Strategy (MSTR), already the world’s largest corporate holder of bitcoin, is on pace for its second-biggest buying quarter even as BTC has slid roughly 20% in recent months.
Since January, Strategy has purchased 89,618 BTC, bringing its total holdings to 761,068 BTC — and with two Mondays left in the quarter that could still increase. The only quarter in which Strategy bought more bitcoin was Q4 2024, when it added 194,180 BTC. That quarter’s surge included three of the company’s five largest single buys in November — 27,200 BTC, 51,780 BTC and 55,500 BTC — as the price climbed from about $70,000 to $100,000 following President Donald Trump’s second election victory.
The recent buying spree comes against a different market backdrop: over the past three months bitcoin’s price has fallen to a level more than 40% below October’s record high of $126,000, and Strategy’s common stock has declined about 15%.
Some of the latest BTC purchases were financed by sales of the company’s perpetual preferred instrument, Stretch (STRC), which contributed up to 15,000 BTC over the past two weeks. However, because the STRC price failed to reach its $100 par value this week, Strategy cannot currently rely on that program for additional funding.
Strategy’s accumulation strategy, the company notes, is shaped not only by price movements but also by capital availability — a factor that will likely determine how aggressively it continues to add to its bitcoin treasury.
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