Strategy has acquired an additional 196 BTC for $22.1 million, increasing its total holdings to 640,031 BTC.
The purchase was made at an average price of $113,048 per BTC, with the company's overall Bitcoin cost averaging $73,983 per coin.
This acquisition was funded through common stock and perpetual preferred stock issuance.
Michael Saylor, Strategy's co-founder, remains optimistic about Bitcoin's long-term value despite macroeconomic challenges.
CryptoQuant analysts suggest Bitcoin is entering a distribution phase after an accumulation cycle, indicating potential price expansion and volatility in Q4.
Institutional demand for Bitcoin remains strong, with low funding rates on derivatives exchanges signaling that the market isn't overheated.
Valuation models suggest fair BTC prices are above $130,000–$145,000, implying current undervaluation.
Despite institutional confidence, short-term holders show signs of stress, with Bitcoin's NUPL slipping into loss territory, indicating potential market reset opportunities.
