Strategy (MSTR), already the largest Bitcoin holding company in the world is on track to record its second-largest quarterly accumulation, continuing its aggressive cash expansion even as the cryptocurrency’s price fell 20%.
Since January, the company has purchased 89,618 BTC, bringing its total holdings to 761,068 BTC. With two Mondays remaining for potential purchase announcements this quarter, that number could rise further.
The only time Strategy bought more bitcoin was in Q4 2024, when it added 194,180 BTC. This November alone accounted for three of the company’s five largest purchases, with Strategy successively purchasing 27,200 BTC, 51,780 BTC, and 55,500 BTC as the price surged from $70,000 to $100,000 following President Donald Trump’s second election victory.
In contrast, over the past three months, the price of bitcoin has fallen to a level that is now more than 40% below the all-time high of $126,000 reached in October. Strategy’s common stock fell 15%.
Recent purchases were partly funded by sales of the company’s perpetual preferred offering, Stretch (STRC), which amounted to as much as 15,000 BTC over the past two weeks. However, as STRC price failed to reach its par value of $100 this week, the company was unable to use the program at this time.
The accumulation strategy does not only depend on prices. It depends on the availability of capital.
