Despite facing significant paper losses on its massive cryptocurrency holdings, Strategy Inc. continues to aggressively expand its Bitcoin treasury. The Virginia-based firm, formerly known as MicroStrategy, purchased an additional 2,486 BTC between February 13 and 19, 2026, spending approximately $168.4 million. This latest acquisition highlights a steadfast commitment to a controversial corporate strategy, even as the company’s share price struggles.
A Deepening Position in Digital Gold
With these recent purchases, Strategy has solidified its status as the world’s largest corporate holder of Bitcoin. The company’s total holdings now stand at 717,131 BTC. The buying spree occurred at an average price of around $67,710 per coin—a figure notably below the firm’s aggregate cost basis of $76,027 per Bitcoin. This pricing dynamic means the company is currently sitting on unrealized losses exceeding $5 billion, based on a Bitcoin market price near $68,000. The substantial gap between its average purchase price and the current market value continues to weigh on its financial statements.
Management’s unwavering belief in the long-term “Bitcoin standard” thesis appears undimmed by short-term price volatility. To fund its acquisitions, Strategy employs a mix of capital market activities, including at-the-market (ATM) equity offerings and the issuance of high-yield convertible notes. While this approach conserves operational cash, it raises ongoing concerns about potential dilution for existing shareholders.
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Shareholder Skepticism and Stock Performance
The market’s reaction to this aggressive accumulation strategy has been decidedly negative. Strategy’s shares have plummeted roughly 65% over the past twelve months, ranking among the worst performers in the technology sector. Technical analysts have recently identified a “bear flag” pattern on the stock chart, a formation traditionally signaling the potential for further declines. Investors seem wary of the high leverage and volatility inherent in the company’s role as a de facto Bitcoin proxy.
A clear divergence has emerged: corporate leadership is executing a long-term vision of Bitcoin accumulation, while the equity market remains focused on near-term performance and the tight correlation between the stock and Bitcoin’s price. Although Strategy maintains that its capital structure is sustainable and its debt manageable through 2027, investor skepticism persists.
Navigating a High-Stakes Path Forward
The company’s tactic of buying more Bitcoin during price declines is a deliberate attempt to lower its average cost basis. The ultimate success of this high-conviction gamble hinges entirely on the future trajectory of the cryptocurrency market. As long as Bitcoin trades below the $76,027 threshold, Strategy’s holdings will remain underwater, exerting continued pressure on investor confidence.
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