Strategic Whale Scoops 2,932 BTC for $264M, Ending Two-Week Billion-Dollar Buying Spree

Big money just made another calculated move into Bitcoin.

After a fortnight of billion-dollar acquisitions shaking the market, a single strategy just deployed another $264 million into the digital asset. The purchase—snapping up 2,932 BTC—signals a potential pivot point.

The Whale's Appetite

This isn't retail FOMO. This is institutional capital executing a plan. The buy comes on the heels of a massive two-week accumulation spree, suggesting deep-pocketed players are building core positions, not just trading volatility.

Reading the Tape

When billion-dollar flows dry up, it makes a noise. This latest, more targeted purchase could indicate a shift from aggressive accumulation to strategic averaging. Or perhaps the whales are just catching their breath before the next leg up—after all, even they need to manage liquidity.

It’s a stark reminder that while Main Street debates the charts, Wall Street’s algorithms are busy buying the asset. A cynical take? Traditional finance spends millions on research to eventually do what crypto natives have been shouting for years: stack sats.

The pause in the mega-purchases is now over. The next move in this high-stakes game is anyone's guess.

Strategy continues using MSTR

For this week’s purchase, Strategy returned to using MSTR, despite the common stock dilution. For the past week, $257M in proceeds came from the MSTR ATM facility. 

Although Strategy tries to slow down MSTR issuance, it has gone ahead of its schedule in using the common stock ATM. There is still demand for the common stock, as recently announced by one of Japan’s leading banks, Sumitomo Mitsui. The banking giant holds $96.6M in MSTR common stock. 

MSTR traded at $163.11, rebounding slightly in the past few days. The common stock moves with more volatility compared to BTC and bounced from recent lows in anticipation of this week’s purchase. The MSTR market also awaits the company’s earnings call on February 5. 

For MSTR, any BTC rally can cause an even larger price reaction, as the common stock historically amplifies BTC moves. Investors are currently pointing out that the ongoing new issuance is increasing dilution, not allowing MSTR to rally. At the current stage, critics claim that Strategy is hurting common stock buyers while managing to pay out dividends and yield to preferred stockholders. 

Strategy increases the importance of STRC

In this week’s purchase, Strategy raised $7M from its STRC preferred stock. In the past month, STRC was the most active of all preferred shares, reaching $103M in trading volume for the past week. 

Strategy’s goal is to issue and sell STRC if the price is in the $99-$100 range. The STRC sales and the ability to buy more BTC depend on the preferred stock demand. 

The biggest appeal of STRC is its 11.06% yield, which Strategy is so far solvent enough to repay. The goal is to keep STRC close to $100, allowing the company to raise more for BTC purchases.

However, the current HYPE for STRC does not guarantee that Strategy will be able to continue relying on the preferred stock. After two active weeks, STRC achieved a smaller share of the weekly structure and did not prevent another round of MSTR dilution. On the other hand, more STRC issues expand the dividend yield owed. 

SATA is also rising to the $100 par level and may become a part of the weekly purchase mix. Strategy’s next hope is to break the four-year BTC cycle by boosting prices through its preferred stocks. The market is closely watched for a slightly different playbook. For now, BTC also has a subdued reaction to Strategy’s purchases, which are still through OTC deals.

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