A major player in the Bitcoin ecosystem just crossed a significant milestone—and the implications are worth paying attention to.

Strategy, formerly known as MicroStrategy, has accumulated 673,783 BTC, representing approximately 3.21% of Bitcoin's entire 21 million supply. To put this in perspective, a single corporation now controls over one-thirtieth of all circulating Bitcoin.

The numbers here matter. Strategy invested roughly $50.5 billion to build this position, with an average cost basis around $75,000 per Bitcoin. That's not just portfolio diversification—it's a serious bet on the asset's long-term value.

What does this concentration mean for the market? It raises questions about Bitcoin distribution, institutional influence, and whether centralization at this scale changes the narrative around decentralization that attracted so many people to crypto in the first place. When this much of the supply lands in one entity's hands, market participants need to understand what levers that creates and what risks it introduces.