Strategy boosts Bitcoin reserve in 100th purchase as QCP highlights declining selling pressure

Strategy stepped up its Bitcoin (BTC) holdings for the 100th time last week after acquiring 592 BTC, according to a Monday filing.

The latest acquisition occurred between February 17 and 22 for an aggregate price of $39.8 million, including fees and expenses. The company funded the transaction by selling 297,940 shares of its MSTR Class A common stock under its at-the-market (ATM) equity offering program.

Bitcoin sell-offs have eased despite renewed macro pressure

The purchase comes amid Bitcoin's recent slide below $65,000 in early Asian hours, triggering around $230 million in long liquidations, according to QCP analysts in a Monday note.

The movement occurred against a backdrop of heightened global policy uncertainty, particularly from recent proposed US tariff increases under the Trump administration.

Bitcoin also continues to trade significantly below the estimated miners' average production cost of around $87,000, squeezing industry-wide operating margins and prompting many operators to pivot toward AI.

"With macro uncertainty intensifying and little evidence of a near-term bid returning to crypto, the pressure continues to build within the mining complex," wrote QCP analysts.

The analysts observe that despite persistent bearish narratives, including renewed spikes in "Bitcoin is Dead" online searches similar to past bear markets, volatility and liquidation cascades have softened.

Similarly, recent Bitcoin ETF outflows stem largely from basis trade adjustments and shifts toward more efficient derivatives exposure rather than a full retreat by long-term players.

Meanwhile, options markets continue to exhibit downside skew, favoring protection against further declines, although the intensity is less pronounced than in previous selloffs.

Bitcoin is trading around $64,000 at the time of writing, down nearly 5% over the past 24 hours.