Strategy (MSTR), BitMine pour millions into BTC, ETH amid slump

Even as crypto markets remain under pressure, major corporate treasuries such as Strategy and BitMine are doubling down on their digital asset strategies, treating the downturn as a strategic window for aggressive accumulation.

Michael Saylor’s Strategy added to its Bitcoin reserves for a 12th consecutive week, disclosing the purchase of 2,486 BTC for roughly $168 million.

The acquisition lifted total holdings to 717,131 BTC, accumulated at a cost basis of about $54.52 billion.

With Bitcoin trading near $68,000, the company sits on an estimated unrealised loss of roughly $5.7 billion.

Funding for the latest tranche came through capital markets activity.

A Tuesday filing showed $90.5 million raised via common stock sales and $78.4 million from the company’s STRC preferred series.

Strategy still has approximately $7.8 billion in authorised common equity available for issuance, alongside about $20 billion in preferred STRK capacity.

Outstanding shares have climbed above 312 million, reflecting a sustained use of the market offerings to finance purchases.

Shares of MSTR were down 3.2% in premarket trading and have declined more than 60% year over year.

Saylor has reiterated his intention to continue acquiring Bitcoin indefinitely and has indicated plans to convert portions of the company’s debt into equity over time, further aligning the capital structure with its Bitcoin per share objective.

Crypto market is under stress

Standard Chartered last week lowered its Bitcoin target from $150,000 to $100,000 and warned that the asset could fall toward $50,000 before stabilising.

Futures open interest has contracted sharply to $43 billion from a prior high of $95 billion, signalling reduced leverage across derivatives markets.

Geopolitical tension is also weighing on risk assets.

The United States has deployed another carrier group to the Middle East while Iran conducts drills near the Strait of Hormuz.

Previous episodes have shown that Bitcoin does not consistently behave as a defensive asset during global stress events, leaving it exposed to broader risk-off flows.

BitMine fattens Ethereum bag and staking engine

Ethereum has faced similar pressure and is down more than 60% from last year’s peak.

Yet BitMine Immersion Technologies continued building its position, purchasing 45,759 ETH last week for over $90 million. The transaction marked its largest weekly token acquisition this year.

Total ETH holdings now stand at 4,371,497 tokens, representing about 3.62% of the circulating supply. At roughly $1,998 per ETH, the position is valued near $8.7 billion.

Despite an estimated $8 billion in paper losses, the company’s total assets amount to $9.6 billion when including $670 million in cash, 193 BTC, a $200 million stake in Beast Industries, and a $17 million holding in Eightco Holdings.

“The price of ETH is not reflective of the high utility of ETH and its role as the future of finance,” Chairman Tom Lee said in an accompanying statement.

“Hence, we continue to buy ETH even as crypto moves through this mini winter.”

BitMine has integrated most of its treasury into Ethereum’s staking infrastructure. As of mid February, 3,040,483 ETH, about 69% of total holdings, are staked.

Annualised staking revenue stands near $176 million, with a 7-day yield of 2.89%, slightly above the 2.84% Composite Ethereum Staking Rate.

At full deployment through its Made in America Validator Network, projected annual staking rewards could reach $252 million.