On February 23, 2026, Strategy Inc. (formerly MicroStrategy) completed its 100th Bitcoin purchase, acquiring 592 BTC for approximately $39.8 million. The transaction was financed through an at‑the‑market sale of 297,940 shares of Class A common stock, which generated net proceeds of about $39.7 million and added new equity to the balance sheet.
The purchase increased the company’s Bitcoin holdings to 717,722 BTC, a 0.08% rise from the 717,131 BTC it held after its previous purchase. At current market prices, the total value of the holdings is roughly $46.4 billion to $47.5 billion, reflecting unrealized losses of $7.1 billion to $8.2 billion compared with the aggregate acquisition cost of $54.56 billion and an average purchase price of $76,020 per BTC. The 592 BTC were bought at an average price of $67,286 per coin.
This acquisition marks the 100th Bitcoin purchase since the company began its treasury‑reserve strategy and follows the rebranding from MicroStrategy to Strategy Inc. in February 2025. The company also hosted its annual “Bitcoin for Corporations” conference around the same time, underscoring its continued focus on promoting Bitcoin adoption among businesses. The ATM equity sale demonstrates Strategy Inc.’s preference for raising capital without liquidating its Bitcoin holdings, a tactic that has been used consistently to fund new purchases.
From a business perspective, the purchase reinforces Strategy Inc.’s long‑term commitment to hold Bitcoin “forever” and to buy it “every quarter.” The continued dilution from ATM sales, however, adds pressure on shareholders, while the significant unrealized losses on the Bitcoin portfolio raise concerns about the company’s risk exposure. The company’s core software business remains under financial strain, with negative operating and net margins and declining revenue growth, which contrasts with the bullish stance on Bitcoin. The company’s stock price is highly correlated with Bitcoin, so movements in the digital asset market directly influence investor sentiment.
Investors have focused on the dilution from the ATM equity sale and the fact that the company’s Bitcoin holdings are substantially underwater. The market reaction was tempered by concerns that continued purchases could exacerbate unrealized losses, while the broader Bitcoin price slide at the time of the announcement added to headwinds for the company’s treasury‑reserve strategy.
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