Strategy set for second-biggest bitcoin buying quarter despite BTC price slide

Strategy (MSTR), already the world's biggest corporate holder of bitcoin $BTC$70,749.09, is on track to record its second-largest quarterly accumulation, continuing its aggressive treasury expansion even as the cryptocurrency's price sank 20%.

Since January, the company has bought 89,618 $BTC, bringing its total holdings to 761,068 $BTC. With two Mondays still left for potential purchase announcements this quarter, that number could grow even further.

The only time Strategy has bought more bitcoin was fourth-quarter 2024, when it added 194,180 $BTC. That November alone accounted for three of the company’s five largest purchases, with Strategy buying 27,200 $BTC, 51,780 $BTC, and 55,500 $BTC in quick succession as the price surged to $100,000 from $70,000 following President Donald Trump’s second election victory.

In contrast, the past three months have seen bitcoin's price slump to a level that is now more than 40% below October's record high $126,000. Strategy's common stock has dropped 15%.

Recent purchases have been partly funded by sales of the company’s perpetual preferred offering, Stretch (STRC), which accounted for up to 15,000 $BTC over the past two weeks. However, as the STRC price failed to reach its $100 par value this week, the company has been unable to utilise the program for now.

Strategy’s accumulation is not just price-dependent. It is driven by capital availability.