TD Cowen: Strategy’s Bitcoin buys have minimal impact on market prices

Despite billions invested in Bitcoin, Strategy’s BTC purchases have had little lasting impact on market prices, according to new research from TD Cowen. The firm’s buys averaged just 3.3% of weekly trading volume, with low correlation to price movements — 25% with price levels and 28% with price changes. According to CoinDesk, the report also notes that Strategy’s purchases often exceed mined supply, but highlights that secondary market activity still dwarfs new issuance, minimizing price-setting influence. While not moving markets, Strategy’s BTC holdings are up 306% since early 2023, delivering strong shareholder value.