant report flagged Strategy’s 30-day accumulation at roughly 44,000 BTC through late March, making it one of only two institutional channels absorbing supply at scale alongside spot ETFs, which purchased approximately 50,000 BTC over the same period.

At 766,970 BTC, Strategy holds roughly 3.8% of Bitcoin’s total circulating supply of 20.01 million coins and remains by far the largest corporate holder of the asset.

The $5 Billion Underwater Position

Strategy has spent roughly $58.02…

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