Strategy (NASDAQ:MSTR) executive chairman Michael Saylor is increasingly turning to alternative funding channels to finance its Bitcoin (CRYPTO: BTC) purchases, signaling a shift away from heavy reliance on equity dilution.

Funding Shift Emerges

In a Mar.19 post on X, CryptoQuant data showed the company bought nearly 18,000 BTC in the week of Mar. 8 and more than 22,000 BTC the following week, its largest weekly accumulation since November 2024.

While the scale of buying stands out, the funding mix marks the bigger shift.

Historically, Strategy financed Bitcoin purchases largely through issuing MSTR shares, diluting existing shareholders. Recent data, however, points to a change.

During the week of Mar. 8, about $900 million came from share sales, compared with $377 million from Stretch (STRC)-related funding.

The following week, equity contributions fell to roughly $396 million, while STRC funding surged to about $1.18 billion.

The data suggests STRC, a newer financing channel, is becoming more prominent.

While share issuance (around 64%) still accounts for most of the funding, its dominance is declining as STRC gains traction from zero a year ago to roughly 8% of the mix.

Bitcoin Strength Driven By Spot Demand

On-chain data from Glassnode indicates Bitcoin's move back toward the mid-$70,000 range is being driven primarily by spot market demand rather than leveraged speculation.

ETF inflows have rebounded, signalling renewed institutional interest, while spot cumulative volume delta has turned positive across major exchanges, pointing to a shift from selling to accumulation.

Selling pressure on Binance has eased, while activity on Coinbase has stabilized and turned positive, suggesting early signs of institutional re-engagement.

This improving market structure could support further upside, with sustained strength above $70,000 seen as key for a potential move toward the $78,000–$82,000 range.

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