Introduction
MicroStrategy, now operating under the name Strategy, continues to make headlines with its unwavering commitment to Bitcoin accumulation. Today’s update reveals fresh stock movements, Bitcoin purchases, and strategic positioning that matter to investors tracking MSTR. This article delivers the latest facts, what they mean for the company, and what to watch next.
Strategy’s Latest Bitcoin Accumulation and Stock Impact
As of February 23, 2026, Strategy (formerly MicroStrategy) raised $39.7 million by selling 297,940 shares, using the proceeds to acquire 592 additional bitcoins at an average price of $67,286. The company now holds 717,722 bitcoins, purchased at an average cost of $76,020, placing its position approximately $8.3 billion underwater, given current Bitcoin prices near $65,000.
This aggressive accumulation strategy continues despite the ongoing crypto downturn. The company’s stock has dropped 5.6% recently and is down 69.4% over the past eight months, reflecting the broader market’s reaction to Bitcoin’s decline.
Market Activity: Unusual Volume and Price Surge
On February 13, 2026, MSTR stock experienced a notable spike, with $3.25 billion in trading volume and an 8.85% price rally, ranking it among the top 20 most actively traded stocks that day. No specific news was tied to this surge, suggesting possible algorithmic trading, retail speculation, or macro-driven momentum.
Stock Performance and Financial Resilience
Since the start of 2026, MSTR has returned –15.2%. On February 20, the stock closed at $131.05, down from $160+ levels in January. Despite this decline, Strategy maintains a strong financial footing. As of early February, the company held 713,502 bitcoins at an average cost of $76,052, and recently added 855 more bitcoins at $87,974 each.
Importantly, Strategy faces no immediate liquidity risk. Its $8.2 billion debt is largely due in 2027, and the company has 30 months of dividend coverage, providing a buffer against short-term volatility.
Context: Rebranding and Strategic Evolution
The transformation from MicroStrategy to Strategy began in February 2025, signaling a shift from enterprise software to a Bitcoin-centric treasury model. The rebrand included a new logo featuring a Bitcoin “B” and an orange color scheme.
At that time, the company reported a fourth-quarter loss of $670.8 million, driven by massive Bitcoin purchases—218,887 BTC for $20.5 billion, plus 10,107 BTC in January 2025. These moves cemented Strategy’s identity as the largest corporate Bitcoin holder.
Strategic Financing and Institutional Positioning
Strategy has consistently leveraged equity and preferred stock offerings to fund its Bitcoin acquisitions. In February 2025, it purchased 20,356 BTC for nearly $2 billion, bringing its holdings close to 500,000 BTC.
Later in 2025, the company launched a $4.2 billion STRD preferred stock offering to support further Bitcoin accumulation and corporate liquidity.
By Q3 2025, Strategy raised $5.09 billion through preferred and common stock offerings, using nearly all proceeds to buy 42,706 BTC at an average of $115,959 each. This pushed total holdings to 640,031 BTC, valued at $73.21 billion.
By year-end, Strategy held 650,000 BTC, acquired at an average cost of $74,436, and established a $1.4 billion reserve to cover preferred dividends and interest.
A recent analysis highlights that Strategy raised over $25 billion in 2025, added 225,000 BTC, and ended the year with 713,502 BTC—about 3.4% of all Bitcoin ever to exist. The company maintains low net leverage (10–13%) and a $2.25 billion cash reserve, covering over two years of obligations.
What It Means Now
Strategy’s model is clear: continue buying Bitcoin, funded through capital markets, regardless of price. The company’s financial structure—long-dated debt, dividend coverage, and cash reserves—supports this approach even amid market stress.
The recent stock rally and volume spike suggest renewed investor interest, though without clear catalysts. The company’s steadfast accumulation strategy continues to polarize sentiment: some see it as visionary, others as overly risky.
What to Watch Next
- Bitcoin price trends: A sustained rebound above the company’s average cost (~$76K) could reduce unrealized losses and stabilize sentiment.
- Capital markets access: Future equity or preferred offerings will be critical to funding continued Bitcoin purchases.
- Earnings reports: Upcoming Q4 2025 results (expected early February) will shed light on software revenue, mark-to-market impacts, and strategic commentary.
- Index inclusion: Strategy remains in MSCI indexes through at least March 2026, supporting institutional visibility.
Conclusion
Strategy (formerly MicroStrategy) remains unwavering in its Bitcoin accumulation strategy, even as its holdings sit billions underwater. The company continues to tap capital markets to fund purchases, maintain liquidity, and preserve dividend coverage. Recent stock volatility and volume spikes reflect market uncertainty, but Strategy’s long-term model remains intact. Investors will be watching Bitcoin price movements, capital-raising activity, and upcoming earnings for signals on whether this bold strategy can withstand ongoing crypto turbulence.