Michael Saylor's Strategy buys 2,486 bitcoin for $168 million as total holdings reach 717,131 BTC

Bitcoin treasury company Strategy acquired an additional 2,486 BTC for approximately $168.4 million at an average price of $67,710 per bitcoin between Feb. 9 and Feb. 16, according to an 8-K filing with the Securities and Exchange Commission on Tuesday.

Strategy now holds a total of 717,131 BTC — worth around $48.8 billion — bought at an average price of $76,027 per bitcoin for a total cost of around $54.5 billion, including fees and expenses, according to the company's co-founder and executive chairman, Michael Saylor.

In supply terms, that’s over 3.4% of Bitcoin’s hard cap of 21 million coins and a position that now carries approximately $5.7 billion in mark-to-market losses.

The latest acquisitions were made using proceeds from at-the-market sales of its Class A common stock, MSTR, and perpetual Stretch preferred stock, STRC. During the period, Strategy sold 660,000 MSTR shares for approximately $90.5 million. As of Feb. 16, $7.88 billion worth of MSTR shares remain available for issuance and sale under that program, the firm said. Strategy also sold 785,354 STRC shares for approximately $78.4 million, with $3.54 billion under that ATM program remaining. 

Strategy's STRK, STRC, STRF, and STRD perpetual preferred stock's respective $21 billion, $4.2 billion, $2.1 billion, and $4.2 billion ATM programs are in addition to the firm's "42/42" plan, which targets a total capital raise of $84 billion in equity offerings and convertible notes for bitcoin acquisitions through 2027.

STRD is non‑convertible with a 10% non‑cumulative dividend and the highest risk‑reward profile. STRK is convertible with an 8% non‑cumulative dividend, allowing equity upside. STRF is nonconvertible and offers a 10% cumulative dividend, making it the most conservative option. STRC is a variable‑rate, cumulative preferred stock offering monthly dividends, with adjustable rates designed to keep it near par.

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'99>98'

Saylor gave his usual hint at the firm's latest set of acquisitions ahead of time, sharing an update on Strategy's bitcoin acquisition tracker on Sunday, stating, "99>98," suggesting that the firm's 99th set of acquisitions would be larger than the last.

Last Monday, Strategy announced it had purchased another 1,142 BTC for approximately $90 million at an average price of $78,815 per bitcoin — taking its total holdings to 714,644 BTC.

The firm doubled down on its recent earnings call statement over the weekend, reiterating that Strategy can withstand a drawdown in bitcoin's price to $8,000 and still have sufficient assets to fully cover its debt.

"Our plan is to equitize our convertible debt over the next 3–6 years," Saylor said on X.

Last week, analysts at Bernstein said that, while Strategy has used leverage to buy bitcoin, the firm has structured its liabilities conservatively through long-dated perpetual preferred equity, ample cash reserves to cover dividends, and no major debt maturities until 2028. Meanwhile, TD Cowen analysts said that Strategy is "better positioned than ever" to participate in a potential recovery, even as the broader premise can look strained during a steep downside.

"I think bitcoin is going to double or triple the performance of the S&P over the next four to eight years," Saylor told Andrew Ross Sorkin on CNBC's Squawk Box.

"Strategy has half the leverage of investment-grade companies. We are amplified, not levered," CEO Phong Le added.

DAT slump

According to Bitcoin Treasuries data, 194 public companies have adopted some form of bitcoin acquisition model. MARA, Tether-backed Twenty One, Metaplanet, Adam Back, and Cantor Fitzgerald-backed Bitcoin Standard Treasury Company, Bullish, Riot Platforms, Coinbase, Hut 8, and CleanSpark make up the remainder of the top 10, with 53,250 BTC, 43,514 BTC, 35,102 BTC, 30,021 BTC, 24,300 BTC, 18,005 BTC, 15,389 BTC, 13,696 BTC, and 13,513 BTC, respectively.

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However, the value of many of the cohort's shares is down significantly from their summer 2025 peaks as their market cap-to-net asset value ratios sharply contracted, with Strategy itself down 71%, for example. Strategy's mNAV currently sits at around 0.91 — meaning the company is worth less than the value of the bitcoin it holds.

Strategy's stock gained 16.5% last week, boosted by a 8.9% rise on Friday to close at $133.88, according to The Block's Strategy price page, while bitcoin saw a muted 0.5% weekly increase.

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