Strategy (NASDAQ:MSTR), formerly MicroStrategy, is doubling down on Bitcoin (BTC-USD)again. Between March 24 and March 30, the company picked up another 22,048 BTC at an average price of $86,969, spending $1.92 billion. The funds came from a mix of common stock and preferred share offerings, showing that Michael Saylors Bitcoin conviction isnt just holdingits accelerating. With this move, Strategy now owns a jaw-dropping 528,185 Bitcoin, worth about $35.63 billion, and remains the undisputed corporate king of BTC.

• Warning! GuruFocus has detected 7 Warning Signs with MSTR.

But the race isnt over. MARA Holdings (NASDAQ:MARA), the worlds largest publicly traded Bitcoin minerand a distant second in holdings with 46,374 BTCjust announced a $2 billion stock sale to buy more. The filing, made on March 28 with the SEC, outlines partnerships with Barclays, BMO, and Cantor Fitzgerald to help push the offering. Shares are priced at a nominal $0.0001, signaling MARAs urgency to load up while institutional adoption heats up. This is no longer just about miningits about accumulation at scale.

All of this is happening as Bitcoin cools off a bit. Kraken data shows BTC trading around $82,318, down more than 5% over the past week. Still, both Strategy and MARA are betting this is just a breather before the next leg up. Whether theyre early or early again is anyones guessbut one thing is clear: the institutional appetite for Bitcoin isnt fading. Its compounding.

This article first appeared on GuruFocus.