Strategy Buys $168M BTC, Lowers Cost Basis After 2.5 Years

Strategy, the company formerly known as MicroStrategy, has purchased another large batch of Bitcoin. The firm acquired 2,486 BTC for about $168.4 million between February 9 and February 16, 2026. The average purchase price came in at roughly $67,710 per coin. This move pushed the company’s total holdings to 717,131 BTC. More importantly, it lowered Strategy’s overall cost basis to about $76,027 per Bitcoin. This marks the first time the average cost has dropped in nearly two and a half years. This signals a key shift in its long running accumulation strategy.

Cost Basis Falls for the First Time in Years

The latest purchase stands out because it reduced Strategy’s average Bitcoin cost. According to disclosures, the company’s cost basis fell by $29 after the new buy. The last time the average price dropped was in September 2023. 

Strategy now holds more than 717,000 BTC. The company spent around $54.5 billion to build this position over several years. At current Bitcoin prices near $68,000, the holdings are worth roughly $48 billion. That still leaves the firm with large unrealized losses on paper. However, the company continues to follow a long-term approach. This purchase also shows how Strategy keeps buying during market dips. Instead of waiting for perfect timing, it sticks to steady accumulation.

Funding Comes From Stock and Preferred Shares

Strategy financed the purchase through its at-the-market capital program. The company raised about $90.5 million by selling Class A common stock. It also raised around $78.4 million through its perpetual preferred shares. This structure marks a shift in Strategy’s funding mix. Nearly half of the latest capital came from preferred shares. These securities attract income focused investors because they offer high yields. 

At the same time, they reduce dilution pressure on common shareholders. The company has used several funding tools over the years. These include stock sales, convertible notes and preferred shares. The goal remains the same: keep buying Bitcoin without relying on traditional debt alone.

Strategy Remains the Largest Corporate Bitcoin Holder

With over 717,000 BTC, Strategy remains the largest corporate holder of Bitcoin by a wide margin. The company has now completed nearly a hundred purchases since it started its Bitcoin strategy in 2020. This latest move continues a streak of weekly buys. It also shows the firm’s strong conviction, even during a softer market. While many companies hesitate during downturns, Strategy often uses dips as buying opportunities.

Market Reaction and Long-Term Outlook

Strategy’s stock slipped slightly after the announcement. Investors often react to Bitcoin price swings and share dilution concerns. Still, the company’s leadership keeps a bullish tone. Michael Saylor has repeatedly said the firm plans to hold BTC for the long term. The company sees itself as a “Bitcoin treasury” rather than a traditional software firm. For now, the latest purchase brings Strategy closer to its milestone 100th Bitcoin buy. It also shows that its accumulation plan remains active, even when the market feels uncertain.

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