Strategy（MSTR）: On September 21, MSTR disclosed its first BTC accumulation since August, buying 950 BTC for $75.7 million. Its average holding cost is $79,670, which is below the market price of BTC by more than $85,000 on the same day. This purchase was funded from a USD cash pool that is sourced from the same as the company’s stock buybacks and dividend outflows during that week. Relative to its total BTC holdings of $63.8 billion, the amount is relatively small, and it appears to be a continuation of an existing accumulation plan rather than a new large-scale allocation. On that day, the MSTR share price rose along with the crypto sector as it rebounded; its move was driven primarily by BTC price linkage rather than by any standalone positive catalyst. Next, two key points bear watching: (1) whether MSTR’s next earnings report will disclose additional details on its accumulation cadence and funding arrangements, and (2) whether the SEC’s regulatory policy developments regarding institutional crypto holdings will further affect the willingness of corporate entities to allocate to BTC. $BTC $MSTR #机构动向 #加密监管 #Market Watch