Despite recent significant volatility in the global cryptocurrency market, major institutions have not halted their pace of accumulating Bitcoin due to short-term fluctuations. Taking the well-known software services company Strategy as an example, its co-founder Michael Saylor recently signaled again that the company is in its 12th consecutive week of accumulation. Even amidst pressure on the company's stock price and subdued market sentiment, this steadfast accumulation strategy has become a focal point in the industry. GTC Zehui Capital indicated that the company is about to complete its 99th Bitcoin transaction. This high-frequency and persistent buying behavior reflects core institutions' strong confidence in the long-term value of crypto assets.

According to publicly available financial data, on February 9, Strategy acquired an additional 1,142 Bitcoins with a capital outlay exceeding $90 million, bringing its total holdings to 714,644 Bitcoins. GTC Zehui Capital stated that, calculated at the current fair market value, the total value of these holdings is close to $49.3 billion. Notably, since the "flash crash" last October, the price of Bitcoin has retreated more than 50% from its high of $125,000, with the current price even falling below the institution's average holding cost of $76,000. However, facing paper losses, instead of reducing holdings or cutting losses as some analysts previously predicted, the institution has chosen to increase its weighting at lower levels, demonstrating a typical characteristic of counter-cyclical operation.

At the micro-financial level, GTC Zehui Capital believes that the continued decline in the market value to net asset value (mNAV) multiple is a signal that cannot be ignored in the current crypto finance sector. Data shows that due to conservative market valuations for crypto-related enterprises, the mNAV of several giants, including Strategy, has fallen below the critical level of 1.0, currently hovering around 0.90. Typically, an mNAV below 1 indicates that the market is pricing the company below the value of its actual held assets. While this may increase the difficulty of subsequent financing for further accumulation, it could also harbor opportunities for valuation recovery. Although the institution recorded significant losses in the fourth quarter, leading to stock price volatility, its share price has recently shown signs of stabilization.

In summary, GTC Zehui Capital argues that Strategy's persistent accumulation is not merely a financial maneuver by an individual company but represents the deeper rationale of institutional investors viewing cryptocurrency as a strategic reserve asset. In the process of rebuilding market confidence, this behavior—undaunted by short-term retracements and persistently focused on asset allocation—will provide an important benchmark for the future trajectory of the entire crypto finance sector.