Strategy Invests $204 Million to Purchase 3,015 BTC, Global Listed Companies Trigger a Week-Long Buying Spree

Last week, the cryptocurrency market experienced ups and downs, while global publicly listed companies remained cautious but determined in their strategies. According to data, over the past week, non-mining listed companies worldwide purchased a total of $208 million worth of Bitcoin, a 348% increase week-over-week. Strategy led the pack, investing a one-time $204 million to acquire 3,015 BTC, a 412.8% increase from the previous week, bringing its holdings to 720,737 BTC and solidifying its position as the largest publicly listed crypto asset company globally.

This move has attracted market attention: why is Strategy increasing its holdings when Bitcoin is already trading above $71,000? Industry analysts believe this reflects institutional investors’ confidence in the long-term value of crypto assets and highlights the accelerating integration of traditional finance with digital assets.

Strategy Continues Buying, Sending Strong Signals; Others Follow Suit

On March 2, Strategy announced its significant investment at a purchase price of $67,700 per BTC. Although this is below the current market price of $71,430, the key significance lies in the volume. The single purchase of 3,015 BTC demonstrates the strategic execution power of this crypto pioneer.

Following Strategy, other listed companies are also entering the market. Japanese food company DayDayCook invested $4.22 million to buy 50 BTC on February 25, increasing its total holdings to 2,118 BTC; Brazilian crypto firm OrangeBTC spent $470,000 to acquire 0.7 BTC on March 2, bringing its total to 3,723 BTC. In contrast, Japanese company Metaplanet has remained inactive for seven consecutive weeks and has not participated in this buying wave.

As of the latest data, the total Bitcoin holdings of non-mining listed companies worldwide reached 981,150 BTC, a 0.31% increase from the previous week. The current market value is approximately $64.26 billion, accounting for 4.9% of Bitcoin’s circulating supply. This figure continues to set new records, reflecting the deepening focus of traditional listed companies on crypto assets.

Holding Dilemmas and Strategic Choices: GD Culture’s Seller Decision

While Strategy continues to increase its holdings, other companies are facing tough decisions. US Nasdaq-listed GD Culture announced that its board has authorized the sale, exchange, or disposal of 7,500 BTC from its treasury, with proceeds supporting its previously announced share repurchase plan (announced on February 18).

This decision highlights the real challenges faced by small and medium crypto-listed firms: when their stock prices fall below net asset value (NAV), management often faces a dilemma—whether to hold for long-term appreciation or liquidate assets to meet short-term operational and investor demands.

However, the market is not uniformly selling. EmperyDigital, another Bitcoin treasury holder, responded clearly to a proposal from major shareholders to liquidate all BTC and return funds: the company will not immediately sell all its Bitcoin holdings, as it does not align with the interests of all shareholders. Although its stock price is also below NAV, the company has initiated a share buyback program, demonstrating a relatively firm long-term asset strategy.

Ethereum Holdings Diverge: Bitmine Buys More, FG Nexus Cuts Losses

If Bitcoin’s market choices are relatively clear, the Ethereum camp shows two very different attitudes.

On-chain data shows that last week, Bitmine made a large purchase of 50,928 ETH, totaling $98.53 million. Its current ETH holdings have reached 4,473,587 ETH, with a market value of $866 million, of which 3,040,483 ETH are staked, generating an average daily yield of about 5,000 ETH. This aggressive strategy reflects optimism about Ethereum’s future prospects.

In contrast, FG Nexus, originally positioned as an Ethereum treasury company, continues to reduce its holdings amid significant losses. On-chain data shows FG Nexus sold another 7,550 ETH last week, worth approximately $14.06 million. The company bought 50,770 ETH between August and September last year at an average price of $3,860, investing $196,000, but now has been gradually selling at an average of $2,649, having sold 21,025 ETH for a total of $55.7 million. While this stops the bleeding, unrealized losses still amount to $82.8 million. Its current position is 30,094 ETH, worth about $57.5 million.

The case of ETHZilla (now renamed Forum Markets) further illustrates industry struggles—forced to sell ETH due to funding pressures, the company pivoted into RWA (Real-World Asset Tokenization), achieving a 17% rebound in its stock price. This suggests that for distressed treasury companies, strategic upgrades can sometimes garner more capital recognition than mere asset holding.

US Miner American Bitcoin Reports Strong Results

The crypto sector’s developments are not limited to treasury companies. As a newly listed independent company, American Bitcoin’s first full fiscal year shows promising results. According to its financial report, the company’s Bitcoin reserves exceed 6,000 BTC, with total revenue of $185.2 million last year, a hash rate of about 25 EH/s, and approximately 78,000 ASIC miners deployed.

By adopting a dual approach of “scaling mining operations + ATM channel acquisitions,” American Bitcoin continues to build strategic reserves, offering a new reference model for traditional mining transitioning into a Bitcoin treasury enterprise.

Multi-Chain Strategies: Tron and Sui’s New Approaches to Inventory Management

Beyond Bitcoin and Ethereum, multi-chain asset management is evolving quietly. Tron Inc announced on March 1 the purchase of an additional 176,081 TRX tokens at an average price of $0.28, increasing its total holdings to around 684 million tokens.

Sui Group Holdings disclosed in its financial report that its SUI token holdings have exceeded 108 million, nearly all staked, with an average daily yield of about 5,000 SUI. The company also completed a $50 million share buyback, representing an 8.8% buyback ratio, demonstrating a balance between asset holding and capital return.

Notably, DeFi Development’s strategic move—investing funds into Apyx, an emerging coupon-backed stablecoin protocol—reflects some treasury companies’ shift from passive holdings to active yield strategies, seeking new growth opportunities within the over $3 trillion stablecoin market.

Deep Reflection: Treasury Companies’ “Dilemma” and “New Beginnings”

Wojciech Kaszycki, Chief Strategy Officer of BTCS, offers insightful perspectives: during a market downturn, crypto treasury companies may face industry consolidation. Many firms’ stock prices falling below NAV create low-cost acquisition opportunities for operational cash flow-positive companies. The rise of RWA, especially on-chain credit assets in public-private collaborations, could become a new revenue stream for treasury firms within the next 24 months.

Looking at this week’s market trends, the specific figure of 3,015 BTC is becoming a quantifiable symbol of industry confidence. Strategy’s continued buying, GD Culture’s strategic adjustments, EmperyDigital’s steadfast stance, FG Nexus’s exit—these different choices outline a diverse path for listed crypto companies in this new cycle. The future of treasury firms depends not only on Bitcoin and Ethereum prices but also on how they balance holding and innovation.