Publicly traded companies with Treasurys focused on Bitcoin (BTC) and cryptocurrencies are experiencing a corporate “crypto winter.” In February 2026, digital asset purchases fell to $555 million, the lowest level since October 2024.
In November 2024, Purchase amount exceeded $12.3 billion. The surge that month was due to the victory of Donald Trump, who was seen as a pro-Bitcoin candidate.
During his campaign, he promised to make the United States the “crypto capital of the world,” create a strategic Bitcoin reserve, and ease the previous administration’s harsh regulations. These expectations increased trust in the system.
A further rally occurred from July to September 2025, driven by the approval of new crypto ETFs and expectations for interest rate suspensions, with nearly $8 billion of crypto assets purchased each month.
Additionally, from July to September 2025, the financial company They also acquired a monthly amount of Ether (ETH). Ethereum cryptocurrency. In some cases, it has equaled or exceeded Bitcoin.
Institutional investors have also expanded into Solana (SOL) and BNB, attracted by the low fees and high scalability of decentralized applications that reflect broader diversification strategies by the companies.
However, after the last four months of 2025 and the first few months of 2026, The flow of funds from these companies has steadily declined, with periods of near-zero net inflows or net outflows.As seen in the graph.
This contraction in the acquisition of digital assets corresponds to the decline in the price of Bitcoin, which reached its lowest price of $60,074 on February 6, 2026. This represents a 52% decrease from its all-time high. The remaining cryptocurrencies have also been affected by significant price declines.
Market conditions due to the beginning of a bearish cycle are one of the reasons for the change. Many of these companies chose change strategy.
One company that changed its plans is ETHZilla, which focuses on ether accumulation. The company decided to abandon that strategy following the drop in stock value. As reported by CriptoNoticias, the company has changed its name to Forum Markets and has been operating under the Nasdaq ticker FRMM since March 2, 2026.
Its new focus is now on the tokenization of real-world assets (RWA), seeking to capture more stable and predictable returns by digitizing tangible assets. This reduces the volatility inherent in the cryptocurrency market. and significantly reduces exposure to ether.
Not all companies have stopped accumulating.
However, although the overall purchasing volume is decreasing, accumulation activities are not finished: The listed company that holds the largest government bonds on the market did not delay the acquisition of digital assets.
Strategy acquired 3,015 BTC on March 2, 2026 at an average price of $67,700 per unit. This operation increased the total holdings to 720,737 BTC. This represents 3.43% of the total supply of 21 million units present in this asset.
Strategy CEO Phong Le said the company is ready. To withstand 90% drop in Bitcoin price, $8,000a scenario in which reserves are equal to net debt and restructuring is evaluated only if that is the case.
Similarly, BitMine Immersion Technologies reported the acquisition of 50,928 ETH on March 2, 2026, worth approximately $104 million based on prices at the time. With this purchase, my total holdings reached 4,473,587 ETHcorresponding to 3.71% of the total supply of this asset.
These transactions come as purchases decline. there are contrasting reactions. While some participants will diversify or exit the field, major institutional investors will maintain and strengthen their long-term positions.
In this way, the finance department will be closed in February With a return to characteristic caution in 2024the weight of the market will be in the hands of the most persistent institutional investors. Overall, the global decline in accumulation creates uncertainty as to whether corporate finance models leveraging digital assets have reached their peak or are simply a technical pause.
