Recently, I noticed an interesting phenomenon: Strategy has been quite active in its Bitcoin holdings. According to the data, they have already accumulated more than 760,000 BTC, and they’re on the verge of catching up to the IBIT trust fund under BlackRock—at the moment, the gap between the two is only a little over 20,000 BTC.

Even more impressive, over the past two weeks, Strategy bought more than 40,000 BTC all at once, spending nearly $2.9 billion. This is the largest continuous buying volume so far this year. At this pace, they could be on track to surpass BlackRock’s holdings within one or two weeks. No doubt, the momentum is indeed fast.

What’s interesting is how they raised the money for this round of purchases. This buy-in was mainly supported by demand for STRC preferred shares; just this single item raised $1.18 billion, covering about 75% of the total cost. Strategy’s strategic manager even dubbed this approach “the most aggressive financial engineering,” which truly opens up new ideas in capital formation.

After BlackRock—a traditional financial giant—entered the BTC market, it triggered a wave of institutional participation. Now it seems that even professional holders like Strategy are accelerating their pace as well. The overall market landscape appears to be quietly changing.