Strategy (MSTR) is closing in on its second-largest quarterly bitcoin accumulation, continuing its aggressive buying strategy despite a sharp decline in BTC prices.

So far this quarter, the company has acquired 89,618 BTC—its highest level of accumulation since Q4 2024—with additional time remaining in the period. These purchases have lifted its total holdings to 761,068 BTC, reinforcing its position as the largest corporate holder of bitcoin.

With two Mondays still left in the quarter—typically when Strategy announces new acquisitions—the total could increase further before the quarter concludes.

The only quarter that outpaces the current run is Q4 2024, when the company added 194,180 BTC. That surge was heavily concentrated in November, when Strategy executed three of its five largest purchases—27,200 BTC, 51,780 BTC, and 55,500 BTC—during bitcoin’s rally from $70,000 to $100,000 following Donald Trump’s election victory.

In contrast, the current quarter has taken place amid weaker market conditions. Bitcoin has fallen around 20% over the past three months and is now trading more than 40% below its October high of $126,000. Strategy’s stock has also declined by roughly 15% over the same period.

Recent buying activity has been partially funded through the company’s perpetual preferred stock offering, Stretch (STRC), which supported up to 15,000 BTC in purchases over the past two weeks. However, with STRC trading below its $100 par value, the firm is currently unable to utilize that funding mechanism.