• Strategy Inc (MSTR) purchased 2,486 bitcoin for $168.4 million from February 9-16, 2026, funded by at-the-market (ATM) equity sales.
  • The company's bitcoin holdings now total 717,131 with an average cost of $76,027 per coin, reinforcing its position as the largest corporate holder.
  • The move highlights Strategy's ongoing capital strategy to leverage equity offerings for bitcoin accumulation amid market volatility.

Strategy Inc, the bitcoin treasury company formerly known as MicroStrategy, has added 2,486 bitcoin to its reserves in a week-long buying spree from February 9 to 16, 2026. The purchases, totaling $168.4 million at an average price of $67,710 per coin, were financed entirely through proceeds from its ATM program, according to recent disclosures. During the same period, the company sold 785,354 preferred shares for $78.4 million and 660,000 Class A shares for $90.5 million, underscoring a deliberate capital-raising effort to fuel its bitcoin strategy.

With these latest acquisitions, Strategy's bitcoin holdings have climbed to 717,131 coins, maintaining an average cost basis of $76,027. This accumulation cements the company's status as the preeminent corporate bitcoin holder, a role it has aggressively pursued since pivoting to a treasury-focused model in 2020. The purchases come as bitcoin prices show signs of appreciation, with the average buy price notably lower than prior quarters, suggesting opportunistic timing in a fluctuating market.

Efforts to expand its bitcoin treasury have been a cornerstone of Strategy's financial maneuvers, with the ATM program serving as a key tool for raising capital without traditional debt. "We're committed to leveraging equity markets to build our bitcoin reserves," a company spokesperson said in a statement, though they declined to comment on future purchase plans. The strategy aligns with broader trends in corporate adoption of bitcoin as a hedge and store of value, though it carries inherent risks tied to cryptocurrency volatility.

In the background, Strategy's financial performance has been buoyed by bitcoin gains, with Q3 2025 reporting net income of $2.8 billion and a 26% year-to-date bitcoin yield. The company's guidance for FY2025 projects operating income of $34 billion and net income of $24 billion, driven largely by its bitcoin holdings. Analysts note that the stock, trading with a high beta of 3.83, often acts as a bitcoin proxy for investors seeking leveraged exposure, though it remains subject to regulatory oversight from bodies like the SEC.

Looking ahead, Strategy's ability to continue funding bitcoin purchases through ATM sales may hinge on market conditions and shareholder appetite. Without sustained equity demand, the company could face challenges in maintaining its aggressive accumulation pace. Industry observers point to the growing competition in corporate bitcoin treasuries, but Strategy's first-mover advantage and transparent reporting via its website keep it at the forefront. As one market insider put it, "This isn't just about buying bitcoin—it's about building a digital collateral base for future credit initiatives."

Correction: An earlier version misstated the average cost per coin; it is $76,027, not $74,032.