TLDR
- Strategy made its 100th Bitcoin purchase since adopting its BTC treasury strategy in August 2020.
- The company bought 592 BTC for ~$39.8 million at an average price of $67,286 per coin.
- Total holdings now stand at 717,722 BTC, acquired at a total cost of $54.56 billion.
- The purchase was funded by selling 297,940 Class A common stock shares via its ATM program, raising $39.7 million.
- Bitcoin is currently trading below Strategy’s overall average purchase price of $76,020 per coin.
Strategy (MSTR) has reached a milestone. Last week, the company completed its 100th Bitcoin purchase since first adopting a BTC treasury strategy back in August 2020.
The latest buy: 592 BTC for approximately $39.8 million, at an average price of $67,286 per coin, including fees and expenses.
That brings total holdings to 717,722 BTC. The company paid a combined $54.56 billion to accumulate that stack over nearly six years.
Executive chairman Michael Saylor teased the milestone on Sunday via X, sharing a chart of all previous purchases with the caption “The Orange Century.” Classic Saylor.
The purchase was funded through Strategy’s at-the-market (ATM) equity offering program. Between February 17 and February 22, the company sold 297,940 Class A common stock shares, generating net proceeds of roughly $39.7 million.
No preferred stock was sold during the same period. Strategy still has substantial capacity remaining across its preferred stock ATM programs, including over $20.3 billion available under the STRK program alone.
Buying Below Average
There’s a number worth watching here. Strategy’s overall average purchase price sits at $76,020 per BTC. Bitcoin is currently trading below that level, meaning the company’s holdings are underwater on a cost-basis comparison.
That hasn’t slowed the buying. Strategy has kept up weekly acquisitions throughout 2026 despite the price gap.
At current prices, the 717,722 BTC on Strategy’s balance sheet is worth around $47.5 billion.
Company Financials
Strategy carries a market cap of $43.74 billion. Over the last twelve months, it posted a loss of $15.23 per share.
One analyst metric flags the stock as overvalued based on Fair Value models. However, analysts are projecting a sharp turnaround, forecasting earnings of $52.63 per share for fiscal 2026.
Strategy began its Bitcoin accumulation in August 2020 with an initial $250 million allocation. It has since expanded holdings across multiple market cycles, using equity issuance and other capital market tools to fund purchases.
The company has become the largest publicly traded corporate holder of Bitcoin.
In a separate post on February 20, Saylor wrote: “If it’s not going to zero, it’s going to a million.”
As of February 22, MSTR stock was down 4.25% on the day.
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