The crypto market capitalization fell 6% over the past 24 hours as major assets moved sharply lower. The sell-off extended beyond digital tokens, weighing on leading crypto-focused treasury firms such as BitMine and MicroStrategy.
While both companies continue to signal strong conviction through ongoing accumulation, the downturn highlights growing pressure on digital asset treasury firms.
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MicroStrategy Stock Slides to Nearly 16-Month Low
BeInCrypto reported that macroeconomic tensions weighed on crypto markets over the past 24 hours. Bitcoin fell 6.7%, while Ethereum extended its losses to 7.6%.
During early Asian trading hours, both assets slid to two-month lows on Binance. Notably, the top corporate holders of these assets were also impacted in the market crash that spread across precious metals, crypto, and equities.
According to Google Finance data, shares of Strategy (formerly MicroStrategy) fell 9.63% to close at $143.19 on Thursday. This marked its lowest level since September 2024. In after-hours trading, MSTR slipped a further 0.13%.
MicroStrategy MSTR Stock Performance. Source: Google FinanceEconomist and renowned Bitcoin critic Peter Schiff commented on the stock’s decline, noting that MSTR is almost 70% down from its peak.
The stock drawdown comes as the firm continues to double down on Bitcoin. On January 26, Strategy disclosed its latest Bitcoin acquisition, buying $264.1 million worth of BTC at an average $90,061 per coin. This was Strategy’s fourth major buy this month, lifting total holdings to 712,647 BTC, now worth about $59.1 billion.
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Nevertheless, the firm’s core strategy faces tighter constraints. With its market net asset value multiple slipping below 1.0x, Bitcoin-per-share accretion nearing zero, shareholder dilution increasing, and reliance on capital markets deepening, continued Bitcoin accumulation risks becoming dilutive unless equity premiums return.
BitMine Expands ETH Holdings While Shares Sink
Similar to Strategy, BitMine’s stock (BMNR) also posted losses, closing Thursday at $26.70, down 9.89%. This marked its lowest level since November 2025.
BitMine BMNR Stock Performance. Source: Google FinanceNotably, earlier this week, the firm made its largest Ethereum purchase of 2026, acquiring 40,000 ETH. The company now holds about 4,243,338 ETH worth around $11.68 billion.
The holdings equal 3.5% of the total Ethereum supply. More than half its holdings are staked. However, on-chain data from CryptoQuant indicates that BitMine is sitting on an unrealized loss of about $3.8 billion, highlighting the growing strain on crypto-heavy treasury strategies during the current market downturn.
The sharp declines in BitMine and Strategy are not isolated. Other crypto-focused firms, including Metaplanet, Strive, and Sharplink, have also recorded drawdowns, though on a smaller scale than the two market leaders.
Source: https://beincrypto.com/bitmine-strategy-stock-drop-crypto-market-crash/
