As the crypto market goes through a brutal correction phase, some listed companies are choosing to strengthen their positions rather than downsize. In the midst of volatility, Strategy and Bitmine Immersion Technologies are increasing their Bitcoin and Ether reserves, despite an unfavorable stock market climate. This contrast is of concern as prices fall and crypto-related stocks plunge, these companies are intensifying their exposure.
In brief
- Strategy acquired 2,486 BTC for $168.4 million, bringing its total reserves to 717,131 BTC despite the market correction.
- Bitmine Immersion Technologies added 45,759 ETH, bringing its stock to 4,371,497 ETH, a large portion of which is staked.
- These accumulations come as Bitcoin and Ether decline and the shares of crypto companies fall sharply on the stock market.
- Income from ETH staking offers Bitmine a structural source of return in a volatile context.
An accumulation of reserves: Strategy and Bitmine buy during a slowdown
Latest regulatory filings show that some listed companies like Strategy are continuing their accumulation strategy, despite a pressured market.
Indeed, Strategy acquired 2,486 BTC between February 9 and 16 for a total amount of $168.4 million, bringing its reserves to 717,131 BTC. For its part, Bitmine Immersion Technologies strengthened its position on Ethereum with an additional purchase of 45,759 ETH.
The figures communicated specify :
- Strategy now holds 717,131 BTC, cementing its position among the largest listed Bitcoin treasuries;
- The acquisitions were financed via capital raising programs (sale of ordinary and preferred shares);
- Bitmine now owns 4,371,497 ETH, or approximately 3.62% of the total circulating Ether supply;
- Approximately 3,040,483 ETH held by Bitmine are staked, generating annual revenue estimated at $176 million.
These operations come as the crypto market is going through a notable correction phase over the last thirty days, with a marked decline in Bitcoin and Ether. Despite this context, the two companies have chosen to significantly increase their respective exposures.
The market context
If the facts show a sustained accumulation of cryptos, they also fit into an environment where securities linked to crypto treasuries have seen their valuation fall. Shares of Strategy, for example, are down about 72% from their mid-2025 highs, while those of Bitmine have seen an even steeper decline, around 85% from their all-time highs.
For Bitmine, this purchasing strategy during a gloomy market period is accompanied by positions on the future of the Ethereum ecosystem, as its president Tom Lee explained after the Consensus Hong Kong conference: “strengthening our ETH treasury reflects conviction rather than momentum tradingwith 2026 potentially being a pivotal year for Ethereum,” citing catalysts such as institutional adoption of tokenization and privacy solutions.
This context reveals a notable divergence between price performance and treasury strategies: where the market softens, certain public entities seize the opportunity to strengthen their reserves. This approach may influence long-term investor perception, as it suggests structural confidence in the fundamentals of BTC and ETH, even when market psychology is sluggish.
Despite the market correction and the pressure on their shares, Strategy and Bitmine continue their accumulation, assuming a long-term bet on the fundamentals of Bitcoin and Ethereum. For Bitmine, ETH staking adds a return dimension to this strategy. It remains to be seen whether this conviction will be validated by the next cycle.
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