Bitmine and Strategy Expand Crypto Holdings Despite Market Downturn

Strategy, formerly MicroStrategy, purchased 1,142 Bitcoin between February 2 and 8 for $90 million, averaging $78,815 per BTC, raising its total holdings to 714,644 BTC valued at about $49 billion. The company has invested $54.4 billion overall, with an average acquisition cost of $76,056 per BTC, and faces mounting paper losses as Bitcoin trades near $69,495. CEO Phong Le noted it would take a 90% drop in Bitcoin's price to match its BTC holdings’ value with its outstanding convertible debt. Bitmine Immersion Technologies, chaired by Tom Lee, disclosed total crypto, cash, and investment holdings of $10 billion, including 4,325,738 ETH (3.58% of supply) and 193 BTC. Bitmine acquired 40,613 ETH last week, has 2,897,459 ETH staked worth about $6.2 billion, and maintains substantial investments outside crypto. Both firms’ stocks saw gains despite the recent crypto market pullback.