The amount of bitcoins (BTC) in the account of Strategy (formerly Microstrategy), founded by Michael Saylor, has exceeded 2.5% of the total issue of the main cryptocurrency. Although Strategy is the largest corporate holder of BTC in the world and has been periodically buying bitcoins for the organization’s balance since 2020, the analytical company TD Cowen came to the conclusion that its influence on bitcoin quotes is exaggerated. The correlation between the purchases of Saylor’s company and the movement of the bitcoin price is either insignificant or completely absent, writes RBC Crypto with reference to Coindesk.
“We conclude that in most cases, Strategy’s purchases did not have a material impact on the price of Bitcoin,” TD Cowen analysts wrote.
Strategy's purchases typically account for an average of 3.3% of weekly trading volume, according to TD Cowen analysis. Over the past 27 weeks, the company's share of volume has been 8.4%, but that has been impacted by one-off purchases that briefly exceeded 20% of trading volume. Strategy did not buy any bitcoin in eight of the 27 weeks analyzed.
MSTR shares are down 40% since their November 2024 peak, according to TradingView data as of April 22, but the stock is up about 2,500% to $317 since the first Bitcoin purchase in 2020. That performance has significantly outpaced Bitcoin's return over the same period, when it rose to $88,400, up about 680%.
As of April 20, Strategy has 538.2 thousand bitcoins on its balance sheet (about 2.52% of the current issue), on which the company has spent about $36.47 billion since 2020 at an average purchase price of $67,766 per 1 BTC.
Strategy’s Bitcoin purchases are primarily financed by issuing convertible bonds with a low or zero coupon rate. These can be exchanged for Strategy shares (ticker symbol MSTR) at a high premium to the offering price — up to 40–50%. The model is effective when the BTC rate rises: strengthening its position in the cryptocurrency allows Strategy to raise funds again on favorable terms. The main risk of the scheme is a sharp and protracted decline in Bitcoin, which could reduce interest in MSTR shares and complicate the placement of new bonds. Strategy plans to raise $42 billion in capital by 2027 through the sale of shares and the issuance of debt instruments.
“As we have seen, its purchases represent a very small percentage of total Bitcoin trading volume, so the idea that they have any profound or even noticeable impact on Bitcoin price dynamics seems preposterous to us,” TD Cowen said.
Experts also believe that the key element of Strategy's success is precisely in the area of value creation through additional income from convertible bond transactions, which is “very beneficial for shareholders.”
TD Cowen analysts' conclusions about the impact of Strategy's purchases on the price of Bitcoin correlate with the opinion of Matthew Siegel, head of digital asset research at VanEck.
VanEck is a global investment firm founded in 1955 with $100 billion in assets under management. It is considered a pioneer in innovative ETFs, including the first gold ETF. The company has also been a long-time supporter of cryptocurrencies, and is the issuer of one of the largest Bitcoin ETFs, with $1.25 billion under management as of April 22. Bitcoin Above $180K and Beyond. VanEck's 2025 Predictions
“There is virtually no correlation between Strategy’s weekly bitcoin purchase volume and the price of bitcoin at the end of the week or the change in the price of bitcoin during the week,” DL News quotes Siegel as saying.
Despite the virtual lack of impact on the price when buying Bitcoin again, Strategy's business model has prompted some companies to follow suit. Although the conditions have changed and new Bitcoin holders are more vulnerable to the volatility of the main cryptocurrency, the model has still found its followers.
For example, GameStop, an American retail chain that sells gaming consoles, computer games, and gaming accessories, completed the sale of Strategy-like securities on April 1. According to documents filed with the U.S. Securities and Exchange Commission, the company raised $1.5 billion. And at least some of it will be used to buy bitcoins.
In addition to these companies, those who bought bitcoins in 2024 and 2025 included the largest American mining company MARA with reserves of 47.6 thousand BTC, Japanese investment company Metaplanet with a balance of 2.3 thousand BTC, and healthcare technology organization Semler Scientific with 1.1 thousand BTC.
Источник: cryptocurrency.tech
