Strategy continues expanding its bitcoin holdings even as its treasury value sits below total acquisition cost following the recent pullback.
Bitcoin’s sharp selloff last week appears to have triggered one of the largest buy-the-dip episodes of this market cycle. Data tracking accumulator addresses showed a record surge of coins moving into wallets associated with long-term holding behavior, even as flows through exchange-traded fund (ETF) products stayed net negative. The timing mattered. The inflow landed right […]
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Strategy, formerly known as MicroStrategy, is continuing its long‑standing Bitcoin (BTC) accumulation strategy despite ongoing market weakness and growing concerns around the firm’s unrealized losses. At the same time, Bitmine Immersion Technologies, chaired by well‑known market strategist Tom Lee, has revealed a major expansion of its Ethereum (ETH) holdings, underscoring a broader trend of corporate crypto accumulation even as prices remain under pressure. Strategy Adds 1,142 BTC Despite Rising Losses In a filing with the US Securities and Exchange Commission disclosed on Monday, Strategy reported the purchase of an additional 1,142 Bitcoin for approximately $90 million. The acquisition was made between February 2 and February 8 at an average price of $78,815 per coin, according to the company’s 8‑K filing with the regulator. The move extends Strategy’s aggressive Bitcoin buying campaign, even as the value of its massive crypto treasury remains below its total acquisition cost on paper. Related Reading: After Predicting XRP’s Drop, Analyst Says The Bottom May Be In With the latest purchase, Strategy’s total Bitcoin holdings have climbed to 714,644 BTC, a position currently valued at roughly $49 billion based on prevailing market prices. The company has spent about $54.4 billion to build its Bitcoin reserves, including fees and related expenses. Across all acquisitions, Strategy’s average purchase price now stands at $76,056 per Bitcoin, well above current trading prices. Concerns around Strategy’s balance sheet have resurfaced amid the recent Bitcoin sell‑off. As previously reported by NewsBTC, CEO Phong Le stated that Bitcoin would need to fall by roughly 90% from current levels for the value of Strategy’s Bitcoin holdings to merely match the value of its outstanding convertible debt. Even under such an extreme scenario, Le said the company would explore restructuring options if converting the debt into equity were not feasible. Bitmine’s Crypto And Cash Holdings Reach $10B On Monday, Bitmine disclosed that its combined crypto holdings, cash, and so‑called “moonshot” investments now total approximately $10 billion. As of February 8, the company’s crypto portfolio includes 4,325,738 ETH valued at $2,125 per token, alongside 193 Bitcoin. Beyond cryptocurrencies, Bitmine reported additional investments including a $200 million stake in Beast Industries, a $19 million stake in Eightco Holdings (ORBS), and total cash reserves of $595 million. Related Reading: Ethereum Price Set To Break Out Against Bitcoin, But How High Can It Go? The company noted in a Monday press release that its Ethereum holdings represent approximately 3.58% of the total ETH supply, which currently stands at around 120.7 million tokens. Thomas Lee, Executive Chairman of Bitmine, said the company acquired 40,613 ETH over the past week alone. He described the recent pullback in Ethereum prices as an attractive opportunity, arguing that the market is underestimating ETH’s long‑term utility. Bitmine also revealed that a significant portion of its Ethereum holdings is actively staked. As of February 8, 2026, the company had 2,897,459 ETH staked, valued at approximately $6.2 billion at current prices. At the time of writing, Bitcoin was trading near $69,495, reflecting an almost 11% decline over the past week. Strategy’s shares showed a modest rebound, rising 0.82% on Monday to trade around $136 per share. Bitmine’s stock, BMNR, also moved higher, climbing roughly 2% during Monday’s session to trade near $20.91. Featured image from OpenArt, chart from TradingView.com
The company added 1,142 bitcoin purchased for about $90 million, or an average price of $78,815 per coin.
Strategy's holdings account for more than 3.4% of the total 21 million bitcoin supply — worth around $49 billion.
Strategy’s leadership is pushing back against growing concerns that the world’s largest corporate holder of Bitcoin (BTC) could face serious financial stress as the cryptocurrency’s price continues to slide. Speaking after the company released its fourth‑quarter results, CEO Phong Le sought to reassure investors that the firm remains well-positioned, even as Bitcoin fell close to $60,000 on Thursday. Bitcoin Sell‑Off Tests Strategy’s Financial Resilience Bitcoin dropped roughly 50% since reaching all‑time highs of $126,000 in October of last year, a period during which Strategy, formerly known as MicroStrategy, was aggressively accumulating the digital asset. The sell‑off has weighed heavily on the company’s share price. Strategy’s stock, trading under the ticker MSTR, sank to about $104 on Thursday, its lowest level since August 2024, after plunging more than 17% during the session. Related Reading: Bitcoin Crash Exposes Colossal Corporate Losses — Here’s Who’s Most Impacted For now, investors are focused on two key factors: the price of Bitcoin itself and Strategy’s ability to meet its financial obligations if the downturn deepens. Those questions loomed large as founder Michael Saylor and CEO Phong Le addressed analysts during the firm’s earnings call. Much of the attention centered on how Strategy would navigate a prolonged “Bitcoin winter,” should one materialize. Saylor has already taken steps to bolster the company’s financial flexibility, including raising a $2.25 billion cash reserve to cover preferred dividend payments totaling $888 million annually. However, investors remain uneasy about the company’s $8.2 billion in low‑ and zero‑interest convertible bonds, which could begin facing early redemptions starting in September 2027, particularly now that MSTR shares have fallen sharply. Politics, Leverage, And Valuation In Focus Saylor reiterated that the company is keeping its options open, including the possibility of selling Bitcoin if market conditions require it. He also framed crypto investing as inseparable from politics, pointing to President Donald Trump’s pro‑crypto stance and noting that Trump’s nominee for Federal Reserve (Fed) chair, Kevin Warsh, is viewed as supportive of digital assets. Still, Bitcoin fell through its post‑2024 election lows on Thursday, reflecting skepticism that the federal government will actively support Bitcoin purchases. Treasury Secretary Scott Bessent reinforced those doubts this week, telling Congress he lacks the authority to rescue Bitcoin markets. On the balance‑sheet front, CEO Phong Le addressed worries about Strategy’s leverage. He said the company operates with roughly one‑third the leverage of a typical high‑yield firm. Related Reading: Bitcoin Crashes Below $67,000 As Stifel Warns Of Potential Drop To $38,000 According to Le, Bitcoin would need to decline by about 90% for Strategy’s Bitcoin reserves to merely equal the value of its convertible debt. Even in that extreme scenario, he said, the company would explore restructuring options if it could not convert the debt into equity. Strategy’s own disclosures show an enterprise value of about $49.95 billion, compared with roughly $45.33 billion worth of Bitcoin on its balance sheet. Enterprise value includes the company’s market capitalization, preferred shares, and convertible bonds, minus cash. If Bitcoin drops once again near $63,000, Strategy’s market cap of $35.57 billion would need to fall about 13% from its recent closing price of $106.99 to eliminate the valuation premium over its Bitcoin holdings. However, since Thursday’s crash, both Bitcoin and Strategy’s stock have made a significant recovery. Bitcoin, for example, has surged to around $69,256. MSTR has recovered above $130, marking a 20% increase in less than 24 hours and offering short-term relief. Featured image from OpenArt, chart from TradingView.com
The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
The numbers weren't pretty, but the fourth-quarter loss does not signal a cash crunch or the necessity of bitcoin sales, say analysts.
Michael Saylor reinforces commitment to bitcoin and quantum security on Q4 earnings call.
The latest downturn in Bitcoin (BTC) has begun to weigh heavily on publicly listed companies that built their balance sheets around the market’s leading cryptocurrency. On Thursday, Bitcoin hovered near the $65,000 level, continuing the sharp decline that began last October. This has impacted equity markets, causing the shares of crypto-exposed firms to decline significantly. Bitcoin Slide Pressures Digital Asset Treasury Firms According to a Reuters report, the renewed volatility in digital assets is dragging down the stock prices of companies that hold Bitcoin and other tokens, raising concerns that the stress could spread more broadly across the sector. The number of publicly traded firms investing in cryptocurrencies surged last year, as many executives bet that digital assets would continue to appreciate over the long-term. Related Reading: Bitcoin Crashes Below $67,000 As Stifel Warns Of Potential Drop To $38,000 However, the backdrop has shifted. Investor anxiety over stretched valuations in artificial intelligence (AI) stocks, combined with uncertainty surrounding the future path of Federal Reserve (Fed) interest rate cuts, has weighed on risk assets more broadly. As a result, Bitcoin has slid to its lowest level since October 2024, putting pressure on companies whose business models rely on holding digital assets. Many of these digital asset treasury firms saw their shares wobble sharply on Thursday. Seven Major Companies Suffer Strategy (previously MicroStrategy), the largest corporate BTC holder with over 700,000 coins, has been among the hardest hit. Its shares have fallen from around $457 in July to as low as $106 on Thursday. In December, the company cut its 2025 earnings outlook, pointing to weakness in Bitcoin prices, and announced plans to establish a reserve to help support dividend payments. The firm led by Michael Saylor said it now expects its full‑year results to range anywhere from a $6.3 billion profit to a $5.5 billion loss, a sharp downgrade from its earlier forecast of a $24 billion net profit. Related Reading: Ripple Throws Weight Behind Hyperliquid, Fueling HYPE’s Rally Toward Crucial Levels Other Bitcoin‑focused firms also felt the impact. Shares of the UK‑based Smarter Web Company fell nearly 18% on Thursday. Rival Bitcoin buyers Nakamoto Inc and Japan’s Metaplanet were also under pressure, dropping almost 9% and more than 7%, respectively. However, the sell-off pressure has not been limited to companies holding only BTC. On Thursday, crypto-related firms that stockpiled other digital tokens also traded lower amid the correction affecting broader digital asset prices. Alt5 Sigma, which announced last year that it would accumulate the Trump family’s World Liberty Financial (WLFI) token, saw its shares drop 8.4%. Similarly, SharpLink Gaming, which holds Ethereum (ETH), declined about 8%, while Forward Industries, a holder of Solana (SOL), slid nearly 6%. Featured image from OpenArt, chart from TradingView.com
Bitcoin's drop below Strategy’s roughly $76,000 average purchase price has pushed its holdings back into an unrealized loss.
The price of bitcoin fell from about $120,000 to $89,000 during the final three months of 2025.
Ahead of the fourth-quarter earnings report tonight, shares are down another 13% as bitcoin falls back to $68,000.
Leveraged anti-strategy ETFs are booming as shares in the bitcoin holder slide.
Bitcoin’s (BTC) sharp sell‑off has intensified pressure on Strategy, the company formerly known as MicroStrategy, even as it continues to expand its already massive cryptocurrency holdings. On Monday, the firm disclosed another BTC purchase at a time when prices were sliding to levels not seen in almost a year. Strategy Adds Bitcoin During Market Sell‑Off According to a securities filing released on Monday, Strategy acquired an additional 855 Bitcoin over the prior seven days, paying an average price of about $87,974 per token. The transaction amounted to roughly $75.3 million and further increased the company’s exposure to Bitcoin. The timing of the purchase, however, coincided with a steep downturn in the broader crypto market. Bitcoin fell below Strategy’s average acquisition cost toward $74,500, adding to investor unease. Related Reading: What’s Next For Bitcoin? Two Key Scenarios: Will It Crash To $60,000 Or Surge To $100,000? That price sat slightly below Strategy’s reported average purchase price of $76,052 per Bitcoin, raising concerns that the company’s sizable holdings could move underwater if the decline deepens. Market reaction was swift. MSTR fell 8% on Monday as Bitcoin slid below that average cost level. When Bitcoin briefly sank to its lowest point since April 2024, the value of Strategy’s total Bitcoin holdings stood at approximately $53.1 billion. A subsequent rebound toward around $79,000 lifted the valuation of the company’s Bitcoin position beyond $55 billion, offering some relief but little clarity on near‑term direction. Worst In The Nasdaq 100 So far, Strategy’s shares have suffered a steep decline. The stock is down 48% in 2025, making it the worst performer in the Nasdaq 100 index. For comparison, the second‑worst stock in the index, Charter Communications, has fallen 39% over the same period, underscoring the scale of Strategy’s underperformance. Amid these challenges, Strategy is also scheduled to release its fourth‑quarter 2025 results on Thursday. Wall Street expectations suggest modest top‑line pressure but a sharp improvement in profitability. The Zacks Consensus Estimate calls for fourth‑quarter revenue of $119.6 million, representing a 0.91% decline from the same period a year earlier. Earnings, however, are projected at $46.02 per share, unchanged over the past month and a dramatic turnaround from a loss of $3.20 per share reported in the prior‑year quarter. Analysts expect the company’s fourth‑quarter performance to reflect continued financial momentum, driven largely by Bitcoin‑related gains and disciplined capital allocation. Related Reading: Crypto Hacks Explode: $370 Million Stolen In January Alone: Researchers By the end of January 2026, the firm’s Bitcoin holdings had climbed to approximately 712,647 BTC, up from 640,808 as of Oct. 26, 2025, further increasing its sensitivity to price movements in the digital asset. Still, recent share price performance highlights the risks tied to that strategy. Over the past three months, MSTR has fallen 43.4%, significantly underperforming the broader Finance sector, which gained 4.3% over the same period. The stock has also lagged other Bitcoin‑exposed companies. During that timeframe, Riot Platforms, CleanSpark and Coinbase Global posted declines of 25.3%, 32.0% and 41.1%, respectively, pointing to widespread weakness among Bitcoin proxy stocks, though none have fallen as sharply as Strategy. Featured image from OpenArt, chart from TradingView.com
The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
As the Bitcoin market reels from a sharp sell-off and uncertainty grips the broader crypto space, most attention remains locked on falling prices and broken support levels. Meanwhile, Theo4 is executing with precision on Polymarket, steadily building a reputation as one of the platform’s most dominant traders. While panic and emotion drive losses elsewhere, Theo4’s performance underscores a different approach. How Theo4 Quietly Became Polymarket’s Standout Performer While much of the crypto world fixated on the Bitcoin crash, Theo4 has quietly become one of the most successful and talked-about traders on Polymarket. A crypto analyst known as BeingInvested has revealed on X that since joining the platform in October 2024, Theo4 has made just 14 predictions and has highly concentrated positions that have generated an astonishing $22.05 million in profits. This accumulation places the trader among the largest and most profitable accounts publicly visible on the platform. Related Reading: 70% Of Institutional Investors Aren’t Buying The Bitcoin Top Narrative – Here’s Why Theo4 placed huge bets at prices that turned out to be still deeply attractive: $0.37 on Donald Trump winning the popular vote, $0.60 on a Trump presidency, 35 cents on a Republican double, and $0.63-$0.66 betting against a Harris win, and several aligned positions reinforcing the same core thesis. Rather than scattering capital across many outcomes, Theo4 has extremely well-timed directional conviction around the Trump sweep narrative. Amid the BTC drawdown, the Epstein theory is making waves. Analyst Zynx argued that it’s disturbing how Bitcoin critics are pushing the Epstein narrative. These are the same people who repeatedly claimed that Strategy was on the verge of liquidation. They cannot tolerate the reality that BTC is winning, so they resort to misinformation to undermine it. Firstly, they labeled BTC as a tool for criminals, and now they are attempting to associate it with some of the most nefarious individuals imaginable. However, no matter how aggressively they try to taint the image of BTC, Zynx noted that it will never stop people from buying, and it is the only thing that sets them free. Why Understanding The Expanded Flat Pattern As the Bitcoin flat pattern continues to develop into its final leg, it’s important to understand how the expanded flat pattern actually behaves. According to Decode, in these structures, the price can break high-time-frame support, print a lower low, and then continue higher afterward. This behavior runs directly against the dominant bearish narrative that a lower low must signal a confirmed bear market. Related Reading: Is The Bitcoin Bottom In? CMT Reveals What Traders Need To See Now Decode pointed out that the structure shown on Google and Nvidia charts is not always the case. In reality, it is often the wave of traders going short at the break of the structure that fuels the reversal higher. “Trends are not black and white, bull or bear, but there are other ways to look at things,” Decode noted. Featured image from Pngtree, chart from Tradingview.com
Strategy's holdings account for more than 3.4% of the total 21 million bitcoin supply — worth around $56 billion.
Bitcoin was little changed Monday as volatility spikes and crypto equities remained under pressure ahead of the U.S. market open.
Bitcoin treasuries are designed to look uncomfortable in drawdowns, because the trade they're running is simple: take a volatile asset, put it on a corporate balance sheet, and finance more of it through capital markets. When Bitcoin drops, the mark-to-market hit is the point, not the punchline. The real question is whether the company can […]
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Strategy’s ability to fund a large bitcoin purchase appears limited after a weak performance for the price of its common and preferred shares.
The dividend increase follows renewed pressure on STRC, which has been trading below its $100 par value.
The company’s stack now stands at 712,647 BTC, worth about $62 billion at the current price of $87,500.
Strategy's holdings account for approximately 3.4% of the total 21 million bitcoin supply — worth around $62.5 billion.
After a brief slowdown in its pace of bitcoin acquisition, Strategy has purchased almost $3.5 billion of BTC over the last two weeks.
Bitcoin rebounded above $91,000 after Trump said he was calling off new tariffs on eight EU countries related to his Greenland ambitions.
Analyst Lance Vitanza noted the role of the company’s preferred equity in last week’s $2.1 billion bitcoin purchase.
Strategy (formerly MicroStrategy) acquired an additional 22,305 Bitcoin for approximately $2.13 billion between Jan. 12 and Jan. 19, continuing an aggressive accumulation campaign that has absorbed 3.38% of the top crypto's total supply. That works out to 3.55% of the circulating supply of 19.97 million coins. The purchases were executed at an average price of […]
The post Strategy just crossed 700k BTC but its “circular” Bitcoin funding loop risks a massive high-yield credit disaster appeared first on CryptoSlate.
The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Strategy's holdings account for more than 3% of the total 21 million bitcoin supply — worth around $64.5 billion.