Strategy Buys $168M in BTC as Holdings Hit 717K

Key Insights

• Strategy added 2,486 Bitcoin in latest purchase.
• Total holdings climbed to 717,131 BTC.
• Equity sales funded entire acquisition.

Strategy bought 2,486 Bitcoin between Feb. 9 and Feb. 16, lifting its total holdings to 717,131 BTC, a Feb. 17 Form 8-K filing showed. The company spent $168.4 million to purchase the coins at an average price of $67,710 per coin. The move extended its multi-year Bitcoin accumulation program in Tysons Corner, Virginia, despite ongoing market volatility.

The filing placed Strategy at the center of Bitcoin treasury activity as corporate buyers reassessed exposure during a softer price environment. Bitcoin traded near $68,200 during the acquisition window, reflecting consolidation after a choppy start to the quarter. Strategy’s continued buying reinforced its identity as the largest corporate holder of Bitcoin.

Market Reaction Reflected Persistent Accumulation

Strategy’s 8-K disclosure showed that total Bitcoin holdings reached 717,131 coins acquired for $54.52 billion at an average price of $76,027. That cost basis implied unrealized losses at prevailing market levels during the purchase period. Still, the company maintained its accumulation cadence without signaling a shift in policy.

Michael Saylor confirmed the transaction in a public post on Feb. 17, reiterating the firm’s long-term commitment to Bitcoin as a treasury reserve asset. That confirmation followed weeks of mixed sentiment in digital asset markets, where exchange-traded fund flows and derivatives positioning drove short-term swings. Strategy’s action suggested internal conviction remained intact despite external volatility.

The move occurred as institutional positioning in Bitcoin appeared rotational rather than directional. Some funds trimmed exposure, yet Strategy expanded holdings through direct purchases rather than passive instruments. This divergence underscored a distinct treasury strategy rather than tactical trading.

Equity Funding Model Remained Central

The same Form 8-K detailed that Strategy funded the acquisition entirely through at-the-market equity sales. Between Feb. 9 and Feb. 16, the company raised $90.5 million by selling 660,000 shares of Class A common stock and generated $78.4 million from 785,354 shares of Variable Rate Series A Perpetual Stretch Preferred Stock. Combined proceeds totaled about $169 million, covering the Bitcoin purchase, inclusive of fees.

This structure reflected Strategy’s ongoing model of issuing equity and preferred securities to finance Bitcoin accumulation. Instead of relying on debt issuance for this tranche, the firm tapped existing shelf capacity under its at-the-market program. That approach diluted shareholders incrementally while expanding digital asset reserves.

The filing also showed remaining issuance capacity across multiple preferred stock classes, indicating further room for capital raises if management chose to continue accumulation. Such flexibility positioned Strategy to act quickly during price pullbacks without renegotiating financing terms. The model, therefore, linked equity markets directly to Bitcoin treasury growth.

Balance Sheet Exposure Expanded

Strategy’s aggregate Bitcoin purchase price reached $54.52 billion as of Feb. 16, embedding digital assets deeply into its balance sheet. The average acquisition price of $76,027 placed the company’s book cost above prevailing market prices during the purchase window. That gap illustrated the tension between long-term conviction and short-term mark-to-market pressure.

Critics have argued that such exposure amplifies volatility in reported earnings. Supporters counter that Bitcoin serves as a long-term store of value, reducing purchasing-power risk over time. Strategy maintained that Bitcoin represented a core treasury reserve rather than a speculative allocation.

The firm’s transformation from software intelligence provider to Bitcoin-focused treasury vehicle reshaped its investor profile. Equity issuance increasingly tied shareholder returns to Bitcoin performance. As a result, Strategy’s stock traded as a proxy for leveraged Bitcoin exposure rather than enterprise software fundamentals.

Outlook Focused on Near-Term Levels

Bitcoin’s next immediate technical area sat near the psychological $70,000 threshold, which traders monitored as short-term resistance. A decisive move above that level could influence sentiment around corporate treasury buyers. If consolidation persisted, Strategy’s equity-funded approach left open the possibility of further purchases during weakness.

For now, Strategy’s Feb. 17 disclosure confirmed that accumulation continued uninterrupted. The company signaled no change in treasury policy, even as its aggregate cost basis exceeded prevailing spot prices. Markets will watch whether subsequent filings reveal another tranche before the next reporting window closes.