DAT Hit Hard by Market Slump... Why Did Strategy Buy More Bitcoin Again?

▲ Michael Saylor, Bitcoin (BTC), Strategy / ChatGPT-generated image ©

Amid the severe bear market sweeping across the virtual asset sector, corporate Bitcoin (BTC) treasury strategies are facing intense scrutiny. Yet Strategy, the industry’s largest heavyweight player, is doubling down with aggressive large-scale purchases, flaunting its relentless accumulation instinct.

On February 17 (local time), investment-focused outlet FXStreet reported that while Digital Asset Treasury (DAT) firms are under significant pressure, Strategy—the largest holder of Bitcoin—announced in a filing with the U.S. Securities and Exchange Commission (SEC) on Tuesday that it had acquired an additional 2,486 BTC for $168.4 million. The average purchase price for this latest buy was confirmed at $67,710 per Bitcoin.

With this aggressive additional purchase, Strategy’s total Bitcoin holdings have expanded to 717,131 BTC. The cumulative acquisition cost has reached a staggering $54.52 billion, and the company now controls more than 3% of Bitcoin’s total circulating supply—an overwhelmingly dominant share.

However, a dark shadow looms behind this relentless accumulation strategy. Strategy’s average purchase price stands at $76,027, meaning the company is facing substantial unrealized losses with Bitcoin currently hovering around the $67,000 level. In fact, the firm was hit hard by the crypto market downturn last year, reporting an astronomical operating loss of $17.4 billion in its fourth-quarter earnings announcement.

The risks of the Bitcoin treasury model are also evident in the case of Japan’s Metaplanet. Holding 35,102 BTC, Metaplanet recorded a significant net loss for fiscal year 2025 after recognizing an evaluation loss of approximately $665 million when Bitcoin’s price fell to around $66,000 in February. Although this was a non-cash impairment, it starkly illustrates the severe financial risks companies face during market downturns.

Despite continued selling pressure from both retail traders and institutions, leaving Bitcoin locked in a tedious battle around the $67,000 range, Strategy appears to be shrugging off market concerns by adhering to a double-down strategy that capitalizes on the downturn. Meanwhile, during Tuesday’s trading session, Strategy’s Class A shares (MSTR) fell more than 3%, reflecting the market’s cautious sentiment.

Disclaimer: This article is provided for investment reference purposes only, and no responsibility is assumed for any investment losses resulting from its use. The content should be interpreted solely for informational purposes.