Strategy on the verge of recording its 2nd best Bitcoin buying quarter despite a retreating BTC

Nothing seems to stop Strategy. Despite Bitcoin falling more than 20% this quarter, Michael Saylor’s company continues to buy massively. Nearly 90,000 BTC accumulated since January, a total now approaching 762,000 units. The symbolic milestone of one million bitcoins has never seemed closer.

Strategy accumulates Bitcoin against the market trend

Strategy once again confirms its strategy: buy Bitcoin regardless of market conditions. Since January 2026, the company has acquired 89,618 BTC, bringing its total to 761,068 bitcoins. And the quarter isn’t over. Two new buying windows could further strengthen this already impressive record.

This accumulation level places this quarter as the company’s second largest in history, behind the record of the fourth quarter of 2024. At that time, Strategy benefited from a bullish market, marked by Bitcoin soaring towards $100,000 in a favorable post-election context in the United States.

But today, the context is radically different. Bitcoin is trading under pressure, penalized by a tense geopolitical climate and increased risk aversion. Outflows from crypto ETFs and stock markets reflect a flight of capital to assets deemed safer.

Despite this, Strategy does not slow down. This stance reflects a strong conviction: Bitcoin remains a strategic long-term asset, regardless of its short-term volatility. A clear vision, contrasting with that of more opportunistic investors.

A strategy financed by the markets… and exposed to risks

What distinguishes Strategy is the financing mechanism behind its purchases. The company does not just use its cash: it actively mobilizes the markets by issuing shares and preferred securities to finance its Bitcoin purchases.

Its STRC program, structured around a perpetual offer with a nominal value of 100 dollars, has thus enabled financing up to 15,000 BTC in the last two weeks. However, this leverage is not without constraints. This week, the security did not reach its target price, rendering the mechanism temporarily inoperative. A clear reminder: this strategy remains dependent on market conditions.

Ultimately, one reality emerges. Strategy’s accumulation is not directly based on the price of Bitcoin, but on its ability to raise capital. An essential nuance, often underestimated, that profoundly changes the interpretation of its moves.

At the same time, the macroeconomic environment remains tense. The conflict between the United States, Israel, and Iran, which has weighed on markets since late February, fuels strong risk aversion. Massive outflows from Bitcoin spot ETFs increase this pressure, limiting the market’s ability to absorb sales. Some analysts now mention a potential threshold around $55,000 before a true rebound.

Despite this uncertain context, Strategy shows a rare conviction. With 761,068 BTC in reserve, the company led by Michael Saylor is quickly approaching the symbolic threshold of one million bitcoins. At this pace, this milestone could be reached much sooner than expected.