Corporate Treasuries Double Down on BTC and ETH Amid Market Downturn

Major crypto treasury firms are aggressively expanding their holdings of Bitcoin (BTC) and Ethereum (ETH), signaling a long-term bullish conviction despite a sharp decline in current market prices. This accumulation strategy persists even as the assets face significant headwinds and price stagnation. Strategy, formerly known as MicroStrategy, has adopted a massive dollar-cost-averaging approach. The firm now holds 766,970 BTC, representing approximately 3.5% of the total lifetime supply. This accumulation continues even as the company faces steep unrealized paper losses, totaling $14.5 billion in the first quarter and $12.4 billion in the preceding quarter. Bitcoin has retreated nearly 45% from its all-time high of $126,000. Despite this, Strategy recently added 4,871 BTC for $330 million. Meanwhile, Bitmine Immersion Technologies has focused on Ethereum, acquiring 4.8 million ETH—roughly 4% of the circulating supply—valued at over $10 billion. Bitmine's most recent acquisition included 71,252 ETH for $152 million. Ethereum has faced a more severe correction, dropping 55% from its peak of $4,954 to current levels of $2,200. Analysts suggest Ethereum's growth is hindered by a crowded Layer 1 landscape, with Solana emerging as a strong competitor in decentralized finance (DeFi). In contrast, Bitcoin is increasingly viewed as a stable 'digital gold' hedge with a higher perceived floor and ceiling heading into 2027.