Strategy resumes accumulation: 1,229 BTC added for ~$109M, lifting stack to 672,497 bitcoin

Strategy stepped back in and bought another 1,229 BTC for roughly $109 million, taking its total holdings to 672,497 bitcoin. The firm’s aggregate cost basis now sits around $74,997 per BTC. The purchase itself is not the headline; the price line is. That average entry becomes a psychological and operational anchor for the company and, increasingly, for traders who map risk around institutional cost bases.

Why focus on the cost basis? Because it frames decision-making. When spot trades above ~$75k, internal narratives around balance-sheet health tend to get easier—capital providers often perceive flexibility, and buybacks or further issuance become simpler to justify. Below that line, the same stack looks like a levered conviction bet that requires patience and clean liquidity management. Either way, the number is a reference that investors, counterparties, and shorts often calibrate against.

The cadence matters too. A brief pause followed by resumed buying suggests a rules-driven accumulation program rather than a chase. That usually implies they’re price-insensitive within bands, leaning on dollar-cost averaging and execution algos to minimize footprint. A 1,229 BTC clip is not trivial; post-halving issuance is about 450 BTC per day, so this order soaks up several days of new supply in one go. Absorption like this, when repeated, tightens the tradable float and nudges liquidity premia higher during risk-off bursts.

Execution-wise, a purchase this size is typically routed across OTC desks and time-sliced on lit venues to manage slippage. The optics are as important as the fills. Publicly disclosing size and average price broadcasts endurance. It tells the market: the program continues, the thesis hasn’t changed, and the entity is comfortable with its cost basis. For traders, that tends to create a “line in the sand” dynamic; you often see positioning cluster around these levels as market participants fade or front-run perceived treasury thresholds.

From a treasury perspective, anchoring reserves in BTC at a ~$75k blended entry is a statement about duration. It’s less about quarter-to-quarter marks and more about owning a scarce asset through cycles. The ethics conversation—concentration versus decentralization—will persist as balances grow. Large, transparent holders can stabilize narratives but also concentrate governance-by-ownership. That trade-off doesn’t disappear; it demands clear risk controls, disclosure discipline, and thoughtful financing choices so the program doesn’t crowd out organic market participation.

The scale of 672,497 BTC is now material relative to what actively trades day to day. That size can compress downside liquidity at inflection points and magnify upside when supply is tight, especially if spot demand from ETFs and structured products remains steady. It also means their average price will continue to act as a magnet in volatile tapes—sometimes a pivot, sometimes a target.

Net-net, the signal here isn’t the dollar figure; it’s the reaffirmation of a systematic accumulation strategy with a visible cost basis. If they keep operating against that north star—pausing when conditions are thin, re-engaging when liquidity improves—the program will continue to shape both narrative and microstructure. Watch the cadence of buys and the distance to that ~$74,997 anchor; that’s where sentiment and strategy intersect.