2,486 Bitcoin at $67,710: Strategy Keeps Buying While Everyone Else Panics
Strategy, the publicly traded firm formerly known as MicroStrategy, confirmed the acquisition of 2,486 Bitcoin for approximately $168.4 million between February 9 and February 16, 2026. The average entry price of $67,710 per coin makes this the company's cheapest batch since September 2024, when Bitcoin was still grinding through the mid-cycle range before its October rally to $126,080.
The purchase was funded entirely through net proceeds from Strategy's at-the-market equity offering program. The company sold approximately $90.5 million worth of Class A Common Shares (MSTR) and roughly $78.4 million in perpetual Stretch preferred stock (STRC) during the same period. No debt was used.
As of February 16, Strategy holds 717,131 BTC acquired for a total of approximately $54.52 billion at a blended average price of $76,027 per coin. At current market prices near $67,000, the firm is sitting on roughly $5.7 billion in unrealized losses across its entire portfolio.
Why the $67,710 Average Matters More Than the Headline Number
The dollar amount of this purchase, $168 million, is modest by Strategy's standards. The firm has executed purchases exceeding $1 billion in a single week. What makes this tranche significant is the cost basis.
At $67,710 per Bitcoin, this is the lowest average acquisition price Strategy has paid since the sub-$70,000 accumulation window in September 2024. Between October 2025 and January 2026, the company's purchases averaged well above $80,000 per coin as it chased momentum during Bitcoin's surge past $100,000.
The math is straightforward: every sub-$76,027 purchase mechanically lowers Strategy's blended entry price, which currently sits about 13% above spot. If Bitcoin recovers to $76,000, this specific tranche would already be in profit by more than 12%, even while the broader portfolio remains at breakeven.
This is the logic that Saylor has repeated across dozens of earnings calls and public statements: lowering the cost basis during drawdowns is not a panic response, it is the strategy working as designed.
717,131 BTC: More Than 3% of All Bitcoin in Circulation
Strategy now controls more than 3.4% of Bitcoin's total circulating supply. To put that in context, this is more Bitcoin than the estimated holdings of every nation-state except possibly the United States (which holds an estimated 207,000 BTC from law enforcement seizures) and El Salvador (which holds approximately 6,000 BTC as legal tender reserves).
The concentration raises a question that has followed Strategy since its first purchase in August 2020: what happens if the company ever needs to sell? At 717,131 BTC, a forced liquidation would represent the single largest sell event in Bitcoin's history. Current daily spot volume across all exchanges averages roughly 250,000 to 350,000 BTC. A full unwind would take weeks and would almost certainly crash the market.
Strategy has addressed this concern directly. According to its most recent filing, the company claims it can withstand a Bitcoin price decline to $8,000 and still maintain sufficient assets to cover all outstanding debt. That is an 88% drawdown from current levels. Whether investors find that reassuring or alarming depends entirely on their time horizon.
The Funding Engine: How Strategy Keeps Buying Without Selling
Strategy has never sold a single Bitcoin since beginning its accumulation in August 2020. The firm finances every purchase through three channels: convertible note offerings, at-the-market stock sales, and preferred stock issuances.
This latest batch used the equity route. Selling $90.5 million in MSTR shares and $78.4 million in STRC preferred stock dilutes existing shareholders, but the company has argued repeatedly that the "BTC Yield" metric, which measures the change in the ratio of Bitcoin holdings to diluted shares outstanding, remains positive.
The sustainability of this model depends on two things: MSTR stock maintaining a premium over the net asset value of Strategy's Bitcoin holdings, and the capital markets staying open to repeated equity issuances. During bull markets, both conditions hold easily. During extended drawdowns, the premium compresses and issuance windows narrow.
With MSTR shares responding positively to Saylor's purchase signals, jumping roughly 10% on the February 15 "99>98" teaser post, the market is still rewarding the accumulation narrative. But the stock's sensitivity to Bitcoin price action means a sustained drop below $60,000 could test the funding mechanism in ways it hasn't been tested before.
What This Means for the Broader Bitcoin Market
Strategy's persistent buying during drawdowns creates what some analysts describe as a "soft floor" in Bitcoin's price. The firm's willingness to deploy capital at $67,710 sends a signal to the market that at least one major institutional buyer views current levels as attractive. Other corporate treasury allocators, from Metaplanet in Japan to Eric Trump's American Bitcoin in the US, follow similar playbooks at smaller scale.
This purchase also lands during a period of unusual stress. Bitcoin long-term holder SOPR fell below 1 for the first time since the LUNA crash, indicating that veteran holders are selling at a loss. Fund managers are at their most bearish on the dollar since 2012, which historically has been a tailwind for Bitcoin but hasn't translated to buying pressure yet.
Strategy buying at $67,710 while long-term holders capitulate is the kind of divergence that typically resolves with one side being very right and the other very wrong. At this scale, 717,131 BTC, Strategy has made a $54.5 billion bet on which side that will be.
The Crypto Card Angle: Why Bitcoin Accumulation Ripples Through Spending Products
Corporate Bitcoin accumulation at this scale affects the broader crypto economy in ways that reach cardholders directly. Crypto card products that rely on Bitcoin as a funding source, including cards from Coinbase, Bybit, and Nexo, operate in a market where 3.4% of circulating supply is now locked in a single corporate treasury with no intention of selling.
That supply compression, combined with ETF outflows bleeding for a fourth consecutive week and stakers locking over 50% of ETH supply, is gradually reducing the liquid float available for everyday spending and settlement. For users who hold BTC as a spending balance on cashback cards, the long-term implication is a tighter market with higher volatility around the remaining liquid supply.
FAQ
How many Bitcoin does Strategy hold now? As of February 16, 2026, Strategy holds 717,131 BTC acquired for approximately $54.52 billion at a blended average price of $76,027 per coin. This represents more than 3.4% of Bitcoin's total circulating supply.
Why is the $67,710 average cost significant? It is the lowest per-coin price Strategy has paid since September 2024. Every purchase below the blended average of $76,027 mechanically lowers the overall cost basis, improving the portfolio's breakeven point.
How does Strategy fund its Bitcoin purchases without selling? The company uses three channels: convertible notes, at-the-market common stock sales (MSTR), and preferred stock issuances (STRC). This latest purchase was funded entirely through equity sales totaling approximately $168.9 million.
Could Strategy be forced to sell its Bitcoin? The company claims it can withstand a Bitcoin price decline to $8,000 and still cover all outstanding debt. However, sustained price drawdowns could compress the MSTR premium and limit future equity issuance capacity.
Overview
Strategy acquired 2,486 Bitcoin for $168.4 million at an average price of $67,710 per coin between February 9 and 16, 2026, marking its cheapest accumulation batch since September 2024. The company now holds 717,131 BTC worth approximately $48 billion at current prices, against a total cost basis of $54.52 billion and roughly $5.7 billion in unrealized losses. Funded through equity sales of MSTR common stock and STRC preferred stock, the purchase continues a pattern of accumulation during drawdowns that has defined Strategy's approach since August 2020. The firm claims it can survive Bitcoin falling to $8,000 without defaulting on debt, a statement that underscores both the conviction and the scale of the bet Saylor has placed on Bitcoin's long-term trajectory.
Recommended Reading
- Bitcoin Long-Term Holder SOPR Falls Below 1 for the First Time Since the LUNA Crash as Veterans Sell at a Loss
- Fund Managers Are the Most Bearish on the Dollar Since 2012, but Bitcoin's New Correlation Flips the Old Playbook
- Bitcoin Has Lost Half Its Value Since October and VanEck Says Five Forces Are to Blame
