Strategy bitcoin reserves grow as firm adds $168 million BTC during market downturn

Despite recent volatility across digital assets, Strategy bitcoin holdings have increased again following another aggressive treasury allocation.

Strategy adds 2,486 BTC to corporate treasury

Strategy, the prominent Bitcoin treasury company led by Michael Saylor, has disclosed a fresh purchase of 2,486 BTC worth $168 million. The acquisition, revealed in a new post on X, was executed at an average price of $67,710 per coin.

According to a filing with the US Securities and Exchange Commission (SEC), the transaction took place between February 9th and 16th. Moreover, the company funded the deal using proceeds from its STRC and MSTR at-the-market ATM stock offerings, continuing its practice of using equity issuance to expand its Bitcoin position.

Strategy usually discloses new purchases on Mondays. However, this announcement arrived on a Tuesday, likely delayed because Monday was the US federal holiday Presidents’ Day. The firm nonetheless kept to its pattern of promptly updating markets on sizeable treasury reallocations.

Holdings reach 717,131 BTC but show unrealized loss

Following the latest buy, Strategy now controls 717,131 BTC on its balance sheet. The company has spent a cumulative $54.52 billion to build this position. However, at current market prices, the stash is valued at just $48.66 billion, implying a bitcoin net unrealized loss of more than 10.7%.

This underwater position stems from the sector-wide downturn that Bitcoin and other digital assets have faced in recent months. In particular, the collapse that began at the end of January pushed the coin below the firm’s average cost basis. At present, Strategy’s overall acquisition level stands at $76,027 per BTC, placing the latest purchase below that threshold.

Despite the drawdown, the company has not shifted away from its long-term bitcoin treasury model. Instead, it continues to treat the cryptocurrency as a primary reserve asset, reinforcing a buy-and-hold approach even when market conditions turn against its entry prices.

Risk management and debt strategy outlined by Saylor

Strategy bitcoin positioning has been accompanied by explicit communication on risk tolerance. On Sunday, the firm’s official X account published a post explaining that the balance sheet could withstand a decline in BTC to $8,000 while still retaining enough assets to fully cover all outstanding debt obligations.

In a quote-repost, Michael Saylor elaborated that “our plan is to equitize our convertible debt over the next 3–6 years.” Moreover, the message underscored that the company views its capital structure and leverage as manageable, even under extreme stress-test price scenarios for Bitcoin.

The latest buy marks Strategy’s 99th acquisition since it adopted a Bitcoin-focused treasury approach in 2020. That said, Saylor had already hinted at the move in his routine Sunday post, captioning an image of the firm’s BTC portfolio tracker with “99>98” to signal another step in the accumulation campaign.

BitMine expands Ethereum treasury despite losses

In parallel to Strategy’s moves in BTC, BitMine, the largest Ethereum treasury company, has announced a substantial new ETH purchase. The firm acquired 45,759 ETH, bringing its total holdings to 4,371,497 ETH, which represents 3.62% of Ethereum’s circulating supply.

BitMine has maintained its accumulation stance even though its position has been sitting at a considerable loss amid the same market downturn hurting Bitcoin. However, the company continues to frame its strategy as fundamentally driven. “In our view, the price of ETH is not reflective of the high utility of ETH and its role as the future of finance,” said Tom Lee, BitMine’s chairman.

This latest bitmine eth purchase underlines how some institutional players are using lower prices across major cryptocurrencies to reinforce long-term exposure, rather than scaling back risk. It also highlights a growing divergence between short-term market sentiment and the conviction of large treasury holders.

BTC price trades below Strategy’s cost basis

At the time of writing, Bitcoin is trading around $67,700, down nearly 2% over the last seven days. The recent slide has kept spot prices below Strategy’s aggregate acquisition cost, extending the firm’s unrealized losses despite the latest purchase executed at a discount to its overall basis.

The broader market has shown choppy behavior over the past month, with rallies failing to hold and sellers capping upside. However, Strategy and BitMine appear committed to their accumulation paths, signaling that for some corporate treasuries, volatility remains secondary to long-term conviction in leading digital assets.

In summary, Strategy’s 99th BTC acquisition and BitMine’s sizable ETH buy reinforce a continued institutional bet on major cryptocurrencies, even as prices and portfolio marks remain under pressure.