Strategy Buys 17,994 BTC for $1.28 Billion as BitMine Expands Ethereum Holdings

Strategy Spends $1.28 Billion on Another Massive Bitcoin Purchase

Between March 2 and March 8, Strategy acquired 17,994 BTC at an average price of $70,946 per coin, spending approximately $1.28 billion in total.

Strategy co-founder Michael Saylor announced the purchase on social media:

"Strategy has acquired 17,994 BTC for ~$1.28 billion at ~$70,946 per bitcoin. As of 3/8/2026, we hodl 738,731 $BTC acquired for ~$56.04 billion at ~$75,862 per bitcoin. $MSTR $STRC" — Michael Saylor (@saylor), original post

With this latest acquisition, Strategy's total bitcoin reserves have reached 738,731 BTC. The company has spent roughly $56 billion on all its purchases at an average cost of $75,862 per coin. The current market value of these holdings sits at approximately $50 billion, leaving the firm with an unrealized loss of $6 billion due to bitcoin's price decline.

Strategy now controls more than 3.4% of bitcoin's maximum supply of 21 million coins.

Why This Matters

Strategy's bitcoin accumulation strategy remains unparalleled among public companies. Despite unrealized losses and a 71% drop in its stock price from all-time highs, the firm continues to aggressively expand its position. This signals persistent institutional demand for bitcoin even during bearish market conditions.

The latest purchase was funded through securities sales. Over the past week, Strategy raised approximately $1.27 billion by selling common and preferred shares. The issuance is part of a three-year plan to raise $84 billion for bitcoin acquisitions by 2027.

Before publishing the purchase report, Saylor wrote: "The second century begins" — a reference to the company having completed over one hundred rounds of cryptocurrency purchases.

According to BitcoinTreasuries, 194 public companies currently hold bitcoin on their balance sheets. The top ten holders include MARA, Metaplanet, Riot Platforms, Coinbase, and others. However, crypto-related company valuations have fallen significantly from their peaks. Strategy shares closed at $133.53 on March 6, and the net asset value ratio dropped to 0.99.

BitMine Remains the World's Largest Corporate Ethereum Holder

BitMine's total asset value has reached $10.3 billion. The company retains its position as the world's largest corporate holder of Ethereum. As of March 8, its balance sheet includes:

• 4,534,563 ETH
• $1.2 billion in fiat currency
• 195 BTC
• $214 million in venture investments

BitMine's Ethereum holdings represent 3.76% of the total circulating supply. The company ranks second globally among corporate crypto investors.

Tom Lee's Forecast: "Mini Crypto Winter" Nearing Its End

BitMine chairman Tom Lee believes digital assets are in the final stage of a "mini crypto winter." According to Lee, Ethereum's current price action closely mirrors the S&P 500 index during the fall of 2011 (89% correlation) and 1987 (93% correlation).

If the historical pattern holds, Ethereum's local bottom would form in mid-March just below the $1,740 level.

Lee stated that no one can pinpoint the absolute market bottom, which is why the company decided to slightly accelerate its Ethereum accumulation pace. Over the past week, BitMine purchased 60,976 ETH — up from its previous weekly average of 45,000 to 50,000 coins.

Short Sellers Betting Against Strategy

In late February, short positions against Strategy's stock reached $6 billion, while the company's market capitalization stood at $42 billion. The substantial short interest indicates that a significant portion of market participants are betting on further declines in the bitcoin giant's share price.