According to a Form 8-K filed on February 9, 2026, Strategy Inc. held 714,644 BTC, purchased for a total of $54.35 billion, or $76,056 per BTC, including fees. In the same filing, it reported the purchase of 1,142 BTC for $90 million (about $78,815 per BTC, including fees). The ATM program also saw the sale of 616,715 A-class common shares generating $89.5 million to fund additional BTC purchases. As of February 10, 2026, Bitcoin traded around $69,401.
Using the market value of 714,644 BTC at that time, the holding was about $49.6 billion, below the total cost of $54.35 billion, implying an unrealized loss of about $4.8 billion. MicroStrategy’s Bitcoin strategy began in 2020 when the company allocated cash reserves to Bitcoin. The 2020 8-K disclosure shows 21,454 BTC purchased for $250 million on August 11, 2020. By year-end 2020 holdings grew to about 70,470 BTC at an average price of $15,964 per BTC, totaling $1.125 billion.
Through subsequent years, holdings surpassed 700,000 BTC by early February 2026. As of Feb 1, 2025, 713,502 BTC were purchased for $54.26 billion (average $76,052 per BTC) and in January 2026 they added 41,002 BTC. On February 9, 2026, the company updated that 714,644 BTC remained. Funding sources include ATM stock issuances, which finance BTC purchases.
In 2025 the company raised $25.3 billion, making it the largest U.S. equity issuer. A recurring feature of funding is that BTC purchases are funded by ATM stock issuances, not cash on hand alone. The BTC holdings are linked to the company’s capital structure; shares are not ownership of BTC. As of February 2026, the public disclosures show that the BTC strategy exposes the company to BTC price movements and capital-structure considerations, influencing market psychology even if the immediate BTC supply remains unchanged.
ASU 2023-08 introduced fair-value measurement for major cryptocurrency assets, requiring gains and losses to be reflected in net income and mandating additional disclosures. It becomes effective for fiscal years starting after December 15, 2024. Strategy announced adoption of ASU 2023-08 on January 1, 2025, revaluing BTC at fair value and reflecting it in earnings. Consequently, earnings can swing with BTC price movements, and 2025 Q4 reported operating losses due to fair-value accounting, including unrealized losses of $17.4 billion. The company notes that unrealized gains or losses may appear in the fair-value framework and may not be fully reflected in non-GAAP BTC-per-share metrics.
Michael Saylor, the chairman and former CEO, is a well-known figure in the Bitcoin space; he led the large-scale adoption and helped embed BTC as a core part of MicroStrategy’s identity. Interviews and official statements have shaped the narrative of BTC as a long-term corporate asset, and many investors treat MicroStrategy shares as a proxy for BTC exposure, influencing market psychology and demand. Saylor’s measured stance has often offered psychological reassurance to BTC supporters, even when markets are volatile.
Strategy has frequently funded BTC purchases through stock issuances, linking equity markets to BTC demand and creating a bridge between the two asset classes. A smooth equity issuance environment can enable further accumulation, while a constrained one can dampen expectations. This has led many investors to view Strategy shares as a proxy for Bitcoin exposure, with disclosures potentially triggering rapid price movement in the crypto market. As of February 10, 2026, Strategy’s stock traded around $138.44, underscoring how disclosures related to BTC holdings, funding, and accounting can drive market reactions.
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