Strategy (MSTR) on track for second-biggest BTC buying quarter despite price drop

Strategy (MSTR), already the world’s biggest corporate holder of bitcoin BTC$70,717.47, 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.