Strategy signals more Bitcoin as price lags cost

Editor’s note: This story was updated with Strategy’s 100th Bitcoin purchase confirmation.

UPDATE (23 Feb 2026, 12:00 CET): Strategy confirmed its 100th Bitcoin purchase, acquiring 592 BTC for approximately $39.8 million at an average price of $67,286 per bitcoin.

The purchase brings Strategy’s total holdings to 717,722 BTC as of February 22, 2026, acquired for approximately $54.56 billion at an average price of $76,020 per bitcoin. The milestone extends the company’s consecutive buying streak to 13 weeks.

The acquisition came as Bitcoin traded below Strategy’s average cost basis. The $67,286 purchase price represents an 11.5% discount to the company’s $76,020 average, marking one of the rare instances where the firm bought substantially below its portfolio average.

Strategy’s corporate site previously showed 717,131 BTC with an average cost of $76,027 per bitcoin before the latest purchase. The 592 BTC addition lowered the average cost basis by $7 per bitcoin.

Michael Saylor’s “The Orange Century” post on X, which preceded the disclosure by one day, followed the pattern of chart-based teasers the executive has used before major purchase announcements. The milestone marks Strategy’s 100th Bitcoin acquisition since the program began in August 2020 with a $250 million purchase.

Saylor’s post landed as Bitcoin fell more than 3% on the day, with an intraday range of roughly $64,388 to $68,215, underscoring how closely Strategy’s treasury strategy is now tied to week-to-week market swings.

Strategy’s corporate site shows the company holds 717,131 BTC, acquired at an average price of $76,027 per Bitcoin, for a total acquisition cost of about $54.521 billion. With Bitcoin recently trading around $64,700 in the period referenced in the disclosure and still below the firm’s average cost, the position has moved into unrealized losses on paper.

The possible milestone purchase would extend a steady accumulation streak into 2026. The firm has completed 99 Bitcoin purchases since it began buying in 2020, according to figures cited from its own disclosures, and has bought Bitcoin for 12 consecutive weeks – a 13th week would follow if it adds again in the next typical reporting window. Strategy publishes a running “Purchases” page that tracks holdings, average cost and cumulative totals.

Strategy’s most recent quarterly update, dated Feb. 5, 2026, said it held 713,502 BTC as of Feb. 1, with a total cost of $54.26 billion, or $76,052 per Bitcoin, and reported a 22.8% “BTC Yield” achieved in fiscal year 2025 under its framework. The firm’s holdings figure has since risen to 717,131 BTC on the purchases dashboard, implying additional accumulation after the Feb. 1 snapshot.

Saylor has repeatedly used chart posts and short captions on X as a tell ahead of disclosures, and his latest message followed the same pattern cited by market watchers tracking the firm’s cadence. The company’s Bitcoin buying program began with a $250 million purchase in August 2020, after Saylor – previously a Bitcoin skeptic – helped reorient the firm’s treasury strategy around the asset.

The timing matters because Bitcoin has been volatile into late February. On Feb. 23, Bitcoin was down about 3.2% on the day to roughly $65,788 at the time of the market snapshot, after trading as low as $64,388 intraday. The drawdown has pushed spot prices below Strategy’s reported average cost basis, increasing attention on how the firm manages ongoing purchases when market conditions are weaker than the levels where it accumulated much of its recent inventory.

Strategy’s equity has been treated by many investors as a leveraged proxy for Bitcoin exposure, given the company’s outsized holdings relative to most public companies and the way it finances purchases through capital markets activity and balance-sheet structuring. The Cointelegraph-syndicated report cited market data showing Strategy’s share price rising from about $12.44 in 2020 to around $131.05 at the time of writing, a gain of roughly 950% over the period since the firm’s first Bitcoin purchase.

In its Feb. 5 results release, Strategy emphasized that it raised $25.3 billion of capital in 2025 to advance its Bitcoin treasury strategy and described itself as the largest corporate holder of Bitcoin, while also highlighting preferred stock and “Digital Credit” instruments it said are designed to manage volatility and support its capital structure. The release also described a shift to fair value accounting for bitcoin and noted the company recorded a large unrealized loss on digital assets in the fourth quarter of 2025 under that accounting treatment.

If Strategy does confirm a 100th purchase, the disclosure would add another data point to how aggressively the firm continues to buy through weaker tape. For now, Saylor’s weekend post has left the market watching the next update cycle for confirmation of whether “The Orange Century” was another preface to a new addition to the 717,131-BTC stack.