ChainCatcher message, JPMorgan (JPM) stated in a report on Wednesday that Michael Saylor's software company MicroStrategy (MSTR) is not the only enterprise making large-scale purchases of Bitcoin (BTC). Cryptocurrency mining companies are also adopting accumulation strategies.

The report indicated that the shift towards increasing Bitcoin holdings is due to mounting profitability pressures, which stem from the halving event in April and rising network hash rates.

Analysts wrote: "This may prompt mining companies to accumulate Bitcoin or seek further investments in Bitcoin, or venture into artificial intelligence/high-performance computing businesses."