Снижение спроса институциональных инвесторов: биткоин теряет поддержку Translation: Headline: Decrease in Institutional Investor Demand: Bitcoin Loses Support

The demand for digital gold among institutional investors has declined, according to Charles Edwards, the founder of Capriole. For the first time in seven months, the net volume of purchases fell below the daily issuance of the asset.

He stated that this metric had been a key bullish factor in recent months. Edwards pointed out that this trend had fueled optimism while other cryptocurrencies demonstrated stronger performance than the primary cryptocurrency.

*“I won’t lie, this was the main indicator that maintained my bullish outlook. But now we have 188 public companies with ‘heavy bags’ [of bitcoins], lacking a business model, and significantly less interest from institutional buyers,”* he wrote.

Edwards added that the current trend could shift at any moment. However, for now, the market is characterized by substantial bitcoin reserves held by corporations and a drop in demand from new major players.

The largest public holder of the leading cryptocurrency, *Strategy*, has filed for an offering of 3.5 million privileged STRE shares denominated in euros. The proceeds from this offering will be directed toward general corporate objectives, including the acquisition of bitcoin.

The nominal value of one STRE share is €100, with an expected annual dividend yield of 10% and quarterly payments starting on December 31, 2025. In the event of missed dividend payments, they will accumulate at an initial rate of 11% and increase by 100 basis points until reaching a maximum of 18%. The offering is contingent on market conditions.

Previously, Strategy announced the purchase of 397 BTC for approximately $45.6 million, with an average purchase price of $114,771. The company now holds a total of 641,205 BTC on its balance sheet.

Founded by Michael Saylor, the firm began executing its bitcoin strategy in August 2020, initially investing $250 million from its own funds. Strategy pioneered the so-called digital treasury model (DAT), utilizing equity and debt capital to finance cryptocurrency purchases.

Saylor himself anticipates a bitcoin price increase to $150,000 by year’s end. He believes that in four to eight years, the asset could reach $1 million.

The entrepreneur also suggested that with an annual growth rate of 29% over 21 years, the price of the leading cryptocurrency could soar to $21 million.

At the time of writing, Strategy’s shares (MSTR) are trading at $264.67 (-1.8% in a day), while bitcoin’s price sits around $104,300 (-3.4% over 24 hours).

Notably, in October, S&P Global Ratings *assigned* Strategy a credit rating of B-, classifying its securities as *“junk bonds”* due to a higher risk posed by the issuer.