According to research by TD Cowen, despite Strategy's growing influence as a major corporate holder of Bitcoin (BTC), its large-scale purchases of the cryptocurrency appear to have had little impact on its price. According to TD Cowen's analysis, Strategy's bitcoin buying typically accounts for only 3.3% of weekly trading volume. Over the past 27 weeks, the company's total trading volume accounted for 8.4% of trading volume, but that figure was skewed by a brief spike in buying volume of more than 20% in a few weeks. Eight of those weeks, Strategy did not buy any bitcoin at all.