Bitcoin (BTC) treasury company Strategy acquired an additional 592 BTC for approximately $39.8 million at an average price of $67,286 per bitcoin between Feb. 17 and Feb. 22, according to an 8-K filing with the Securities and Exchange Commission on Monday.
Strategy now holds a total of 717,722 BTC — worth around $47.5 billion — bought at an average price of $76,020 per bitcoin for a total cost of around $54.6 billion, including fees and expenses, according to the company’s co-founder and executive chairman, Michael Saylor.
Measured against Bitcoin’s fixed 21 million cap, that equates to more than 3.4% of total supply and currently reflects roughly $7.1 billion in unrealized losses.
The latest acquisitions were made using proceeds from at-the-market sales of its Class A common stock, MSTR.
Last week, Strategy sold 297,940 MSTR shares for approximately $39.7 million. As of Feb. 22, approximately $7.8 billion worth of MSTR shares remain available for issuance and sale under that program, the firm said.
‘If it’s not going to zero, it’s going to a million’
Saylor gave his usual hint at the firm’s latest set of acquisitions ahead of time, sharing an update on Strategy’s bitcoin acquisition tracker on Sunday, stating, “The Orange Century.”
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Strategy’s bitcoin acquisitions. Image: Strategy.
Last week, Strategy announced it had purchased another 2,486 BTC for approximately $168 million at an average price of $67,710 per bitcoin — taking its total holdings to 717,131 BTC.
In an interview with Fox Business on Tuesday, Saylor acknowledged that the crypto market is currently experiencing a significant downturn, but described the environment as less severe than previous cycles and positioned for recovery.
“We are in a crypto winter,” Saylor said, adding that it is “a much milder winter” and predicting it “will be shorter than previous winters.”
Saylor attributed his optimism to growing institutional and financial system support, noting that the banking sector is supporting bitcoin more strongly than four years ago, alongside continued capital inflows and technological progress across the digital asset ecosystem.
He echoed that outlook in a post on X, stating: “We may be in the middle of a crypto winter, but spring is coming — and bitcoin is winning.”
“If it’s not going to zero, it’s going to a million,” Saylor said later in the week.
DATs show signs of stress
According to Bitcoin Treasuries data, 193 public companies have adopted some form of bitcoin acquisition model. MARA, Tether-backed Twenty One, Metaplanet, Adam Back, and Cantor Fitzgerald-backed Bitcoin Standard Treasury Company, Bullish, Riot Platforms, Coinbase, Hut 8, and CleanSpark make up the remainder of the top 10, with 53,250 BTC, 43,514 BTC, 35,102 BTC, 30,021 BTC, 24,300 BTC, 18,005 BTC, 15,389 BTC, 13,696 BTC, and 13,513 BTC, respectively.
However, the value of many of the cohort’s shares is down significantly from their summer 2025 peaks as their market cap-to-net asset value ratios sharply contracted, with Strategy itself down 71%, for example. Strategy’s mNAV currently sits at around 1.01, per Bitcoin Treasuries.
“Digital asset treasuries (DATs) are beginning to show signs of stress from the sharp sell-off in bitcoin, which is affecting their share prices. Among the worst-hit is Nakamoto, whose shares are down 99.3% over the last 280 days, as it sits on $270 million in unrealized losses,” Coin Bureau co-founder Nic Puckrin told The Block.
“Overall, bitcoin treasury companies have just logged three straight weeks of selling — the first such streak in their admittedly short history. As contagion increases, we could see further corporate selling in the weeks to come, pushing the price of bitcoin toward its bear market low. We may also begin to see consolidation in this market segment as some firms struggle to survive,” Puckrin said.
Strategy’s stock rose 3.2% last week overall, gaining 1.2% on Friday to close at $131.05, according to The Block’s Strategy price page. Bitcoin saw a 1.2% drop over the same period, slipping further below $65,000 at one point on Monday before recovering slightly.
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