Public Firms Expand Crypto Treasuries Amid Volatility

While the crypto market undergoes a brutal correction phase, some listed companies choose to strengthen their positions rather than scale down. Amid volatility, Strategy and Bitmine Immersion Technologies increase their reserves of Bitcoin and Ether, despite an unfavorable stock market climate. This contrast is striking as prices fall and crypto-related stocks plunge, these companies intensify their exposure.

A reserve accumulation : Strategy and Bitmine buy during slowdown

Recent regulatory filings show that some listed companies like Strategy continue their accumulation strategy despite a pressured market.

Indeed, Strategy acquired 2,486 BTC between February 9 and 16 for a total of $168.4 million, bringing its reserves to 717,131 BTC. Meanwhile, 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, consolidating its position among the largest listed Bitcoin treasuries ;
• The acquisitions were financed through capital raising programs (sale of common and preferred shares) ;
• Bitmine now owns 4,371,497 ETH, about 3.62 % of the total circulating Ether supply ;
• About 3,040,483 ETH held by Bitmine are staked, generating estimated annual revenues of $176 million.

These operations come as the crypto market undergoes a significant correction over the last thirty days, with marked declines in Bitcoin and Ether. Despite this context, both companies have chosen to significantly increase their respective exposures.

Market context

If the facts show sustained crypto accumulation, they also fit into an environment where shares linked to crypto treasuries have seen their valuations plunge. Strategy shares, for example, have dropped about 72% from their mid-2025 peaks, while Bitmine’s shares have seen an even steeper decline, around 85% from their all-time highs.

For Bitmine, this buying strategy during a sluggish market is accompanied by positions on the future of the Ethereum ecosystem, as explained by its chairman Tom Lee after the Consensus Hong Kong conference: “the strengthening of our ETH treasury reflects a conviction rather than momentum trading, with 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, some public entities seize the opportunity to strengthen their reserves. This approach may influence long-term investor perception, as it suggests structural confidence in BTC and ETH fundamentals even when market psychology is muted.

Despite the market correction and pressure on their shares, Strategy and Bitmine continue their accumulation, making a long-term bet on the fundamentals of Bitcoin and Ethereum. For Bitmine, ETH staking adds a yield dimension to this strategy. It remains to be seen whether this conviction will be validated in the next cycle.