As the crypto market continues to plummet, the leaders in Digital Asset Treasuries (DAT)—Strategy and BitMine—are undeterred in their buying spree. This decision raises questions, given the significant unrealized losses they are currently showing.
Strategy has purchased more than 41,000 BTC since the start of the year
The situation appears precarious for the largely emerging Digital Asset Treasuries (DAT) sector, facing a crypto market downturn that appears set to persist. This situation is all the more critical for publicly traded companies that entered the race to accumulate cryptocurrencies late in the game.
In fact, even Strategy, the world’s largest holder of Bitcoin, reported unrealized losses estimated at over $17.4 billion for the fourth quarter of 2025. This volatility led to a troubling review of its inclusion in certain MSCI stock indices, a review that was ultimately abandoned at the beginning of the year.
These stock market ups and downs haven’t stopped Michael Saylor’s company from continuing its regular purchases of BTC, even as its MSTR stock price has fallen sharply by 60% over the past year and by nearly 70% since its peak last July at $434.60.
Strategy’s MSTR stock has seen a significant decline
In fact, Strategy has just announced the purchase of an additional 855 BTC, bringing its total acquisitions since the start of the year to 41,002 BTC. This sends a clear message to its critics: the decline in Bitcoin’s price is an opportunity to be seized, not a crisis to be managed.
Strategy purchased 855 BTC for approximately $75.3 million at about $87,974 per bitcoin. As of February 1, 2026, we hold 713,502 BTC acquired for approximately $54.26 billion at about $76,052 per bitcoin.
BitMine purchased 41,788 ETH over the past week
BitMine finds itself in a similar situation, now positioned as the leader in Ethereum Treasuries with over 3.5% of the available supply of ETH on its balance sheet, but also with unrealized losses estimated at nearly $7 billion.
This situation initially suggested that the main consequence would be a necessary slowdown in its Ether purchases. Clearly, however, this option is not part of its roadmap at the start of this year, given an unprecedented surge in activity on the Ethereum blockchain—a development that clearly marks a game-changer compared to previous bear markets, according to its CEO, Tom Lee.
Over the past week, we acquired 41,788 ETH. BitMine regularly buys Ethereum because we view this pullback as 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 the kind that makes figures like Michael Saylor and Tom Lee look like fools. But they could quickly turn out to be financial geniuses once the market rebounds to new highs.
