New York, February 18, 2026, 19:34 EST — After-hours
- Shares ended down 2.7% on Wednesday; crypto-linked names were mixed
- Strategy disclosed a $168.4 million bitcoin purchase funded by share sales
- Traders are watching bitcoin’s next move and how aggressively Strategy taps its stock-sale programs
Strategy Inc shares ended down 2.7% and were last at $125.20 in after-hours trade on Wednesday, tracking a softer bitcoin market as investors revisited the company’s latest bitcoin-buying disclosure.
The company has become one of Wall Street’s cleanest “bitcoin proxy” trades — shorthand for a stock that tends to move with the underlying asset because of its balance-sheet exposure.
That makes the funding mechanics matter right now. Strategy’s stock can swing more than bitcoin when traders start to price in dilution risk from fresh share sales or a higher cost of capital.
In an SEC filing dated Feb. 17, Strategy said it bought 2,486 bitcoin for $168.4 million between Feb. 9 and Feb. 16, lifting total holdings to 717,131. It said the purchases were funded with proceeds from an at-the-market (ATM) offering — a program that lets a company sell shares into the market from time to time — including sales of 660,000 common shares and 785,354 shares of its STRC preferred stock for net proceeds of $169.0 million. The filing showed about $7.88 billion of common stock and $3.54 billion of STRC face value remained available for sale under those programs. (Securities and Exchange Commission)
Bitcoin was down about 1.7% at around $66,366. Crypto-linked equities were uneven: Coinbase fell about 1.2%, Marathon Digital was little changed and Riot Platforms rose about 5.7%.
Executive chairman Michael Saylor tried to steady sentiment in a social media post late Tuesday, writing: “We may be in the middle of a crypto winter, but spring is coming — and Bitcoin is winning.” (Stocktwits)
Strategy has relied heavily on equity and preferred-share issuance to build its bitcoin position, a structure that can preserve cash but chips away at common shareholders when new shares hit the market.
But the model cuts both ways. If bitcoin stays weak for longer, the stock can get punished twice — once for the coin move and again for the implied cost of raising the next dollar.
Options markets also point to elevated nerves. TheFly reported implied volatility remained in the top quartile of the past year, implying an expected daily move of about $6.45. (TipRanks)
With U.S. trading set to resume on Thursday, investors will be watching whether bitcoin steadies and whether Strategy continues to tap its ATM programs. Friday’s monthly options expiry on Feb. 20 could amplify swings in a stock that already trades with outsized volatility.
