Strategy's Continued Bitcoin Accumulation Amid Market Downturn

Strategy, a Bitcoin treasury company co-founded by Michael Saylor, is actively acquiring more Bitcoin (BTC) despite the ongoing market dip, marking the 12th consecutive week of purchases. According to Cointelegraph, Saylor shared the company's BTC accumulation chart on the X social media platform, highlighting Strategy's upcoming 99th BTC transaction. The most recent acquisition occurred on Monday, with the company purchasing 1,142 BTC for over $90 million, increasing its total holdings to 714,644 BTC, valued at approximately $49.3 billion based on market prices at the time of publication. The broader crypto market, including Bitcoin, experienced a sharp decline following a flash crash in October, which saw BTC's price drop by over 50% from its all-time high above $125,000, falling below Strategy's $76,000 cost basis, the average price of acquisition per BTC. Despite analyst predictions that Strategy might sell off its Bitcoin holdings or halt accumulation during a market-wide downturn, the company has continued to purchase BTC. This persistence comes amid the collapse of several crypto treasury companies, which have faced significant declines in stock prices and a drop in mNAV, or multiple on net asset value, a crucial metric for these firms. Strategy's mNAV fell below 1, currently sitting at 0.90, indicating potential challenges. Standard Chartered Bank warned that by September 2025, several leading crypto treasury companies had seen their mNAV fall below 1. Companies with an mNAV above 1 have better access to financing and stock issuance for further crypto purchases, while values below 1 suggest market participants are pricing the company below its total asset holdings. Earlier this month, Strategy reported a Q4 loss of $12.4 billion, causing its stock price to drop by about 17%. However, the shares have since recovered some of the decline, closing at $133.88 on Friday.