What happened?
Strategy bought 397 BTC between October 27 and November 2 for about $45.6 million, paying roughly $114,771 per coin. The deal brings the company’s total to 641,205 BTC, accumulated at an average price of $74,057 and costing about $47.49 billion. The purchases were funded through at-the-market equity programs that raised roughly $69.5 million that week, and the company still has tens of billions in ATM capacity left.
Who does this affect?
Bitcoin investors are affected because Strategy is one of the largest corporate buyers and its activity changes supply and demand dynamics in the market. Shareholders of Strategy’s stocks and preferred shares are impacted too, since the company issues equity to fund these BTC purchases, linking equity returns to bitcoin’s price. The broader crypto market, market makers and institutional allocators also feel the effect as steady, large buys influence liquidity, price discovery and sentiment.
Why does this matter?
Continuous buying from a dominant corporate holder can create upward pressure on Bitcoin by taking supply off the market and signaling strong institutional demand. Strategy’s playbook of converting equity proceeds into BTC can funnel more capital into crypto and encourage similar moves by other firms, shifting capital markets dynamics. At the same time, this concentration increases market sensitivity to Strategy’s actions and ties the company’s equity performance closely to Bitcoin volatility, raising risk concerns.