As the crypto market continues to plummet, the leaders of Digital Asset Treasuries (DAT), Strategy and BitMine, continue their purchases unabated. This decision raises questions, given the significant unrealized losses they are currently posting.
Strategy has purchased more than 41,000 BTC since the beginning of the year
The situation appears delicate for the largely emerging sector of Digital Asset Treasuries (DAT), faced with a crypto market downturn that is clearly set to continue. The situation is even more critical for publicly traded companies that were latecomers to the race to accumulate cryptocurrencies.
Even Strategy, the world leader in Bitcoin holdings, posted unrealized losses estimated at more than $17.4 billion for the fourth quarter of 2025. This instability led to concerns about its presence in certain MSCI stock indices, which were ultimately abandoned at the beginning of the year.
These stock market ups and downs have not prevented Michael Saylor’s company from continuing its regular purchases of BTC, even though its MSTR share price has fallen significantly by 60% over the past year and by almost 70% since its peak last July at $434.60.
Strategy has just announced the purchase of an additional 855 BTC, bringing its total acquisitions since the beginning of the year to 41,002 BTC. This sends a clear message to its detractors: Bitcoin’s decline is an opportunity to be seized, not a crisis to be managed.
Strategy purchased 855 BTC for approximately $75.3 million at approximately $87,974 per bitcoin. As of February 1, 2026, we hold 713,502 BTC acquired for approximately $54.26 billion at approximately $76,052 per bitcoin.
BitMine purchased 41,788 ETH over the past week
This is also the situation facing BitMine, now positioned as the leader in Ethereum Treasuries with more than 3.5% of the available amount of ETH on its balance sheet, but also with unrealized losses estimated at nearly $7 billion.
This situation suggested that the main consequence would be a necessary slowdown in its Ether purchases. Clearly, this option is not part of its roadmap at the start of this year, given the unprecedented increase in activity on the Ethereum blockchain, which is clearly changing the game compared to previous bear cycles, according to its CEO, Tom Lee.
Over the past week, we have acquired 41,788 ETH. BitMine regularly buys Ethereum because we consider this downturn attractive given the strengthening fundamentals. In our view, the price of ETH does not reflect its strong utility or its role as the future of finance.
Tom Lee
The current downturn in the cryptocurrency market is making people like Michael Saylor and Tom Lee look like fools. But they could quickly turn into financial geniuses when the market rebounds to new highs.
