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MicroStrategy, the publicly traded company that has aggressively accumulated bitcoin as a primary asset, purchased an additional 2,486 BTC for $168.4 million on February 17, 2026, according to a post by Executive Chairman Michael Saylor on X, formerly known as Twitter. The purchase price averaged $67,710 per bitcoin, bringing the company’s total holdings to 717,131 BTC, acquired at an average cost of $76,027 per bitcoin, representing a total investment of approximately $54.52 billion.
The move comes as bitcoin’s price has experienced significant volatility in recent months, falling from a high of around $125,000 in October to approximately $75,500 earlier this week, briefly dipping below Strategy’s average purchase cost, according to a January 31, 2026 report from CoinDesk. Despite the price decline, Saylor’s firm has continued to add to its holdings, funding these acquisitions primarily through the issuance of new shares.
As of mid-January 2026, Strategy’s bitcoin holdings were valued at roughly $25 billion, while the company’s market capitalization stood at $47.4 billion, indicating a premium of approximately 90% to net asset value, as reported by 247wallst.com. This structure effectively positions Strategy as a leveraged bet on the future price of bitcoin, amplifying gains during bull markets but as well exacerbating losses during downturns.
While Strategy’s stock is down roughly 76.5% from its all-time high of $543 in November 2024, the company’s overall position remains relatively stable. According to data analyzed by CoinDesk, Strategy’s bitcoin holdings are currently only down around 10% from the total acquisition price. The company has also publicly stated its ability to withstand further price declines, even suggesting it could absorb a drop to $8,000 per bitcoin.
Financial firms such as Bernstein and TD Cowen have also indicated that Strategy is not facing immediate financial distress. However, the company’s strategy has drawn criticism from both within and outside the cryptocurrency community. Some critics label Strategy’s business model as a Ponzi scheme, while others, particularly Bitcoin purists, argue that it deviates from the original vision of bitcoin as a decentralized, peer-to-peer electronic cash system.
Concerns have also been raised regarding the increasing concentration of bitcoin holdings in centralized entities like Strategy, Coinbase and BlackRock, potentially undermining the cryptocurrency’s decentralized ethos. Saylor himself has faced scrutiny for past statements regarding privacy features and his reluctance to embrace proof-of-reserves protocols, drawing criticism from cypherpunk advocates.
Despite these criticisms, Saylor maintains that Strategy’s approach is a necessary step towards mainstream adoption. He envisions a future where companies like Strategy play a crucial role in building infrastructure and providing access to bitcoin for a wider audience. The company’s holdings, along with those of entities like Tether, which recently acquired a $24 billion stash of physical gold, could be seen as the nascent stages of a bitcoin-based banking system, though the realization of this vision remains uncertain.
