New York, Feb 19, 2026, 19:12 EST — Trading after the bell
- Strategy climbed roughly 3.4% after hours, with shares changing hands most recently at $129.45.
- The annual filing shows a bitcoin stash of 717,131, alongside $2.25 billion in cash reserves.
- Traders are tracking bitcoin’s direction, and also eyeing how quickly Strategy is raising capital for additional purchases.
Strategy Inc climbed roughly 3.4% in Thursday’s after-hours session, sending shares up to $129.45.
The company disclosed in its annual report Thursday that it was holding roughly 717,131 bitcoin as of Feb. 13, valuing the stash at about $49.3 billion at that point. It also cited a $2.25 billion “USD Reserve,” a cash cushion specifically set aside by management for paying preferred-stock dividends and servicing debt. The filing reiterated that bitcoin “does not pay interest or dividends,” cautioning that if the reserve runs dry and new financing can’t be secured, the company might need to liquidate some bitcoin to meet its obligations. Strategy booked $477.2 million in revenue for 2025 but swung to a $5.4 billion operating loss, almost entirely the result of a $5.4 billion unrealized loss on digital assets—an accounting markdown reflecting price swings rather than actual cash leaving the business. (SEC)
This is relevant now: Strategy’s shares have turned into something of a stock market stand-in for bitcoin. The stock tends to track the crypto’s swings — often amplifying the move.
Bitcoin gained around 0.7%, changing hands near $66,968 late. Shares of Coinbase Global, a key name among crypto-linked stocks, advanced about 1.2%.
Strategy picked up 2,486 bitcoin between Feb. 9 and Feb. 16, shelling out $168.4 million—an average of $67,710 per coin. The purchase relied on proceeds raised through an at-the-market (ATM) program, which lets companies periodically sell new stock directly into the market. In the same stretch, the firm logged net proceeds of $169.0 million from issuing both its common shares and a preferred series, according to its latest filing. (SEC)
But the dynamic isn’t one-way traffic. Should bitcoin stumble, the stock tends to amplify losses as well. There’s also the risk that issuing more shares chips away at per-share exposure, especially if that leverage premium investors are willing to pay starts to fade.
Strategy Inc adopted its current name in August 2025, dropping the “Micro” from its former MicroStrategy moniker. (Yahoo Finance)
Attention shifts to Friday’s regular session (Feb. 20), where traders are watching for the next move in bitcoin—and any new details on fundraising or additional bitcoin buys could drive sentiment.
