"Strategy's Bitcoin Purchase Pace Slows Due to Increase in Bitcoin Hoarding Companies"

As the pace of Strategy's Bitcoin (BTC) purchases has slowed, it has been analyzed that this is due to the increase in companies hoarding Bitcoin.

According to The Block on the 28th (local time), K33 Research stated in a report, "Strategy is still accumulating Bitcoin, but the pace has significantly slowed," and "This is due to the increase in companies participating in strategic Bitcoin hoarding."

The report stated, "Companies such as Trump Media, Twenty-One Capital, and Nakamoto that follow Strategy's strategy are being announced weekly," adding, "Investors no longer need to buy Strategy's stock to indirectly invest in Bitcoin." The increase in Bitcoin hoarding companies is reducing demand for Strategy's stock, making it difficult to raise funds smoothly.

According to the data, Strategy raised an average of $2.13 billion per week for Bitcoin purchases from November 4 to December 16. In contrast, the average amount raised in the past three weeks is only $788 million.

Furthermore, "As the value of Bitcoin held by Strategy increases, it is becoming difficult to maintain a 2x premium over the value of Bitcoin," it reported.

It also noted that the dilution of stock for Bitcoin purchases has affected the premium reduction. The report stated, "Last week, Strategy's premium over Bitcoin plummeted to 163%, the lowest level since April 8 (local time)," and "Aggressive stock dilution is accelerating the premium reduction."