Strategy Buys 592 BTC, Hits 100-Purchase Milestone
Strategy doubles down with its 100th bitcoin purchase funded by fresh equity, even as Bitdeer dumps its entire bitcoin treasury to pivot into AI infrastructure and Bitmine builds the largest single ether staking position. Bitcoin slides below $65,000 on tariff shock, ETF outflows accelerate, and exchanges from Gemini to Coinbase face a tougher macro, regulatory and flow backdrop. Stay up on the crypto news that matters with "Crypto Currents," daily from The Fly. Join us at 2 pm ET for your essential briefing on the fast-moving world of cryptocurrency on FlyCast radio.STRATEGY BUYS 592 BTC, HITS 100-PURCHASE MILESTONE:Strategydisclosed it bought 592 bitcoinbetween February 17 and February 22 for about $39.8M at an average price of $67,286 per coin, funded entirely by selling 297,940 shares via its at-the-market equity program. According to,Strategy's weekly purchases have slowed from roughly $2.1B in mid-January to about $168M by mid-February, and on-chain data peg its total holdings at roughly 717,722 BTC, acquired for about $54.56B at an average cost near $76,020, leaving an unrealized loss of approximately $7.1B with bitcoin trading in the mid-$60Ks. MSTR shares are down more than 50% year-over-year as investors digest ongoing dilution, but the company still has roughly $37.4B in remaining securities capacity, indicating its buy-and-issue model remains intact.shows traders are now treating its treasury decisions as a macro catalyst.BITMINE BUILDS MASSIVE ETH TREASURY AS MINERS SELL BTC:Bitmine Immersion Technologiesover the past week, a roughly $95.4M buy that lifts its total ETH holdings to 4,422,659 tokens., at an ETH price of about $1,958, Bitmine's stack is worth approximately $8.65B and represents about 3.66% of total ETH supply, with the company also holding 193 BTC, a $200M equity stake in Beast Industries and about $691M in cash.Further on-chain analysis from Onchain Lens reveals about 3,040,483 of those ETH, roughly $6B worth, are staked, making Bitmine the largest single ETH staker globally and positioning it to earn an estimated $249M annually at a 2.89% yield. Bitmine says it is progressing on its MAVAN, or Made in America Validator Network, staking solution for a targeted early 2026 rollout,effectively turning BMNR into an ETH yield and infrastructure play.TREASURY SELLING STREAK LED BY BITDEER PIVOT TO AI:Corporate bitcoin treasuries have recorded a rare three-week net selling streak for the first time since Capriole Investments began tracking the data,. The biggest move comes from Bitdeer Technologies,Bitdeer started 2026 with about 2,000 BTC, which fell to 1,530 by the end of January and then to 943 by mid-February before the company sold out and redirected proceeds toward data center expansion and AI cloud infrastructure. According to company data, Bitdeerand ramped self-mining hash power above 63 EH/s, while also raising $300M via convertible notes and $43.5M in equity, which are moves that collectively reposition Bitdeer from a bitcoin proxy to an AI and high-performance computing infrastructure story. Smaller BTC reductions at Cango, Exodus Movementand Genius Groupround out the selling streak, reflecting the pressure on corporate treasuries to protect liquidity and funding flexibility in a more volatile macro backdrop,.GEMINI'S VALUATION COLLAPSES AS EXECUTIVES EXIT; COINBASE SAYS INSTITUTIONAL THESIS INTACT:Gemini Space Stationcontinues to struggle after going public near the last cycle's peak, with its market value falling from around $4B to less than $700M, an 82.5% decline. According to, Gemini has exited the U.K., E.U. and Australia, cut up to 25% of staff and seen its COO, CFO and CLO depart on the same day, prompting Truist analysts to warn the triple exit could intensify concerns about solvency and client retention.By contrast, Coinbaseis emphasizing longer-term institutional engagement despite near-term share pressure. Coinbase Head of Institutional Strategy John D'Agostino toldthat net institutional purchases on the platform still exceed net sales, arguing that "institutions have not been fazed" by the recent bitcoin drawdown and are building positions over a five-to-seven-year horizon. Even so, Coinbase shares were trading lower alongside other crypto-linked equities on Monday.TARIFFS, RISK-OFF AND ETF OUTFLOWS:President Donald Trump said he would raise global tariffs from 10% to 15% one day after the Supreme Court curbed his use of emergency authority. Crypto-linked equities traded like high-beta risk proxies: Strategy fell about 2.5%, Coinbase dropped roughly 4.1%, Robinhooddeclined 4.5%, Blocklost about 5%, and miners Hut 8and MARA Holdingsalso traded lower, while gold is up roughly 20% and silver about 23% year-to-date. At the fund level,reported that crypto ETPs saw $288M of net outflows last week, extending a five-week streak, whiledata show hedge funds cut US spot bitcoin ETF allocations by 28% between Q3 and Q4 2025, contributing to about $3.8B in cumulative ETF outflows and roughly $4.5B year-to-date as the once-lucrative basis trade's annualized yield has compressed from 17% to under 5%.INFRASTRUCTURE, TOKENIZATION AND AI-ADJACENT PLAYS:Solana Company, a Nasdaq-listed digital asset treasury company, announced a "Pacific Backbone" plan to build high-speed, low-latency infrastructure for the Solananetwork across Seoul, Tokyo, Singapore and Hong Kong. In a, the company said the initial build will target market makers, high-frequency traders and institutional partners, with liquidity-focused products slated to launch in 12–18 months as it prepares for what CEO Joseph Chee calls solana's next "super cycle."AIxCryptoissued a weekly investor update highlighting the launch of "Hub Season 2" and positioning itself as a provider of "embodied AI" infrastructure and compliant tokenization rails for real-world assets. According to a, the firm is leaning into the intersection of AI, digital infrastructure and tokenized asset rails, a narrative that could resonate with investors seeking AI exposure that still taps into crypto-native payment and settlement flows.In hardware, iPowerMOU with Nanopulse Technology to distribute specialized crypto and digital asset infrastructure hardware through its US-based supply chain and e-commerce channels. The agreement contemplates not only hardware sales but also potential commission-based revenue tied to future income generated by deployed machines, and the parties are exploring a role for iPower as a validator or node operator, effectively giving iPower optionality on crypto infrastructure economics without fully transforming the core business.ALT5 Sigma, which runs an institutional-grade payments, trading and settlement platform, issued a stockholder letter detailing restored SEC and Nasdaq compliance, governance changes and the launch of its ALT5 Ai unit. In the, ALT5 said it has an estimated NAV of about $843M, or $6.67 per share, versus a roughly $192M market cap, implying a 77% discount, and highlighted more than $8B in digital asset transaction volume and a WLFItoken treasury position as it seeks to link its payments stack to AI-driven commerce.BALANCE SHEETS, SMALL-CAP RESTRUCTURING AND PROMOTIONAL RISK:Abits Group, a data center operator with in-house bitcoin mining in Tennessee, announced a $2.1M registered direct offering of ordinary shares priced at $2.65 per share to institutional investors, saying the deal is "priced at-the-market" under Nasdaq rules.underscores how smaller miners and infrastructure names are relying on equity issuance to fund operations and capex in the face of margin compression and volatile coin prices.TIAN RUIXIANG Holdingssaidwhile pursuing a previously announced plan to acquire 15,000 BTC and a "A$200B Australian bank" in a string of highly promotional releases. Earlier this month, a, and today's documents explicitly caution that TIRX's language is unusually promotional and should be evaluated with care, especially when compared to more transparent treasury disclosures at names like Strategy and Bitmine.ON-CHAIN WHALES, VITALIK SELLING AND GOLD ROTATION:A dormant whale that had been inactive for three years moved 650.76 BTC, worth about $43M, to Gemini, realizing an estimated $25.37M profit on bitcoin initially acquired from Coinbase; on-chain researchers note this is the seventh such dormant-whale reactivation since 2024 and typically signals renewed selling or OTC distribution.In Ethereum,, roughly $3.67M, over February 21–22 after earlier selling 6,958 ETH in early February, taking total February sales above 8,800 ETH, or roughly $18.45M, following a withdrawal of 3,500 ETH from Aave., raising concerns about additional sell pressure around the $1,750–$1,850 price area., a tokenized gold asset, signaling a rotation from high-beta layer-1 exposure into gold-backed tokens as volatility and macro uncertainty rise.ADDRESSING CRYPTO'S QUANTUM RISK:On the technology front,. While not yet an active protocol change, the move is relevant for miners and treasury-heavy corporates concerned about tail-risk scenarios where quantum advances could undermine key security assumptions.PRICE ACTION:As of time of writing, bitcoin was trading at $64,638.03, while ether was trading at $1,856.00,.
