Rebranded as Strategy in early 2025, Michael Saylor’s former MicroStrategy continues accumulating Bitcoin at a pace that defies conventional financial logic. With over 714,644 BTC in its treasury as of February 14, 2026 — representing approximately 3.4% of the total Bitcoin supply in circulation — the company has evolved far beyond a simple institutional investor. It is now a structural force in the global Bitcoin market.
A Rebranding That Seals a Complete Pivot
On February 5, 2025, MicroStrategy officially changed its name to Strategy, cementing its transformation into the « first public Bitcoin treasury company. » This identity shift is more than a branding exercise — it signals a complete strategic realignment in which the original software business becomes secondary to the primary mission: accumulating as much BTC as possible.
Just days later, on February 9, 2025, Strategy announced the acquisition of 7,633 BTC for approximately $742 million, at an average price of $97,255 per bitcoin. The purchase was funded through both the sale of Class A common stock ($179 million in net proceeds) and a preferred stock offering that generated an additional $563 million.
An Unprecedented Acceleration in 2025
The year 2025 will go down as a record-breaking one for Strategy. The acquisition pace intensified week after week, fueled by a diversified financial arsenal. By February 24, the company made headlines again with the purchase of 20,356 BTC for $1.99 billion — financed through a $2 billion senior convertible note offering at 0% interest, maturing in 2030.
The table below summarizes monthly acquisition volumes throughout the year:
| Period | BTC Purchased | Total Cost | Avg. Price/BTC |
|---|---|---|---|
| January 2025 | ~24,707 BTC | ~$2.54B | ~$99,191 |
| February 2025 | ~27,989 BTC | ~$2.73B | ~$97,385 |
| March 2025 | ~29,089 BTC | ~$2.51B | ~$85,827 |
| April 2025 | ~25,370 BTC | ~$2.26B | ~$88,712 |
| May 2025 | ~26,695 BTC | ~$2.69B | ~$100,690 |
| July 2025 | ~31,466 BTC | ~$2.46B | ~$116,258 |
| December 2025 | ~22,499 BTC | ~$2.05B | ~$91,194 |
A Multi-Layered Financing Model
Strategy does not fund its Bitcoin purchases from operational cash flows — it has engineered a complete financial ecosystem built around this single mission:
- ATM (At-The-Market) Program: Regular MSTR share sales on the open market. Approximately $1.2 billion raised through this channel in January 2026 alone.
- 0% Convertible Notes: The February 2025 issuance raised $2 billion at zero interest, maturing in 2030.
- Preferred Stock (STRK, STRC, STRF): Five preferred stock launches in 2025 raising $5.5 billion in total. STRC (Stretch) emerged as the flagship instrument, reaching $3.4 billion in size.
- Cash Reserve: $1.44 billion retained to cover dividends and debt obligations.
Michael Saylor describes this model as a « digital fortress » where MSTR and STRC operate as complementary components: STRC provides amplification for MSTR shareholders, while MSTR absorbs Bitcoin’s volatility on behalf of STRC investors.
Q4 2025 Results: Staggering Numbers
Published on February 5, 2026, Strategy’s fourth quarter 2025 results confirm the scale of the transformation:
- 713,502 BTC on the balance sheet at end of 2025, representing approximately 3.4% of all bitcoins in circulation
- $25.3 billion raised in 2025 — making Strategy the largest US equity issuer of the year
- BTC Yield of 22.8% for the full year 2025
- Annual revenues of $477 million (+3% year-over-year)
- Cloud revenue growth of 65%
- Operating loss of $17.4 billion in Q4, primarily driven by Bitcoin’s decline from its October 2025 highs
Unwavering Institutional Support
Despite growing questions about the model’s long-term sustainability, major institutions continue to back Strategy. BlackRock, the world’s largest asset manager with $11.6 trillion in AUM, raised its stake to 5% of Strategy’s shares in early February 2025.
Additionally, 12 U.S. states hold Strategy shares in their pension or treasury funds, including California, Texas, Florida, and New Jersey. California’s teachers’ pension fund alone carries approximately $83 million in MSTR exposure. The analyst community remains broadly optimistic: 13 firms hold a consensus « Strong Buy » rating with an average price target of $376, versus a current price of ~$134 — implying a potential upside of +181%.
The Ripple Effect on Public Companies
Saylor’s playbook has sparked a global movement. More than 70 publicly listed companies worldwide have now adopted a Bitcoin treasury strategy. The most striking example is Metaplanet in Japan, which has become the 4th largest corporate holder of Bitcoin with 35,102 BTC, worth approximately $3.27 billion.
Risks That Cannot Be Ignored
Despite the impressive headline numbers, several structural risks demand attention:
- Extreme volatility: The $17.44 billion unrealized loss recorded in Q4 2025 — following Bitcoin’s decline from its October peak of $126,000 — illustrates the company’s massive exposure.
- MSCI Risk: The index provider has opened a consultation on whether companies with more than 50% of assets in cryptocurrencies (so-called « DATCOs ») should be excluded from its indices. Such a decision could trigger significant passive outflows.
- Share dilution: Continuous equity issuances to fund BTC purchases mechanically dilute existing shareholders, despite the BTC Yield metric’s intended reassurance.
- No cash flow from Bitcoin: The software segment does not generate sufficient free cash flow to cover dividends and interest, and Bitcoin itself produces no yield.
Outlook for 2026: The Machine Keeps Running
Strategy entered 2026 with undiminished ambition: 41,002 BTC acquired in January 2026 alone, followed by continued purchases in February. The « 21/21 » plan — raising $42 billion between 2025 and 2027 to buy Bitcoin — is running ahead of schedule, with $25.3 billion already raised in 2025.
The company has raised its annual BTC Yield target to 15% (up from a previous range of 6–8%). With Bitcoin trading around $96,000–$97,000, Strategy sits on a +48% profit across its entire portfolio, based on a global DCA of approximately $73,540.
On February 16, 2026, Michael Saylor once again posted Strategy’s Bitcoin accumulation chart on X — a recurring signal that almost invariably precedes a new purchase. This would be the company’s 99th Bitcoin transaction, and potentially the one that pushes its holdings past the symbolic threshold of 715,000 BTC.
Sources: The Block, Investing.com, Bitcoin Magazine, CryptoBriefing, SaylorTracker, CNBC, Strategy.com (SEC Filings), Yahoo Finance
