Strategy (MSTR) is on pace to log its second-largest quarterly bitcoin accumulation, maintaining its aggressive treasury strategy despite a notable pullback in BTC prices.
So far in the first quarter, the company has acquired 89,618 BTC—its highest quarterly total since Q4 2024—with time still left in the period. These purchases have lifted Strategy’s total holdings to 761,068 BTC, further cementing its position as the largest corporate holder of bitcoin.
With two Mondays remaining in the quarter—typically when the firm announces new purchases—its total could climb even higher before the period closes.
The only quarter that surpasses the current pace is Q4 2024, when Strategy added a massive 194,180 BTC. That surge was largely concentrated in November, when the company executed three of its five largest purchases—27,200 BTC, 51,780 BTC, and 55,500 BTC—as bitcoin rallied sharply from $70,000 to $100,000 following Donald Trump’s re-election victory.
This quarter, however, presents a stark contrast. Bitcoin prices have declined roughly 20% over the past three months and now sit more than 40% below the October peak of $126,000. Strategy’s stock has also come under pressure, falling around 15% over the same period.
Part of the recent buying activity has been financed through the company’s perpetual preferred offering, Stretch (STRC), which contributed funding for up to 15,000 BTC in purchases over the past two weeks. However, with STRC trading below its $100 par value this week, Strategy has been temporarily unable to tap that funding channel.
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