Bold claim: Michael Saylor and Strategy are buying more Bitcoin even as the market tanks, a move that keeps their long-running accumulation streak alive.
Michael Saylor, the co-founder of Strategy, a Bitcoin treasury company, signaled on Sunday that the firm is continuing to add BTC during the present market dip. This marks the 12th straight week of purchases, a pattern the company has used to grow its treasury position over time.
Saylor shared the Strategy BTC accumulation chart on the X platform, a chart that has become closely associated with the firm’s BTC buys. The company is also teasing its upcoming 99th BTC transaction, underscoring the ongoing emphasis on steady accumulation rather than speculation.
The most recent purchase occurred on February 9, when Strategy bought 1,142 BTC for just over $90 million. That purchase lifted Strategy’s total holdings to 714,644 BTC, valued at approximately $49.3 billion at current market prices.
Bitcoin and the broader crypto market experienced a sharp decline after a flash crash in October, which slashed BTC’s price by more than 50% from its all-time high at around $125,000 and moved it well below Strategy’s average acquisition price of about $76,000 per BTC.
Despite the downturn, Strategy has pressed on with accumulation, challenging analyst expectations that the firm might sell down its stash or pause purchases during a market-wide downturn.
The broader crypto treasury space has faced headwinds beyond October’s crash. Even before that event, several treasury firms endured significant stock-price declines and a troubling dip in mNAV — the multiple on net asset value that indicates how much a company’s stock trades above its net asset value.
By September 2025, professional observers like Standard Chartered Bank warned that several leading treasury companies had mNAV values below 1, meaning the market priced the stock below the company’s tangible assets. A lower mNAV complicates financing and the ability to issue stock to fund additional crypto buys.
Earlier this month, Strategy reported a fourth-quarter loss of $12.4 billion, which caused its stock to drop around 17%. In recent sessions, the shares have recovered some ground, closing Friday at $133.88.
Thought-provoking takeaway: even with a sector-wide downturn and warning signals about mNAV, Strategy continues to accumulate BTC aggressively. This raises questions about the long-term strategy behind treasury management in crypto—are these firms betting on a future cycle of price appreciation, or do they see value in building substantial on-chain reserves regardless of near-term volatility? What’s your take: should crypto treasury players escalate purchases during downturns, or would a more cautious approach better preserve capital? The comments section is open for your views on whether Strategy’s approach represents disciplined discipline or speculative risk in disguise.
