100th buy drives 717,722 BTC

In a fresh sign of aggressive corporate accumulation, Strategy bitcoin exposure has reached a new milestone following the companys latest addition to its treasury.

Strategy completes 100th Bitcoin buy and crosses 717,000 BTC

Bitcoin treasury leader Strategy has executed its 100th recorded purchase, adding 593 BTC to its balance sheet and underscoring its long-term conviction. However, a subsequent regulatory filing clarified that 592 BTC were effectively added to treasury, reflecting the net increase.

Co-founder and chairman Michael Saylor disclosed the move on X, noting that the latest acquisition cost the company $39.8 million. In pure volume terms, this is not among Strategy’s largest allocations, yet it marks a symbolic milestone in an accumulation campaign that began in 2020.

Since that initial pivot into Bitcoin, Strategy has pursued a consistent buy-and-hold approach with only one sale on record. That sale occurred in December 2022, near the depths of the last bear market, when BTC traded around cycle lows. Moreover, subsequent purchases have become more frequent as the market has matured.

Bitcoin treasury metrics and unrealized loss

Following this 100th purchase, Strategy’s total holdings have risen to 717,722 BTC, cementing its status as the largest corporate holder of the asset. This stash represents nearly 3.6% of all BTC currently in circulation, highlighting the scale of its exposure relative to the broader market.

To build this position, the company has spent a cumulative $54.56 billion. However, as of the latest valuation snapshot, the market value of the stack stands at just $46.48 billion. That implies an unrealized loss of nearly 15%, showing how volatile large-scale corporate exposure to BTC can be, even for a seasoned player.

Strategy has often attracted attention for buying during rallies and near local peaks. That pattern appears intact today, as BTC has slipped almost 4% from the latest buys cost basis of $67,286 per coin. Nevertheless, the strategy latest acquisition btc continues the firm’s long-running bet that the asset will appreciate significantly over a multi-year horizon.

Details of the SEC filing and funding structure

According to a filing with the US Securities and Exchange Commission (SEC), Strategy executed this most recent purchase between February 17th and 22nd. The company funded the deal using proceeds from sales of its MSTR stock under an at-the-market (ATM) offering program.

This model effectively turns equity into a vehicle for acquiring more BTC, as the firm raises capital in public markets and cycles it directly into its treasury reserve. That said, this approach also increases sensitivity to both equity market conditions and Bitcoin price swings, given the interconnected exposure.

With each transaction, Strategy solidifies its reputation as the worlds leading Bitcoin treasury company. Data compiled by BitcoinTreasuries.net continues to show Strategy at the top of the league table of corporate holders, far ahead of peers that have only recently begun building similar reserves.

Strategy and the wider public digital asset treasury landscape

Strategy is not only the largest single holder of BTC among corporations; it is also the largest public digital asset treasury platform overall. Moreover, it has become a bellwether for institutional appetite toward crypto exposure, with investors closely watching every new allocation and disclosure.

The second-largest player on that list is Bitmine, a Bitcoin mining company that shifted toward an Ethereum-focused treasury framework last year. While it remains a major BTC miner, its balance sheet strategy now prominently features ETH as a core reserve asset.

Bitmines aggressive Ethereum accumulation and staking

Bitmine has been actively expanding its ETH position, as confirmed in a Monday press release during the past week. The company acquired an additional 51,162 ETH for its treasury, lifting its total reserve to 4,422,659 ETH. This amount is equivalent to 3.66% of the circulating ETH supply, underscoring Bitmines scale in the Ethereum ecosystem.

Out of the total, 3,040,483 ETH have been locked into the Ethereum staking contract, turning the treasury into a yield-generating pool. However, this also introduces protocol and liquidity risks, as a significant portion of assets is committed to the staking layer rather than remaining fully liquid on exchanges or in cold storage.

Bitmine chairman Thomas “Tom” Lee framed the move as a deliberate response to current market weakness. In his words, “In the midst of this ‘mini crypto winter,’ our focus continues to be on methodically executing our treasury strategy and steadily acquiring ETH and in turn, optimizing the yield on our ETH holdings.”

BTC market context and recent price action

At the time of writing, BTC is trading around $65,100, having fallen more than 4% over the last seven days. This pullback has come despite continued institutional interest, as illustrated by Strategy’s latest accumulation and Bitmines ongoing ETH build-up.

The intraday chart shows that the price of Bitcoin has dropped sharply in the past 24 hours, extending a broader short-term decline. However, longer-term holders and corporate treasuries appear largely undeterred, keeping their focus on multi-year horizons rather than short-term volatility.

In summary, Strategy’s 100th BTC purchase and Bitmines sizable ETH accumulation highlight how major public companies continue to scale their exposure to digital assets, even as near-term prices remain under pressure.