Strategy (MSTR) has marked a major milestone in its corporate bitcoin accumulation plan, completing its 100th bitcoin purchase since adopting BTC as its primary reserve asset in 2020. According to the company, it bought 592 BTC for approximately $39.8 million, with an average purchase price of $67,286 per bitcoin.
The timing is notable. Rather than adding exposure during a clear upside breakout, Strategy bought more bitcoin while the market was weakening. Over the weekend, bitcoin traded near $68,000, then slid toward $66,000. That pullback also weighed on Strategy’s stock, with MSTR falling more than 2% in premarket trading to around $128. The move once again highlighted how closely the company’s equity performance is tied to the price of bitcoin.
This latest purchase came only a week after another sizable buy. In the prior week, Strategy acquired $168.4 million worth of bitcoin, adding 2,486 BTC. At that point, its total holdings had reached 717,131 BTC. After the additional 592 BTC purchase, the company’s aggregate holdings increased to 717,722 BTC.
On a cumulative basis, Strategy has now acquired its bitcoin stack for approximately $54.56 billion at an average cost basis of $76,020 per BTC. That makes it the largest corporate bitcoin treasury in the world by a very wide margin. The company also maintains a public dashboard showing its bitcoin holdings, purchases, and market pricing in order to comply with Regulation FD disclosure requirements.
How Strategy funded the latest purchase
The newly acquired 592 BTC was financed through Strategy’s at-the-market offering program. Between February 17 and February 22, the company sold 297,940 shares of its Class A common stock and generated approximately $39.7 million in net proceeds. That amount essentially funded the bitcoin purchase disclosed in the latest update.
This structure is consistent with Strategy’s broader capital strategy over the past several years. The company has repeatedly used equity-linked financing capacity to raise funds and convert that capital into additional bitcoin exposure. Supporters view this as an efficient way to transform access to public capital markets into long-term BTC accumulation. Critics, however, see it as a model that further tightens the relationship between MSTR’s share price and bitcoin volatility.
Importantly, Strategy still has substantial capacity left under the same issuance framework. The company said it has about $37.4 billion in securities still available for future issuance under its at-the-market program. That includes roughly $7.8 billion in MSTR stock and $20.3 billion in STRK stock. In practical terms, that leaves the company with significant room to continue raising capital and potentially buying more BTC in the future.
Bitcoin weakness continues to pressure MSTR shares
The 100th purchase did not happen in a vacuum. It came as bitcoin lost momentum and drifted lower from around $68,000 to near $66,000. Because Strategy has become so closely identified with its bitcoin treasury, any move in BTC tends to show up quickly in its equity performance. In this case, the softer bitcoin price translated into premarket weakness for MSTR, which traded around $127.90 to $128.
That relationship has become a defining feature of the stock. For many market participants, MSTR no longer trades like a conventional operating company alone. Instead, it is often treated as a public-market vehicle for bitcoin exposure, with an added layer of corporate financing and treasury leverage dynamics. As a result, downturns in BTC can produce amplified downside in the stock, while rallies in bitcoin frequently generate even stronger upside moves in MSTR.
Before the purchase was officially announced, Executive Chairman Michael Saylor hinted at it on X. He posted the company’s bitcoin tracker and used the caption “The Orange Century”, signaling that the next disclosed purchase would mark the company’s symbolic 100th bitcoin acquisition.
Strategy says it has no intention of selling bitcoin
One of the most closely watched questions around Strategy is whether the company would ever need to sell bitcoin during an extended market downturn. Earlier this year, Michael Saylor directly defended the firm’s approach of regularly buying BTC and made clear that there were no plans to reduce holdings even if the market remained under pressure for a prolonged period.
Saylor argued that concerns about leverage and liquidity had been overstated. He said the company has enough cash to cover both dividends and debt obligations for more than two years. In his view, that financial cushion means Strategy does not need to liquidate bitcoin to meet near-term commitments.
His remarks were unambiguous: “We’re not going to be selling; we’re going to be buying bitcoin.” He also added, “I expect we’ll buy bitcoin every quarter forever.” Those comments effectively summarize the company’s long-term treasury doctrine: hold, keep accumulating, and treat BTC as a permanent strategic asset rather than a tradable position.
At the time referenced in the article, bitcoin was trading near $66,000, while Strategy shares were around $127.90 in premarket trading. The company’s message to investors appears unchanged: short-term volatility does not alter the broader accumulation plan.
Strategy remains the dominant force in corporate bitcoin buying
Viewed at the industry level, Strategy’s role in corporate bitcoin accumulation remains overwhelming. According to a January 2026 report from BitcoinTreasuries.net, Strategy accounted for more than 90% of net new corporate bitcoin purchases during the period. The report said the company bought 40,150 BTC and finished the month holding 712,647 BTC.
The concentration becomes even clearer in the detailed breakdown. Strategy represented 93% of public-company gross bitcoin purchases and 97.5% of net additions. In other words, one company was responsible for almost the entire rebound in sector-wide corporate accumulation, effectively pushing the pace of treasury buying back to late-summer levels.
That dominance helps explain why every Strategy financing update and every new bitcoin purchase receives outsized market attention. The company is no longer just another corporate holder of BTC. It has become the central reference point for the entire corporate bitcoin treasury narrative. And with its 100th purchase now completed, Strategy has once again reinforced that under Michael Saylor’s leadership, bitcoin remains at the center of its long-term capital allocation strategy.