Strategy, the U.S. publicly traded company formerly known as MicroStrategy, continues its aggressive Bitcoin accumulation. In a filing dated February 23, 2026, the firm disclosed it purchased 592 Bitcoin for approximately $39.8 million between February 17 and February 22. The average price per coin was $67,286.
Total Stash Rises to 717,722 BTC
As of February 22, Strategy held 717,722 Bitcoin, acquired at a cumulative cost of about $54.65 billion, with an average cost basis near $76,020 (including fees). The company remains the largest corporate holder of Bitcoin by a wide margin, far outpacing other public firms.
The funding for this purchase came entirely from Strategy's at-the-market (ATM) equity offering program. During the same window, the company sold 297,940 shares of its Class A common stock, netting roughly $39.7 million. This “equity-for-Bitcoin” swap has been the hallmark of Strategy’s treasury strategy since 2020.
ATM Model Under Scrutiny
While the ATM program provides flexible capital, it also dilutes existing shareholders. Critics warn that the strategy amplifies Bitcoin volatility onto the stock, making MSTR a leveraged proxy for crypto. Nonetheless, CEO Michael Saylor has shown no sign of pausing. In prior statements, he signaled that the firm would not sell even if Bitcoin dropped to $8,000, and that convertible debt could be fully equity-converted within 3-6 years.
The latest filing reinforces that Strategy’s conviction remains unshaken, even as its paper losses on holdings have exceeded $6.5 billion at times. The firm continues to borrow from equity markets to buy more Bitcoin, a bet that hinges entirely on long-term appreciation.