Michael Saylor, co-founder of strategic bitcoin (BTC) treasury company, signaled that the company is purchasing more BTC amid the ongoing market decline, marking the 12th consecutive week of a buying streak.
Saylor sent Strategy BTC accumulation chart via 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 February 9, when the company purchased 1,142 BTC for over $90 million, bringing its total holdings to 714,644 BTC, valued at approximately $49.3 billion at market prices at press time.
Bitcoin and the broader cryptocurrency markets fell sharply after a edged crash in October that sent BTC’s price down more than 50% from an all-time high above $125,000 and below the strategy’s $76,000 cost basis, the average purchase price for BTC.
The company continued to accumulate despite the market downturn, defying analyst suggestions that Strategy would abandon its Bitcoin holdings or stop accumulating in the event of a market-wide downturn.
Related: The chief strategy officer is looking at more preferred stocks to finance Bitcoin purchases
The strategy continues to accumulate despite the decline of cryptocurrency companies
Even before the October crash caused the market to deteriorate, the cryptocurrency sector was showing signs of collapse, with many treasury companies seeing edged declines in share prices and a collapse in mNAV, or net asset value multiple, a key metric for cryptocurrency treasuries.
The net asset value multiple, or the premium added to a company’s shares above its net asset holdings, has fallen below 1 for several leading cryptocurrency companies by September 2025, Standard Chartered Bank has warned.
Treasury companies with mNAV above 1 have easier access to financing and issuing shares to buy more cryptocurrencies.
Conversely, mNAV values below 1 signal potential problems for these companies because market participants value the company below the total value of its assets.
Earlier this month, Strategy reported a fourth-quarter loss of $12.4 billion, causing the company’s stock price to decline by approximately 17%. The stock has recovered some of its losses in recent days, closing at $133.88 on Friday.
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