Nothing seems to stop Strategy. Despite bitcoin falling by more than 20% this quarter, Michael Saylor's company continues to buy massively. Nearly 90,000 BTC collected since January, a total which is now close to 762,000 units. The symbolic milestone of one million bitcoins has never seemed so close.
In brief
- Strategy has already acquired 89,618 BTC this quarter, a record level since the end of 2024.
- Its reserves now reach 761,068 bitcoins, consolidating its global leadership.
- Bitcoin remains under pressure, down around 20% in recent times.
Strategy accumulates Bitcoin against the market
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 is not over. Two new purchasing windows could further strengthen this already impressive record.
This level of accumulation places this quarter as the second largest in company historybehind the record for the fourth quarter of 2024. At the time, Strategy had benefited from a bull market, marked by a surge in bitcoin towards $100,000 in a post-election context favorable to the United States.
But today, the context is radically different. Bitcoin is evolving under pressure, penalized by a tense geopolitical climate and increased risk aversion. Outflows from crypto ETFs and equity markets reflect a flight of capital towards assets deemed safer.
Despite this, Strategy is not slowing down. This posture reflects a strong conviction: Bitcoin remains a long-term strategic asset, regardless of its short-term volatility. An assumed vision, which contrasts with that of more opportunistic investors.
A strategy financed by the markets… and exposed to risks
What sets Strategy apart is the financing mechanics behind its purchases. The company is not only using its cash flow: it is actively mobilizing 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 made it possible to finance up to 15,000 BTC over the last two weeks. However, this lever is not without constraints. This week, the stock did not reach its target price, making the system temporarily inoperative. A clear reminder: this strategy remains dependent on market conditions.
Basically, a reality imposes itself. Strategy's accumulation is not directly based on the price of Bitcoin, but on its ability to raise capital. An essential nuance, often underestimated, which profoundly changes the reading of its movements.
At the same time, the macroeconomic environment remains under tension. The conflict between the United States, Israel and Iran, which has weighed on the markets since the end of February, is fueling strong risk aversion. Massive outflows from spot Bitcoin ETFs accentuate this pressure, limiting the market's ability to absorb sales. Some analysts are now talking about a potential threshold around $55,000 before a real rebound.
Despite this uncertain context, Strategy displays 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 rate, this milestone could be reached much sooner than expected.
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