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Strategy has decided to keep buying. Between February 2 and February 8, 2026, the bitcoin treasury company acquired 1,142 BTC for approximately $90 million at an average price of $78,815 per bitcoin, according to an 8-K filing with the SEC.
Strategy has acquired 1,142 BTC for ~$90.0 million at ~$78,815 per bitcoin. As of 2/8/2026, we hodl 714,644 $BTC acquired for ~$54.35 billion at ~$76,056 per bitcoin. $MSTR $STRC https://t.co/4X2c81LQwm
— Michael Saylor (@saylor) February 9, 2026
The purchase brings total holdings to 714,644 BTC, worth around $49.2 billion at current prices, acquired at an average cost of $76,056 per bitcoin, for a total investment of around $54.4 billion including fees and expenses.
The latest buys were funded through at-the-market sales of Class A common stock (MSTR). In late January 2026, Strategy sold 616,715 shares for $89.5 million. As of February 8, 2026, $7.97 billion worth of MSTR shares remain available for issuance under the program.
Strategy CEO Phong Le addressed concerns during last week’s earnings call, stating bitcoin would need to fall to $8,000 and stay there for five to six years before posing a real risk to servicing convertible debt. “In the extreme downside, if we were to have a 90% decline in bitcoin price, and the price was $8,000, that is the point at which our bitcoin reserve equals our net debt,” Le said.
Analysts have remained constructive as the news gains ground. TD Cowen’s Lance Vitanza and Jonnathan Navarrete said Friday that Strategy has “further solidified its position” as the leading corporate bitcoin treasury and is “better positioned than ever” for a potential recovery. Bernstein analysts noted conservative liability structuring, long-dated perpetual preferred equity, ample cash for dividends, no major maturities until 2028, providing resilience even in downturns.
According to Bitcoin Treasuries data, 194 public companies now hold bitcoin. Strategy retains its lead with 714,644 BTC (over 3.4% of total supply). Other top 5 holders include MARA (53,250 BTC), Tether-backed Twenty One (43,514 BTC), Metaplanet (35,102 BTC), and Adam Back (30,021 BTC).
JUST IN: #Bitcoin treasury company Strategy's perpetual preferred stocks recorded $1.44 billion in trading volume last week alone.
BTC-backed credit is booming 🔥🚀 pic.twitter.com/x016bEmE55
— BitcoinTreasuries.NET (@BTCtreasuries) February 9, 2026
Many corporate bitcoin stocks have seen sharp declines from 2025 peaks as market cap-to-net asset value ratios contracted, Strategy’s mNAV now 0.96, meaning the company trades below the value of its bitcoin holdings.
Strategy’s relentless buying in the middle of a brutal market restates Michael Saylor’s long-term conviction of bitcoin as the ultimate treasury asset. The $5.2B paper loss is no doubt a painful one, but the company believes it’s not existential. Le’s $8,000 threshold speaks volumes about the company’s structure, indicating it’s built for endurance, not speculation. For investors, it’s a high stakes, high-conviction play. They get leveraged exposure to BTC with no immediate debt maturity cliffs.
Saylor's Strategy is not stopping. This type of conviction is admirable. pic.twitter.com/sqT72NXpXe
— Lark Davis (@LarkDavis) February 9, 2026
However, there is a risk. If the downturn deepens or equity issuance becomes costlier, it could accelerate dilution. But if bitcoin recovers, Strategy’s scale positions it to outperform its peers.
In a field of 194 corporate holders, Strategy remains a pure bet despite a $12.4 billion quarterly loss, but keep watchful eyes on the MSTR premium to NAV and funding costs in the coming quarters; those will signal whether this strategy holds or cracks under pressure.
Bitcoin traded at $68,694.04 on February 10, 2026, down by 2.46%.
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