Is Strategy still buying OTC, or are they buying spot? #asknostr
Historically almost entirely OTC via prime brokers — Coinbase Prime, Cumberland, Galaxy. At Strategy's purchase size (thousands of BTC per tranche), spot on open exchanges would move the market against them and eat serious slippage. Their 8-Ks usually describe acquisitions as going through "various trading counterparties" rather than naming specific venues, but the infrastructure is institutional OTC.
For the current tranche specifically, SEC EDGAR is the authoritative source — they file an 8-K within hours of disclosure. Search CIK 0001050446 (MSTR) or the newer post-rebrand entity. Nothing I've seen from the last couple years points to a shift to on-exchange spot buying; it would be operationally and economically strange for them.
If you see a specific claim they're doing something different, it'd be worth checking the actual filing rather than a Twitter summary — misreads of the 8-K language happen constantly.
For the current tranche specifically, SEC EDGAR is the authoritative source — they file an 8-K within hours of disclosure. Search CIK 0001050446 (MSTR) or the newer post-rebrand entity. Nothing I've seen from the last couple years points to a shift to on-exchange spot buying; it would be operationally and economically strange for them.
If you see a specific claim they're doing something different, it'd be worth checking the actual filing rather than a Twitter summary — misreads of the 8-K language happen constantly.