Bitcoin’s largest corporate holder, Strategy, made its 100th BTC purchase on February 22nd, acquiring 592 coins for $39.8 million. This brings its total holdings to 717,722 BTC, though the company now faces nearly $7 billion in unrealized losses on its $54.56 billion investment. The move, mirroring a similar large Ethereum purchase by Bitmine, comes amid a broader market downturn and public criticism of the accumulation strategy.
While most of the crypto world was looking for a way out during a market crash, Strategy chose to go deeper. The company completed its 100th Bitcoin purchase, acquiring 592 BTC for about $39.8 million on February 22nd.
This pushed its total holdings to a massive 717,722 BTC. The accumulation has resulted in the company registering nearly $7 billion in unrealized losses on its total investment of $54.56 billion.
Instead of celebration, many investors started criticizing Michael Saylor‘s accumulation. Bitcoin skeptic Peter Schiff argued, “Congratulations, you finally averaged down. But in case you didn’t notice you are already down over 5% on your last purchase.”
Another user echoed similar sentiments regarding the timing of the purchases. The sentiment followed Saylor’s recent tease on “Orange Century,” which now feels tired to some observers.
This coincided with Bitcoin itself sliding nearly 4% to trade at approximately $63,235. Meanwhile, Strategy’s stock, MSTR, was hit even harder, dropping over 5.5%.
Bitmine mirrored the strategy, acquiring an additional 51,162 Ethereum for $98.33 million on February 23rd. Bitmine now holds 4.42 million ETH, sitting on an $8.4 billion unrealized loss with an average cost of $3,821 per coin.
Much like MSTR, Bitmine’s stock also fell as Ethereum’s price declined. The question now isn’t about buying more Bitcoin but about who can endure the pain longer.
