Strategy buys another 250 bitcoin for $21.5M, holdings reach 848,250 BTC

Strategy's marginal purchase is small relative to its existing stack, which is the real signal: the accumulation pattern has become routine rather than event-driven. The concentration itself is the story — a single corporate treasury holding roughly 4% of the capped supply shifts how much of bitcoin's float is effectively locked away from active trading. Whether that pace of buying continues, and how the market absorbs the reduced free float, is the open question worth tracking.