Strategy, formerly MicroStrategy, is known as a bitcoin treasury company. It pivoted from IT consulting to accumulating BTC in 2020, led by executive chairman Michael Saylor who views bitcoin as the next global monetary base. The company holds around $47 billion worth of bitcoin, and despite a price decline from roughly $125,000 in October to around $60,000 last week, it has continued purchases, including a $168.4 million BTC buy funded by new share issuances. Strategy has acquired 2,486 BTC for about $168.4 million at roughly $67,710 per bitcoin, and as of February 16, 2026, it reported holding 717,131 BTC worth about $54.52 billion at around $76,027 per BTC.
Data from BitcoinTreasuries.NET show the holdings peaked at around $90 billion in early October. The stock is down about 76.5% from its all-time high of $543, reached in November 2024. Despite some media catastrophizing, Strategy says its overall bitcoin acquisition cost remains roughly balanced, with the drawdown from peak value less severe than the bitcoin price moves themselves. Bernstein and TD Cowen consider Strategy not to be in distress, underscoring the leveraged nature of its approach to BTC.
The strategy effectively makes Strategy a bet on bitcoin’s long-term trajectory, aiming to increase bitcoin per share on issue. This framework tends to outperform during bitcoin gains and underperform in downturns, offering a different risk profile than simply owning BTC outright. Critics label the approach as Ponzi-like, though such claims echo debates about bitcoin itself for more than a decade. There is growing concern about the concentration of bitcoin holdings among treasury entities, exchanges, and ETF providers, raising questions about the crypto market’s structure and resilience.
Leave a Reply