New York, February 18, 2026, 19:34 EST — After-hours
- Shares dropped 2.7% Wednesday. Crypto-linked names saw mixed action.
- Strategy said it bought $168.4 million worth of bitcoin, using proceeds from its share sales.
- Traders are eyeing bitcoin’s direction, and there’s close attention on how quickly Strategy moves with its stock-sale programs.
Strategy Inc dropped 2.7%, finishing at $125.20 in after-hours trading Wednesday. The stock mirrored weakness in bitcoin, with investors digesting the firm’s most recent bitcoin purchase update.
The company has turned into what traders call a “bitcoin proxy” — basically, a stock closely tracking the digital asset itself due to its balance-sheet exposure. Wall Street’s been watching it as one of the cleanest plays in that category.
Funding mechanics are in focus at the moment. Strategy’s stock sometimes outpaces bitcoin’s moves, especially when traders factor in dilution risks from new share offerings or brace for a steeper cost of capital.
Strategy disclosed in a Feb. 17 SEC filing that it picked up 2,486 bitcoin for $168.4 million between Feb. 9 and Feb. 16, bumping its total stash to 717,131. The company said it used proceeds from an at-the-market (ATM) offering—where firms can periodically sell shares—to fund the buys. That included unloading 660,000 common shares and 785,354 STRC preferred shares, bringing in $169.0 million net. The filing also showed roughly $7.88 billion of common stock and $3.54 billion in STRC face value still available to sell under those programs.
Bitcoin slipped roughly 1.7% to trade near $66,366. Among crypto-related stocks, Coinbase dropped about 1.2%. Marathon Digital barely moved, while Riot Platforms gained close to 5.7%.
Michael Saylor, the executive chairman, took to social media late Tuesday in an effort to calm nerves. “We may be in the middle of a crypto winter, but spring is coming — and Bitcoin is winning,” he wrote. Stocktwits
The strategy leaned on issuing both equity and preferred shares to grow its bitcoin holdings. This approach keeps cash in reserve, but common shareholders see their stake diluted each time new shares roll out.
But there’s a flip side to that model. If bitcoin remains sluggish, the stock can take a double hit — first from bitcoin’s slump itself, then again from the implied cost tied to raising additional capital.
Options traders aren’t exactly relaxed. According to TheFly, implied volatility is still sitting in the upper 25% of its range for the past year. That’s pricing in a typical daily swing near $6.45.
U.S. markets reopen Thursday and all eyes are on bitcoin’s next move — and whether Strategy keeps using its ATM programs. The upcoming monthly options expiry on Feb. 20, a Friday, might fuel even sharper price swings for the stock, which is already known for heavy volatility.
