TL;DR
- Strategy purchased 2,486 BTC for $168.4M and increased its holdings to 717,131 BTC, more than 3.4% of Bitcoin’s total supply.
- The historical average cost stands at $76,027 per coin; the position is worth about $48.8B and carries mark-to-market losses of roughly $5.7B.
- The purchases were funded through MSTR and STRC share issuances; the 42/42 plan targets raising $84B through 2027 to keep accumulating BTC.
Strategy bought 2,486 BTC between February 9 and February 16 for approximately $168.4 million at an average price of $67,710 per unit. The transaction lifted total holdings to 717,131 BTC.
The historical average acquisition cost is $76,027 per bitcoin and cumulative spending totals around $54.5 billion including fees. At current prices, the position is worth roughly $48.8 billion and reflects mark-to-market losses near $5.7 billion. The company controls more than 3.4% of the maximum supply of 21 million bitcoins.
The purchases were financed through at-the-market sales of Class A common stock and perpetual preferred shares. Strategy sold 660,000 MSTR shares for approximately $90.5 million and still has $7.88 billion available under that program. It also sold 785,354 STRC shares for about $78.4 million and retains $3.54 billion available for further issuance.
The capital programs include preferred issuances of STRK for $21 billion, STRC for $4.2 billion, STRF for $2.1 billion, and STRD for $4.2 billion. The structure forms part of the “42/42” plan, which seeks to raise $84 billion in equity and convertible debt through 2027 to acquire more Bitcoin.
The preferred shares feature different structures. STRD is non-convertible and pays a 10% non-cumulative dividend. STRK is convertible and offers an 8% non-cumulative dividend. STRF is non-convertible and pays a 10% cumulative dividend. STRC carries a variable cumulative rate with adjustable monthly dividends.
Strategy Could Withstand a Near Total Bitcoin Collapse
Last week, Strategy had already purchased another 1,142 BTC for about $90 million at an average price of $78,815 per unit. Michael Saylor had previewed the acquisition with the message “99>98”.
The company stated it can cover its obligations even if the bitcoin price falls to $8,000. It also plans to convert convertible debt into equity within three to six years. Analysts indicated that liabilities are structured long term and have no major maturities until 2028.
According to market data, 194 public companies implement bitcoin treasury models. Strategy’s mNAV ratio sits around 0.91. Its shares remain down 71% from the summer 2025 highs, although they rose 16.5% last week and closed at $133.88.
