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Strategy signals fresh Bitcoin accumulation amid market rout
Michael Saylor, co-founder of the Bitcoin treasury company Strategy, confirmed the firm is buying more BTC as crypto markets remain under pressure. The move continues Strategy’s impressive streak of weekly purchases and underscores the company’s commitment to building a large institutional Bitcoin position even as its own stock faces volatility.
Weekly buys continue despite sharp downside in markets
Saylor shared Strategy’s now-familiar Bitcoin accumulation chart on X, teasing the firm’s next acquisition and its approaching 99th BTC transaction. The latest disclosed purchase took place on Feb. 9, when Strategy bought 1,142 BTC for more than $90 million. That transaction brings Strategy’s public total to 714,644 BTC, worth roughly $49.3 billion at market prices at the time of publication.
A visual history of Strategy’s Bitcoin purchases that Saylor posts on social media, signaling the company is about to acquire more BTC.
Why Strategy keeps buying during a market downturn
Bitcoin and the broader crypto market suffered a dramatic sell-off after an October flash crash that cut BTC’s price by more than 50% from previous highs above $125,000. The sell-off pushed Bitcoin below Strategy’s average cost basis of about $76,000 per coin, yet the company has continued to accumulate. Saylor and Strategy’s persistence runs counter to some analysts’ expectations that treasury firms would pause buys or liquidate during severe market drawdowns.
Balance-sheet pressures as mNAV declines
At the same time, Strategy and other crypto treasury companies are operating in a tougher financing environment. The multiple on net asset value (mNAV) for many sector leaders slipped below 1 by September 2025, with Strategy’s mNAV reported at 0.90. An mNAV below 1 typically signals that markets are valuing a company at a discount to its crypto holdings, restricting easy access to financing and secondary stock issuance that many treasury firms use to fund further Bitcoin purchases.
Recent financials and stock reaction
Strategy reported a Q4 loss of $12.4 billion earlier this month, a headline that sent the share price down roughly 17% before some recovery. The stock closed recently at $133.88. Despite these setbacks, Strategy’s public buying pattern demonstrates a long-term accumulation strategy centered on Bitcoin, attracting attention from institutional and retail crypto investors watching for signs of continued corporate demand for BTC.
As Bitcoin volatility persists, Strategy’s continued buying streak highlights ongoing institutional participation in the BTC market and raises questions about how treasury companies will fund future purchases if mNAV levels remain depressed.
Source: cointelegraph
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