Strategy (MSTR), is already the largest corporate holder of bitcoins in the world is on track to post its second-largest quarterly build, continuing its aggressive treasury expansion even as the cryptocurrency’s price plunged 20%.
Since January, the company has purchased 89,618 BTC, bringing its total holdings to 761,068 BTC. Since there are still two Mondays left for potential purchase announcements this quarter, that number could grow even more.
The only time Strategy bought more bitcoin was in the fourth quarter of 2024, when it added 194,180 BTC. That November alone accounted for three of the company’s five largest purchases, with Strategy purchasing 27,200 BTC, 51,780 BTC, and 55,500 BTC in quick succession as the price rose to $100,000 from $70,000 following President Donald Trump’s second election victory.
By contrast, over the past three months the price of bitcoin has fallen to a level that is now more than 40% below October’s record high of $126,000. Strategy common stock has fallen 15%.
The recent purchases have been funded in part by sales of the company’s perpetual preferred offering, Stretch (STRC), which accounted for up to 15,000 BTC in the past two weeks. However, since the price of STRC did not reach its face value of $100 this week, the company has not been able to use the program for now.
The accumulation of strategies does not depend only on price. It is driven by the availability of capital.
