I noticed something interesting while watching the movements of the world's largest Bitcoin holder. While BTC has dropped 20% this quarter, this company continues to accumulate as if nothing happened. Since January, it has bought nearly 90,000 BTC, bringing its total holdings to over 761,000 BTC. That's massive.

What struck me is that this is their second-largest quarter of accumulation. Only Q4 2024 did better with 194,000 BTC purchased, notably in November when the price was climbing toward $100,000. That was crazy—three of the five biggest purchases of the year in just one month.

Now, the context is different. The price has plummeted 40% since the October peak at $126,000. The company's common stock has also lost ground. But that doesn't stop them. They are partially financing these purchases through preferred stock sales. With two Mondays remaining in this quarter, the figure could go even higher.

It's an interesting approach—buy regardless of the price, as long as capital is available.