Even though the Bitcoin price has fallen sharply over the past few months, I saw news that a certain company is continuing to buy aggressively. Since last January, they say they’ve purchased nearly 90,000 Bitcoins, and that their current total holdings have exceeded 760,000. What’s interesting is that this is the second-largest quarterly buying amount in history.

Last year’s Q4 was the biggest—back then, the Bitcoin price rose by more than 40% and reached $100,000. At the time, they reportedly bought more than 190,000. But the situation isn’t the same now. Over the past few months, the price has dropped by more than 40% from its all-time high of $126,000. Still, it was interesting to me that they keep buying.

With two more Mondays left within the remaining quarter, there’s also a possibility of additional purchase announcements. They say that the recent purchase funds have been partially sourced from the sale of perpetual preferred stock, but due to high price volatility, that program might not be available for a while. In the end, it seems like this shows that Bitcoin accumulation depends not only on price, but also on capital availability.