Strategy purchased approximately 89,599 Bitcoins in the first quarter of 2026, its second largest quarterly accumulation recorded, doing so while Bitcoin traded in a downtrend and the feeling through the the crypto market was pessimistic.
According to crypto expert Adam Livingston, the market still does not fully appreciate what this pace of accumulation could mean over time.
The first quarter of 2026 changed the way the market interprets weakness
According to the figures of its Bitcoin purchases page, Strategy purchased a total of 89,599 BTC in Q1 2026, bringing his total holdings to 762,099 BTC. This is the second largest accumulation period, and only the fourth quarter of 2024 was longer.
According to Livingston, if Strategy were to maintain the first quarter’s acquisition pace for three consecutive years, its holdings would reach 1.84 million Bitcoin by April 2029, approximately 2.4 times its current holdings of 762,099 BTC. This projection, he notes, assumes no improvement in capital market conditions or expansion of demand for STRC, Strategy’s floating-rate perpetual preferred stock. In other words, this is a floor estimate based on the worst case scenario.
The chart accompanying Livingston’s post shows that Strategy purchased 340,983 BTC in plans above $90,000, compared to 161,326 BTC in plans below $50,000, a high-to-low accumulation rate of 2.11x.
The largest band in the chart is the $90,000 to $110,000 range, where disclosed purchases totaled 297,102 BTC across 30 events, representing 39.0% of all purchases. The $70,000 to $90,000 band comes next with 162,805 BTC, then the band below $30,000 with 99,030 BTC.
These buy bands show something important: the strategy hasn’t been the most extreme in its buying. when Bitcoin looked cheap. This reached its peak when Bitcoin was already expensive and continues to rise.
Bitcoin itself is still undervalued
Livingston connects the Q1 accumulation story to a much larger Bitcoin thesis and how it relates to the strategy’s accumulations. Even if Strategy were to trade at a fixed multiple of 1.0 to NAV, generating a zero BTC yield premium, Livingston calculates the company’s 1x mNAV price at $288 per share at this point. The actual result will, however, be considerably higher because the model assumes a static Bitcoin price.
If Bitcoin simply returns to its long-term power law trend, which puts the price of the leading cryptocurrency in a target range near $360,000 by the end of 2028, then the entire cryptocurrency the industry greatly underestimates both the future outcome of the strategy and the knock-on effect on Bitcoin’s own valuation.
A company that can accumulate almost 90,000 BTC in a single difficult quarter and it’s encouraged to buy harder as prices rise, there is a huge force of demand. If such large-scale corporate accumulation continues even during weak quarters and increases even when prices rally, then available supply in the market as a whole could continue to decline at a faster rate than many traders are modeling.
Featured image from Pixabay, chart from Tradingview.com
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