Strategy (MSTR) is on track to deliver its second-largest quarterly bitcoin accumulation, pressing ahead with its treasury expansion despite a significant downturn in BTC prices.
In the first quarter alone, the company has purchased 89,618 BTC—its strongest buying pace since Q4 2024—with the period not yet complete. This has pushed its total holdings to 761,068 BTC, further solidifying its position as the largest corporate holder of bitcoin.
With two Mondays still remaining in the quarter—when Strategy typically announces acquisitions—the total could rise further before quarter-end.
The only period that surpasses the current pace is Q4 2024, when the firm added 194,180 BTC. That surge was largely driven by November activity, including three of Strategy’s five largest purchases—27,200 BTC, 51,780 BTC, and 55,500 BTC—executed as bitcoin rallied from $70,000 to $100,000 following Donald Trump’s election win.
This quarter, however, has unfolded in a weaker market environment. Bitcoin has dropped about 20% over the past three months and now trades more than 40% below its October peak of $126,000. Strategy’s shares have also declined roughly 15% over the same period.
A portion of the recent purchases has been financed through the company’s perpetual preferred stock offering, Stretch (STRC), which supported up to 15,000 BTC in acquisitions over the past two weeks. However, with STRC failing to reach its $100 par value this week, Strategy is currently unable to tap that funding source.
