Strategy acquired 1,142 bitcoins for approximately $90 million. The average price of each BTC was $78,815, and the purchase was financed by the sale of 616,715 shares of MSTR.
Strategy’s latest acquisition raised its total holdings to 714,644 BTC, with an aggregate purchase cost of $54.35 million. According to the company’s data, the average cost was $76.056 per bitcoin. The move further underscores the firm’s continued commitment to accumulating bitcoin, even amid significant losses.
The purchases were executed over the course of a week in early February. During that period, Strategy acquired 1,142 BTC for approximately $90 million, at an average price of around $78.815 per bitcoin. The transaction was primarily funded through the sale of 616,715 shares of MSTR via its at-the-market (ATM) program, which generated estimated net proceeds of $89.5 million.
Following this transaction, the company’s total position was consolidated at over 714,000 bitcoins, reinforcing its profile as one of the largest corporate holders of the asset globally. However, with bitcoin trading below the average aggregate cost, the company faces a significant gap between market value and book value.
Accounting effects of Strategy and potential future acquisitions by the company
From an accounting perspective, Strategy records bitcoin as an intangible asset under GAAP, which implies recognizing impairment losses when the price falls below the acquisition cost, but not revaluing it upwards when the market recovers. In this context, the company recently reported a net loss of $12.4 billion in the fourth quarter of 2025, largely driven by non-cash impairment charges. At current prices, the unrealized losses on its bitcoin position were around $5 billion.
Strategy’s stock maintains a high correlation with the price of Bitcoin, which translates into greater stock market volatility. Furthermore, recurring issuances under the at-the-money (ATM) program introduce dilution risk, especially when shares are sold at a discount, a factor that could put pressure on MSTR’s premium over the net value of its Bitcoin holdings.
The company’s management, however, maintains that price dips represent accumulation opportunities. Its executives argue that the combination of equity and debt gives them flexibility to continue buying and that only a prolonged and severe Bitcoin collapse—for example, prices sustained in the low thousands for several years—would put material strain on the debt profile, before which they would consider restructuring or alternative financing.
Looking ahead, Strategy’s strategy keeps its balance sheet closely tied to the price of Bitcoin. Ongoing accumulation financed through equity issuances will likely continue to generate volatile GAAP results and could influence MSTR’s trading multiple.
