Michael Saylor, the co-founder of Bitcoin (BTC) treasury company Strategy, signaled that the company is acquiring more BTC amid the ongoing market dip, marking week 12 of a consecutive buying streak.
Saylor posted the Strategy BTC accumulation chart via the X social media platform on Sunday. The chart has become synonymous with BTC purchases made by the company, which is touting its upcoming 99th BTC transaction.
Strategy’s most recent BTC purchase occurred on Feb.9, when the company bought 1,142 BTC for more than $90 million, bringing its total holdings to 714,644 BTC, valued at about $49.3 billion using market prices at the time of publication.
Bitcoin and the broader crypto markets declined sharply following a flash crash in October that caused the price of BTC to decline by over 50% from the all-time high above $125,000 and below Strategy’s $76,000 cost basis, its average price of acquisition per BTC.
The company has continued to accumulate amid the market downturn, defying analyst suggestions that Strategy would dump its Bitcoin holdings or pause accumulation in the event of a market-wide downturn.
Related: Strategy CEO eyes more preferred stock to fund Bitcoin buys
Strategy continues to accumulate despite the collapse of crypto treasury companies
Even before October’s flash crash caused a market downturn, the crypto treasury sector was showing signs of collapse, with many treasury companies recording sharp declines in their stock prices and a collapse of mNAV, or multiple on net asset value, a critical metric for crypto treasury companies.
The multiple on net asset value, or the premium added to a company’s stock above its net asset holdings, fell below 1 for several leading crypto treasury companies by September 2025, Standard Chartered Bank warned.
Treasury companies with an mNAV above 1 have easier access to financing and stock issuance to buy more crypto.
Conversely, mNAV values below 1 signal potential trouble for these companies, as market participants price the company below the total assets it holds.
Strategy earlier this month reported a Q4 loss of $12.4 billion, sending the company’s stock price tumbling by about 17%. The shares have recovered some of that decline in recent days, closing on Friday at $133.88.
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