Strategy Accumulates 781,000 BTC With $2.7B April Purchases as Basis Trade Unwinds
Basis traders’ unwind that pressured Bitcoin futures positioning is largely complete as open interest fell below $10 billion. Strategy has amassed 781,000 BTC (worth nearly $60 billion), adding 24,761 BTC (about $2.7 billion) between April 6 and April 13, backed by a $44 billion equity issuance plan.
1. Basis Trade Unwind Nears Completion
Pressure from the basis trade has receded as CME Bitcoin futures open interest dropped under $10 billion, the lowest since 2024. Perpetual funding rates remain slightly negative, signaling that many leveraged traders are closing short positions and reducing paired spot exposure.
2. Strategy’s Accelerated Bitcoin Accumulation
Between April 6 and April 13, Strategy purchased 24,761 BTC, investing roughly $2.7 billion in two tranches. The firm’s total holdings now stand at 781,000 BTC, valued near $60 billion, underpinned by a $44 billion equity issuance aimed at sustaining further buys.
3. Structural Bid at Scale and Market Implications
One large directional buyer consistently accumulating while hedged yield farmers exit creates a structural bid in Bitcoin markets. This shift from mechanical selling to systematic buying could set the stage for the next phase of price discovery and support upside in spot markets.