I just saw that Michael Saylor and his team at Strategy are still pouring money into Bitcoin as if nothing is happening. At the end of February, they bought another 3,015 BTC for over $204 million, bringing their total holdings to nearly 720,000 BTC. Crypto remains their main bet, regardless of the market wobbling.

The interesting thing is that while BTC is trading around $66.5K, the average entry cost they’ve reported is about $75,985 per coin. So they’re underwater in terms of price, but clearly don’t care. That’s what happens when your strategy is long-term—you see the market noise but keep moving forward.

There’s something strange with the Strategy NAV trading below 1, meaning the company is trading at a discount relative to the actual value of its Bitcoin treasury. Michael has made it clear that this doesn’t reflect the true value of the asset, just external pressures. Some analysts think 2026 could be the year crypto treasuries consolidate to gain scale, but Saylor has been cautious—saying mergers take months and sometimes don’t turn out as planned.

The “Segundo Siglo” narrative that Saylor repeats on X is basically his way of saying this is a long game. While crypto remains volatile, Strategy stays the course.