Strategy & Bitmine Expand Crypto Holdings Amid Market Weakness

In a filing with the US Securities and Exchange Commission (SEC) disclosed on Monday, Strategy reported the purchase of an additional 1,142 Bitcoin for approximately $90 million. The acquisitions, made between February 2 and February 8, were executed at an average price of $78,815 per coin. This latest purchase extends the company’s multi-year campaign of aggressive Bitcoin accumulation, a strategy that has defined its corporate identity. With this addition, Strategy’s total Bitcoin holdings have climbed to 714,644 BTC, a position currently valued at roughly $49 billion based on prevailing market prices.

However, the strategy comes with significant financial tension. The company has spent about $54.4 billion to build its Bitcoin reserves, including fees and related expenses. This puts its average purchase price at $76,056 per Bitcoin, well above current trading prices near $69,495. The resulting unrealized loss highlights the gamble CEO Phong Le and his team are making on Bitcoin’s long-term appreciation. The concerns around Strategy’s balance sheet have intensified amid the recent market sell-off. As previously reported, 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, underscoring the high-stakes nature of their corporate treasury strategy.

On the same day, Bitmine Immersion Technologies disclosed that its combined holdings—encompassing cryptocurrencies, cash, and strategic “moonshot” investments—now total approximately $10 billion. The centerpiece of this portfolio is Ethereum. As of February 8, the company holds 4,325,738 ETH, valued at $2,125 per token at the time of disclosure, alongside a smaller position of 193 Bitcoin. Thomas Lee, Executive Chairman of Bitmine, revealed the company acquired 40,613 ETH over the past week alone, describing the recent pullback in Ethereum prices as an attractive opportunity.

Bitmine’s Ethereum holdings represent a substantial 3.58% of the total ETH supply, which currently stands at around 120.7 million tokens. Beyond its sheer size, the strategy is notably active. The company disclosed that as of February 8, 2026, it had 2,897,459 ETH actively staked, a position valued at approximately $6.2 billion at current prices. This move generates yield and signals a long-term commitment to the Ethereum network’s ecosystem. The company’s broader investment portfolio also includes a $200 million stake in Beast Industries and a $19 million stake in Eightco Holdings (ORBS), alongside total cash reserves of $595 million.

The bold moves by Strategy and Bitmine occur against a backdrop of broader market weakness. At the time of the disclosures, Bitcoin was trading near $69,495, reflecting an almost 11% decline over the preceding week. Despite this volatility and the paper losses on Strategy’s balance sheet, both companies’ stocks showed resilience. Strategy’s shares rose 0.82% on Monday to trade around $136 per share, while Bitmine’s stock (BMNR) climbed roughly 2% to trade near $20.91.

The parallel actions by these two firms—one doubling down on Bitcoin (BTC) and the other on Ethereum (ETH)—underscore a nuanced trend of selective corporate crypto accumulation. While retail sentiment may waver, these institutional players are executing predefined strategies, viewing price dips as opportunities to increase strategic holdings. For Strategy, the path is singularly focused on Bitcoin as a primary treasury reserve asset. For Bitmine, under Tom Lee’s guidance, the approach is more diversified but heavily weighted toward Ethereum’s utility and staking potential. Their combined activity suggests that for some institutions, long-term thematic conviction is outweighing short-term market turbulence.