Strategy’s Bitcoin Buying Spree Has Minimal Impact on Prices, TD Cowen Says

Despite its growing footprint as a major corporate holder of bitcoin (BTC), Strategy’s large-scale purchases of the cryptocurrency appear to have little, if any, influence on its price, according to a research paper by TD Cowen.The findings published Monday challenge a popular theory among skeptics — that Strategy’s aggressive buying spree is helping prop up bitcoin’s value, and that without its continued demand, prices would falter. But based on the data, that argument doesn’t hold much weight, the analysts said.A Big Buyer, But a Small Slice of the MarketStrategy recently issued another 1 source: https://www.coindesk.com/markets/2025/04/21/strategy-s-bitcoin-buying-spree-has-minimal-impact-on-prices-td-cowen-says