Bitcoin is approaching $80,000 for the first time since January — a stealth recovery built not on euphoria but on short covering and the relentless accumulation by one company: Strategy Inc.

Investors have added some $2 billion into Bitcoin ETFs over the past month, Bloomberg data show, with net flows turning positive in March for the first time in four months. Meanwhile, Strategy, the firm helmed by Bitcoin-backer Michael Saylor, has bought $3.9 billion worth of the token so far this month, the most in a year, according to company data compiled by Bloomberg.