Strategy (MSTR) is on course to post its second-largest quarterly bitcoin haul, continuing its aggressive accumulation strategy even as BTC prices trend lower.
The firm has purchased 89,618 BTC so far in the first quarter—its strongest showing since Q4 2024—with the quarter still in progress. That brings Strategy’s total holdings to 761,068 BTC, further extending its lead as the largest corporate holder of bitcoin.
With two Mondays remaining—days when the company typically discloses purchases—additional buys could still be announced before the quarter wraps up.
The only period that exceeds the current pace is the fourth quarter of 2024, when Strategy accumulated 194,180 BTC. Much of that buying occurred in November, including three of the company’s five largest transactions—27,200 BTC, 51,780 BTC, and 55,500 BTC—as bitcoin surged from $70,000 to $100,000 following Donald Trump’s election victory.
This quarter, however, has unfolded against a softer price backdrop. Bitcoin has declined about 20% over the past three months and is now trading more than 40% below its October peak of $126,000. Strategy’s shares have also come under pressure, falling roughly 15% over the same stretch.
Some of the recent purchases were funded through the company’s perpetual preferred stock offering, Stretch (STRC), which contributed to as much as 15,000 BTC in acquisitions over the past two weeks. However, with STRC failing to reach its $100 par value, Strategy is currently unable to tap that funding channel.
