BlockBeats News, May 28th. Recently, although Strategy (formerly MicroStrategy) is still continuously accumulating Bitcoin, the pace of accumulation has slowed significantly from the peak in November last year.

K33 Research Director Vetle Lunde pointed out in a report on Tuesday that there are two reasons for the slowdown: first, the premium of Strategy's Class A common stock MSTR relative to its Bitcoin holdings has decreased; second, the corporate Bitcoin hoarding competition is becoming increasingly fierce. From May 19th to 25th, Strategy purchased 4,020 Bitcoins at an average price of $106,237 (approximately $4.271 billion), with $3.487 billion coming from its latest $21 billion ATM (At-the-Market) financing plan, a significant decrease from the previous week's $0.705 billion and May 5th to 11th $1.31 billion.

"Overall, the fund utilization speed of the new $21 billion ATM plan is much lower than the first $21 billion plan," Lunde said. "From November 4th to December 16th last year, MSTR averaged $2.13 billion in ATM financing per week, while the average in the last three weeks is only $0.788 billion. Other companies that have announced holding Bitcoin reserves have provided more Bitcoin reserve concept stock choices, which may divert some of the demand for MSTR."

In addition, as Strategy's Bitcoin holdings appreciate, maintaining a net asset premium that is double the previous level requires stronger buying support. "Last week, especially on Friday, the premium of MSTR relative to Bitcoin holdings plummeted from 185% to 163%, hitting a new low since April 8th," Lunde added. "Aggressive issuance has accelerated the contraction of the premium, possibly forcing Strategy to slow down the pace of ATM financing. The situation where large-scale issuance could drive up the premium, as was the case in November last year, may be difficult to reproduce."