Strategy, a Bitcoin treasury company co-founded by Michael Saylor, has continued its streak of Bitcoin acquisitions, marking the twelfth consecutive week of purchasing the cryptocurrency even amid a significant market downturn. The company's most recent transaction involved acquiring 1,142 BTC on February 9, totaling over $90 million, which increased its holdings to 714,644 BTC, valued at approximately $49.3 billion at current market rates.
The ongoing market dip was exacerbated by a flash crash in October, which saw Bitcoin's value plunge by over 50% from its peak of more than $125,000. This drop pushed prices below Strategy's average acquisition cost of $76,000 per Bitcoin. Despite the adverse conditions, Saylor's company has resisted analyst predictions that it would cease purchasing or liquidate its assets.
In addition to the purchasing activity, Strategy reported a fourth-quarter loss of $12.4 billion, which contributed to a 17% decline in its stock price initially. However, shares have seen some recovery, closing at $133.88 recently. The company’s multiple on net asset value (mNAV) currently sits at 0.90, indicating potential financial strain amid wider challenges in the crypto treasury sector.