Michael Saylor, co-founder of Bitcoin (BTC) treasury company Strategy, noted that the company is acquiring more BTC amid the current market decline, marking the 12th week of a consecutive buying streak.
Saylor posted the Strategy BTC accumulation chart via the X social media platform on Sunday. The chart has become synonymous with BTC purchases made by the company, which announces its upcoming 99th BTC transaction.
Strategy’s most recent BTC purchase came on Monday, when the company purchased 1,142 BTC for over $90 million, bringing its total holdings to 714,644 BTC, valued at approximately $49.3 billion based on market prices at the time of publication.
Bitcoin and the broader crypto markets fell sharply following a flash crash in October that caused the price of BTC to fall by more than 50% from the all-time high above $125,000 and below Strategy’s $76,000 cost base, its average acquisition price per BTC.
The company has continued to accumulate amid the market slowdown, defying analyst suggestions that Strategy would dump its Bitcoin holdings or pause accumulation in the event of a market-wide slowdown.
Related: Strategy CEO Seeks More Preferred Stock to Fund Bitcoin Purchases
Strategy Continues to Accumulate Despite Crypto Treasury Firms Collapse
Even before the October flash crash caused a market crash, the cryptocurrency treasury sector was showing signs of collapse, with many treasury companies seeing sharp declines in their share prices and a collapse in mNAV, or multiple on net asset value, a critical metric for cryptocurrency treasury companies.
The multiple on net asset value, or the premium added to a company’s shares over its net asset holdings, fell below 1 for several leading crypto treasury companies in September 2025, Standard Chartered Bank has warned.
Treasury companies with a mNAV greater than 1 have easier access to financing and issuing shares to purchase more cryptocurrencies.
Conversely, mNAV values less than 1 indicate potential problems for these companies, as market participants value the company below the total assets it owns.
Strategy earlier this month reported a fourth-quarter loss of $12.4 billion, sending the company’s stock price down about 17%. Shares have recovered some of that decline in recent days and closed Friday at $133.88.
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