Bitcoin pushed back above the $95,000 mark on Wednesday, fueled by a massive new purchase from Strategy and a surge in institutional demand through spot ETFs. The move marks one of the strongest confidence signals the market has seen in weeks, reigniting debate over whether large players are positioning for the next leg higher.
Strategy Doubles Down With Its Biggest Buy in Months
The crypto treasury firm revealed it had acquired an additional $1.3 billion worth of Bitcoin, its largest single purchase since July. Following the announcement, Strategy’s shares jumped 7%, reflecting the market’s view of the company as a leveraged proxy for Bitcoin’s price.
According to a filing with the U.S. Securities & Exchange Commission, Strategy now holds roughly $66 billion in Bitcoin, acquired at an average price of about $75,000. At current levels, that translates into approximately $14 billion in unrealized profit.
Notably, the firm did not tap its existing cash reserves for the purchase. Instead, Strategy funded the acquisition by selling more than $1 billion in newly issued shares directly into the open market, effectively converting equity demand into Bitcoin exposure.
ETF Inflows Add Fuel to the Rally
Strategy’s aggressive accumulation coincided with a powerful rebound in institutional inflows. On Tuesday, U.S. spot Bitcoin ETFs recorded $754 million in net inflows, the highest single-day total since October, according to DefiLlama data.
BlackRock’s IBIT ETF led the pack, attracting $127 million, underscoring the continued appetite from traditional finance for regulated Bitcoin exposure. The combination of corporate treasury buying and ETF demand helped propel BTC back above key psychological levels.
Saylor Stays Defiant Amid Treasury Pressure
The broader environment hasn’t been easy for Bitcoin treasury companies. Recent price weakness has pushed nearly 40% of the top 100 Bitcoin treasuries to trade at a discount, limiting their ability to raise capital. More than 60% of these firms bought Bitcoin at higher prices than today, increasing pressure on balance sheets.
Despite this, Michael Saylor, Strategy’s executive chairman, remains unapologetically bullish. Speaking in a recent podcast interview, he dismissed criticism questioning the sustainability of crypto treasury business models.
To reinforce its resilience, Strategy disclosed in December that it had built a $1.4 billion cash reserve, designed to cushion the firm against sharp market downturns while maintaining its long-term Bitcoin strategy.
Nation-State Bitcoin Buying on the Horizon?
Looking ahead, Strategy’s leadership believes the next major wave of demand could come from governments. CEO Phong Le has suggested that 2026 may mark the beginning of national treasury adoption, as countries seek diversification amid shifting geopolitical and monetary conditions.
He expects increased risk-taking around mid-term election cycles, alongside growing interest from banks and sovereign entities. This outlook aligns with forecasts from Fidelity, which recently highlighted countries such as Brazil and Kyrgyzstan as having passed legislation enabling Bitcoin purchases for national reserves.
Fidelity’s research team argues that once a few countries adopt Bitcoin as part of their foreign exchange strategy, others may feel competitive pressure to follow.
A Signal of Renewed Institutional Confidence
With Bitcoin reclaiming $95,000, ETF inflows accelerating, and Strategy executing its largest buy in months, the market is showing clear signs of renewed institutional conviction. While volatility remains a constant, the coordinated return of large-scale buyers suggests Bitcoin’s role as a strategic asset—rather than a speculative trade—continues to gain traction.
Whether this momentum evolves into a sustained rally may depend on how long institutional demand remains elevated. For now, the message from the market’s biggest players is unmistakable: they’re still buying.