After nearly two years of continuous accumulation of Bitcoin, Strategy's buying pace has clearly slowed down recently — this trend is clearly reflected in its latest disclosed quarterly report.
As a previously active institutional buyer in the cryptocurrency market, the company has been continuously increasing its Bitcoin allocation since 2022, drawing market attention with its frequent and substantial accumulation actions. However, the latest data shows that its net increase in Bitcoin this quarter has significantly narrowed compared to previous quarters, and the buying frequency has also decreased, reflecting a more cautious layout strategy at this stage.
It is noteworthy that, alongside the adjustment of the pace of increase, the company's long-standing valuation premium has also seen a significant decline. According to the financial report, as of the end of this quarter, its valuation premium has fallen to the lowest level since the beginning of 2023, a sharp contraction compared to the peak phase in mid-2023. This change is related to the overall market volatility of crypto assets and also reflects the market's repricing of its asset allocation logic.
