Strategy Acquires 196 BTC, Analysts See Buyers in Stress

Key Notes

• Strategy added 196 BTC for $22.1 million, bringing its holdings to 640,031 BTC worth $47.35 billion.
• The purchase is one of Strategy’s smaller recent acquisitions, funded via stock issuance.
• Analysts say Bitcoin is moving from accumulation into distribution, with Q4 historically bullish.

Strategy (MSTR), the world’s largest corporate Bitcoin holder , has added to its massive reserves despite BTC’s brief drop to $108,000.

The company announced the purchase of 196 BTC BTC $113 987 24h volatility: 3.7% Market cap: $2.27 T Vol. 24h: $56.16 B for roughly $22.1 million at an average price of $113,048 per coin, bringing its total holdings to 640,031 BTC, worth about $47.35 billion at an average cost of $73,983 per BTC.

Strategy has acquired 196 BTC for ~$22.1 million at ~$113,048 per bitcoin. As of 9/28/2025, we hodl 640,031 $BTC acquired for ~$47.35 billion at ~$73,983 per bitcoin. $MSTR $STRC $STRK $STRF $STRD

— Michael Saylor (@saylor) September 29, 2025

A smaller but strategic addition

The acquisition , funded through common stock issued under an at-the-market (ATM) program and perpetual preferred stock, marks one of the company’s smaller weekly purchases in recent months.

Michael Saylor, Strategy’s co-founder, continues to view Bitcoin as a long-term store of value, suggesting that despite macro headwinds, BTC could see renewed strength heading into year-end.

“I think that as we work through resistance and some macro headwinds, we’ll actually see Bitcoin start to move up smartly again toward the end of the year,” Saylor recently said in a CNBC interview.

Accumulation nears distribution

CryptoQuant analysts note that Bitcoin is entering Q4, a seasonally bullish quarter for digital assets, though one often marked by heightened volatility.

They argue that Bitcoin has been in an accumulation cycle since early 2023 and is now approaching a distribution phase, where markets typically see both price expansion and sharp swings.

Institutional demand remains strong, with Strategy’s purchases serving as a major indicator of confidence. On derivatives exchanges, funding rates remain relatively low, showing that the market is far from overheated.

Whales are reportedly long on OKX, Bybit, and HTX, while valuation models such as Bitcoin’s “energy value” and power law suggest fair prices above $130,000–$145,000 , indicating BTC is still undervalued.

Stress signals among short-term buyers

Despite institutional confidence, on-chain data shows pressure building among retail and short-term holders.

Glassnode reported that Bitcoin’s short-term holder NUPL has slipped into loss territory, a sign of stress and capitulation among newer buyers.

#Bitcoin short-term holder NUPL has rolled into loss territory, signaling stress among recent buyers.
STH capitulation events have historically marked periods of market reset, often laying groundwork for renewed accumulation.
🔗

— glassnode (@glassnode) September 29, 2025

Historically, such capitulation events have often paved the way for market resets and renewed accumulation.

With Strategy continuing to expand its treasury and institutions signaling confidence, the long-term outlook for BTC remains constructive.