Strategy Deepens SEC-Disclosed Bitcoin Bet With $168M Buy as Saylor Signals “99>98” Plans

18. Feb 2026 Posted by Laurent C. on News

Bitcoin treasury firm Strategy has expanded its already massive crypto reserves, acquiring 2,486 BTC for roughly $168.4 million between Feb. 9 and Feb. 16, according to a newly filed report with the U.S. Securities and Exchange Commission.

The purchases were made at an average price of $67,710 per bitcoin, lifting the company’s total stash to 717,131 BTC. Based on disclosures shared by co-founder and executive chairman Michael Saylor, Strategy has spent approximately $54.5 billion in total — including fees — to accumulate its position at an average cost basis of $76,027 per coin.

Now Holding Over 3.4% of Bitcoin’s Supply

With more than 717,000 BTC under its control, Strategy owns over 3.4% of Bitcoin’s fixed 21 million supply. At current valuations, the holdings are worth about $48.8 billion, leaving the company with an unrealized mark-to-market deficit of roughly $5.7 billion.

Still, the firm continues to lean into its long-term thesis.

Ahead of the announcement, Saylor teased the move with a cryptic “99>98” post — referencing the company’s 99th bitcoin purchase being larger than its previous one. Just a week earlier, Strategy revealed it had added 1,142 BTC for around $90 million, bringing its holdings at the time to 714,644 BTC.

Funding the Bitcoin Machine

The latest acquisition round was financed through at-the-market (ATM) equity sales.

During the Feb. 9–16 window, Strategy sold:

  • 660,000 shares of its Class A common stock (MSTR) for about $90.5 million

  • 785,354 shares of its perpetual Stretch preferred stock (STRC) for roughly $78.4 million

As of Feb. 16, the company still has $7.88 billion in MSTR capacity and $3.54 billion in STRC capacity available under its respective ATM programs.

These offerings form part of a broader capital-raising roadmap. Strategy’s perpetual preferred programs — STRK, STRC, STRF, and STRD — collectively represent tens of billions in potential issuance capacity, layered on top of the firm’s ambitious “42/42” plan. That strategy targets $84 billion in total equity and convertible note funding through 2027 to fuel additional bitcoin acquisitions.

Each preferred structure carries a different risk profile:

  • STRD: Non-convertible, 10% non-cumulative dividend, highest risk-reward

  • STRK: Convertible, 8% non-cumulative dividend with equity upside

  • STRF: Non-convertible, 10% cumulative dividend, most conservative

  • STRC: Variable-rate, cumulative, monthly dividends aimed at maintaining price stability

Debt Resilience and Downside Scenarios

Despite its sizable exposure, Strategy insists it can weather extreme volatility. Saylor reiterated over the weekend that the firm could endure a bitcoin price drop to $8,000 and still maintain sufficient assets to fully service its debt.

He also outlined plans to convert outstanding convertible debt into equity over the next three to six years, gradually reshaping the company’s capital structure.

Analysts appear divided but measured. Research teams at Bernstein have noted that while Strategy employs leverage, its obligations are largely structured through long-dated preferred equity with no major debt maturities until 2028. TD Cowen analysts recently described the firm as better positioned than ever to benefit from a broader crypto recovery cycle.

Performance Pressure Mounts

Still, the market has been less forgiving. Strategy’s shares remain down sharply from their summer 2025 highs, with its market cap-to-net asset value ratio contracting significantly. Its mNAV currently sits near 0.91 — implying the company trades below the value of the bitcoin it holds.

Meanwhile, data from Bitcoin Treasuries shows 194 public companies now employ some form of bitcoin acquisition strategy. Among the largest holders beyond Strategy are MARA Holdings, Riot Platforms, Coinbase, and Hut 8, though none approach Strategy’s scale.

Saylor remains confident in the long game, recently predicting bitcoin will outperform the S&P 500 by two to three times over the next four to eight years.

For now, Strategy continues to double down — steadily converting capital markets access into bitcoin accumulation as it builds one of the most concentrated corporate positions in digital asset history.