New York, Feb 19, 2026, 12:18 EST — Regular session
- Strategy shares slipped roughly 0.2% by midday, adding to yesterday’s 2.7% decline.
- The company disclosed in a Feb. 17 SEC filing that it picked up 2,486 bitcoin last week, spending $168.4 million. The purchase was financed with proceeds from new share offerings.
- Bitcoin’s recent slump has traders on alert, with eyes now turning to U.S. inflation numbers coming Friday for a possible jolt.
Strategy Inc shares nudged down Thursday after bitcoin lost ground, as the market absorbed a fresh regulatory filing revealing the company’s $168.4 million bitcoin purchase.
This shift is notable—Strategy has turned into something of a high-beta stand-in for bitcoin among U.S. stocks. Bitcoin itself slipped roughly 0.7% on the day. Strategy? It tends to exaggerate those moves.
The company, previously MicroStrategy, has doubled down on a self-described bitcoin-treasury approach, tapping both financings and its cash flow to amass more coins. That’s left the shares closely tracking the crypto market—and highly sensitive to how easily it can access new funding. (Strategy)
Strategy disclosed in a Feb. 17 SEC filing that it picked up 2,486 bitcoin over the span of Feb. 9 to Feb. 16, spending a total of $168.4 million—working out to roughly $67,710 per coin after factoring in fees and expenses. As of Feb. 16, the company reported holding 717,131 bitcoin, acquired for around $54.52 billion in all, with an average cost per coin coming in at about $76,027. (SEC)
The filing spells out the financing: the company tapped an at-the-market setup, allowing it to periodically unload stock. According to Bloomberg, Strategy drummed up close to $78 million via “Stretch” preferred share sales, plus another $90.5 million from common stock during the period. (Bloomberg)
Michael Saylor, the executive chairman, didn’t mince words on X: the company “has acquired 2,486 BTC,” he posted, also restating both the average price and total bitcoin holdings. (X (formerly Twitter))
Strategy’s purchases dashboard now shows the company holding 717,131 bitcoin, bought at an average price of $76,027. That line item now carries much of the equity story. (Strategy)
Strategy shares swung lower again Wednesday, settling at $125.20 and shedding 2.7% for the session. That followed a 3.9% drop the day before, historical quote data show. (Yahoo Finance)
Other crypto-related stocks showed a mixed picture. Coinbase edged higher, gaining roughly 0.3%. Marathon Digital and Riot Platforms, both bitcoin miners, saw slight midday gains.
The model isn’t a one-way street. When bitcoin tumbles, Strategy’s stock can end up moving even more. Frequent share sales? Those bring dilution for existing investors. Add in the risk: funding costs can spike fast if the market pulls back.
Crypto traders won’t wait long for the next catalyst. U.S. personal income and outlays numbers—home to the Fed’s favored PCE inflation measure—arrive Friday, Feb. 20. (Bureau of Economic Analysis)
Investors are also eyeing Strategy’s upcoming word on bitcoin buys, plus any additional stock sales that could fuel its buying spree.
