Strategy (NASDAQ: MSTR) is no longer the main buyer of Bitcoin (BTC), but accumulation continues across other whale wallets, with key stakeholders holding more than 10,000 BTC having increased their holdings over the past month.

After five straight weeks without a major purchase, Strategy is no longer a primary driver of Bitcoin's weekly price moves. For years, the company's weekly purchase announcements were among the most closely watched data points in the Bitcoin market. The company has divided its spending between BTC and rebuilding part of its cash reserves.

Its latest 8-K filing, the disclosure format US-listed companies use to report material corporate events, disclosed the sale of $22 million worth of MSTR common stock, a relatively small purchase of 267 BTC, and $193 million in buybacks of STRC preferred shares. Strategy shared the update in a post on X. These weekly filings remain the primary channel through which the market tracks the company's buying program.

Between September 14 and October 18, Strategy added a total of 3,466 BTC valued at $290 million. Over the same stretch, the company spent $890 million from its cash reserves on its preferred stock buyback program.

Strategy also expanded that buyback program, which is aimed at keeping STRC preferred shares trading within their target range, lifting the spending cap from $2 billion to $3 billion. The move again poses a challenge for raising cash: as of October 18, Strategy held $447.3 million in cash, and further raises may be needed to sustain the buyback effort. Any additional raise would be disclosed through future filings.

Whales pass Strategy with active BTC accumulation

Accumulation addresses tied to shark and whale wallets have offset Strategy's slower buying in recent weeks. Over the past month, wallets holding between 10 BTC and 10,000 BTC added 88,987 BTC. Strategy accounted for only around 3% of that total, and is no longer key to the survival of BTCn
The company nonetheless calmed the market by avoiding a spiral of selling, retaining a treasury of 848,517 BTC — still the largest Bitcoin treasury held by a public company. Recent price action has also shown that Bitcoin can recover even without demand from treasury buyers. Whale purchases, however, remain central to spot BTC demand, and a strong recovery in spot demand is closely watched as a sign of a more confident bull market.

Recent data on BTC address distribution showed an increase in the raw number of shrimp wallets holding at least some BTC. Larger holders also added to their reserves, with the raw number of wallets rising over the past month. Another 45 whales built positions of 1,000 to 10,000 BTC within the past 30 days.

New whales gain more influence

In 2026, the balance of BTC holders has shifted, along with their influence on the market. The realized market cap metric — which values each bitcoin at the price of its most recent on-chain movement — suggests that newer buyers now carry stronger potential influence. In early 2026, newer whales held 18% of Bitcoin's realized market cap, a share that climbed to about 33% by October, according to CryptoQuant. New whales still lag in total idle BTC holdings but may be more influential in short-term trading.

Over the past month, whale wallets were more likely to accumulate BTC, while retail wallets showed signs of distribution.

The newest whale cohort entered the market while BTC traded between $110,000 and lows of $59,000, buying local lows and continuing to accumulate. As a result, the cohort's average basis stands at roughly $77,000 per BTC.

The new whales have yet to reveal their intentions. With BTC trading as low as $81,000 in recent days, average gains on their holdings sit only slightly above the average cost, and it remains unknown whether they would keep holding even at an unrealized loss.

The cohort's recent involvement and accumulation show signs of growing momentum: since July, the realized market cap metric has turned exponential. Even so, the new on-chain whales are not necessarily a sign of fresh liquidity and may reflect legacy players repositioning.