Strategy accumulated 2.5% of all bitcoins

The number of bitcoins (BTC) on the account of Strategy (previously Microstrategy), founded by Michael Seilor, exceeded 2.5% of the total issue of the main cryptocurrency. Although Strategy is the largest BTC corporate holder in the world and since 2020 periodically buys bitcoins for the balance of the organization, the analytical company TD Cowen came to the conclusion that its influence on bitcoin quotes is exaggerated. The correlation between the purchases of Saylor and the Bitcoin price movement is either insignificant or completely absent, writes RBC Crypto With reference to Coindesk.

“We came to the conclusion that in most cases, Strategy’s purchase did not have a significant impact on the price of bitcoin,” TD Cowen analysts write.

According to the TD Cowen analysis, Strategy’s purchases usually made an average of 3.3% of the weekly bidding. Over the past 27 weeks, the share of the company amounted to 8.4% of the volume, but one -time purchases have been influenced by this indicator when they shortly exceeded 20% of the volume of bidding. Within eight out of 27 weeks considered, Strategy did not buy bitcoins at all.

According to TradingView, on April 22, MSTR shares fell 40% from the peak of November 2024, but from the moment of the first purchase of bitcoin in 2020, the shares have increased by about 2500%, to $ 317. These results have significantly surpassed the yield of bitcoin for the same period when it grew up to $ 88.4 thousand, which amounted to an increase of about 680%.

According to April 20, on the balance of Strategy 538.2 thousand bitcoins (about 2.52% of the current issue), on which the company spent about $ 36.47 billion at the average purchase price of $ 67,766 per 1 BTC since 2020.

Bitcoin purchases Strategy are mainly funded by placing convertible bonds with a low or zero coupon rate. They can be exchanged for Strategy shares (MSTR ticker) with a high premium to the price price – up to 40-50%. The model is effective in the growth of the BTC course: strengthening positions in cryptocurrency allows Strategy to attract funds on favorable terms again. The main risk of a scheme is a sharp and protracted fall in bitcoin, which can reduce interest in MSTR shares and make it difficult to post new bonds. Strategy plans to attract $ 42 billion of capital until 2027 by selling shares and issuing debt instruments.

“As we saw, its purchases make up a very small percentage of the total bitcoin trade. Therefore, the idea that they somehow have a deep or at least noticeable effect on the dynamics of bitcoin prices seems to us ridiculous, ”TD Cowen said.

Experts also believe that the main element of the success of Strategy is in the field of creating value by additional income from operations with convertible bonds, which is “very profitable for shareholders”.

The conclusions of TD Cowen analysts regarding the influence of Strategy purchases on the price of Bitcoin correlate with the opinion of the head of the Vaneck Digital Assitus Department Matthew Siegel.

Vaneck is a global investment company founded in 1955, with assets of $ 100 billion. It is considered one of the pioneers in the field of innovative ETF, including the first exchange fund (ETF) for gold. The company is also a long-standing supporter of cryptocurrencies and acts as an issuer of one of the largest bitcoin-ETF, under the control of which is $ 1.25 billion for April 22. Bitcoin is above $ 180 thousand and not only. Vaneck forecasts for 2025

“Between the weekly volume of bitcoins purchases by Strategy and the price of bitcoin at the end of the week or a change in bitcoin price during the week there is practically no correlation,” DL News quotes Siegel.

Despite the actual lack of influence on the price at the next purchase of bitcoins, the Strategy business model prompted some companies to follow its example. Although the conditions have changed, and the new Bitcoin holders are more vulnerable to the volatility of the main cryptocurrency, the model still found its followers.

So, for example, the American retail network for the sale of game consoles, computer games and game accessories GameStop completed the sale of such Strategy securities on April 1. According to documents submitted to the US Securities and Exchange Commission, the company attracted $ 1.5 billion and at least some of them will be aimed at buying bitcoins.

In addition to these companies, those who bought bitcoins in 2024 and 2025 included the largest American Mara mining company with reserves of 47.6 thousand BTC, the Japanese investment company Metaplanet with a balance of 2.3 thousand BTC, a technological organization from the Semler Scientific sector with 1.1 thousand. BTC.

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