Good money after bad? 😬

It's business as usual for crypto's biggest treasury firms, Strategy and BitMine, but their latest buys come amid growing paper losses.

Author

Andrew Hayward
February 09, 2026

📝 What you need to know

Another Monday, another round of buys from the two biggest crypto treasuries—but they’re hitting differently following last week’s market plunge.

Bitcoin giant Strategy and Ethereum leader BitMine announced their typical weekly buys on Monday, each adding roughly $80 million worth of their favored coins over the last week. However, both firms are now underwater, with their respective crypto stashes worth less than what they paid for them.

Strategy is looking at more than $4 billion in unrealized losses on its roughly $50 billion Bitcoin stockpile, falling into the red last week as the price of BTC sank. But Tom Lee’s BitMine has been in that spot for some time, now nursing an estimated $7.3 billion paper loss on its Ethereum treasury, which is currently valued at $9 billion.

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