A London-based digital asset fund has withdrawn nearly 3,000 Bitcoin from exchanges over the past four days, adding to a trend of companies boosting their holdings while prices are depressed.

The wallet, linked to UK investment firm Abraxas Capital, was flagged by blockchain analytics platform Lookonchain after pulling 505 Bitcoin worth roughly $43 million off Binance in a single transaction this week.

In total, the fund has accumulated 2,949 Bitcoin, worth over $250 million, since April 15.

Onchain data from Arkham shows the Abraxas wallet has seen varying inflows and outflows over time, peaking at 7,800 Bitcoin in December 2024 before emptying out entirely.

While this doesn’t confirm trades were made, the firm’s profile and the timing suggest a pattern of tactical buying and selling at highs and lows in the Bitcoin market.

And this isn’t a lone case.

Strategy, the Michael Saylor-led company formerly known as MicroStrategy, announced a fresh 3,459 Bitcoin purchase last Monday, spending $286 million at an average price of $82,618.

The firm now owns 531,644 Bitcoin, more than double the US government’s holdings and far ahead of any other publicly traded firm.

Despite warning of a Q1 net loss due to Bitcoin’s recent volatility, Strategy’s long-term bet on the cryptocurrency hasn’t changed.

It is currently nearly $9 billion in profit on its position.

The company’s stock has also rebounded from a post-trade war low earlier this month, recovering from $237 to $317 following easing tariff tensions from the Trump administration.

Other public companies aren’t having similar luck mirroring Strategy’s aggressive accumulation strategy.

Semler Scientific, a healthcare tech firm listed on Nasdaq, recently disclosed plans to raise up to $500 million through a new shelf registration, with proceeds “primarily” intended for Bitcoin purchases.

The firm already holds 3,192 Bitcoin worth slightly over $268 million. But its timing has been just off enough to miss a profit.

Semler is slightly underwater, down about 4% on its holdings.

Kyle Baird is DL News’ Weekend Editor. Got a tip? Email at kbaird@dlnews.com.