MSTR shares closed at $131.05 on February 20 , after trading between $130.68 and $133.83. The move followed fresh signals from Michael Saylor that Strategy may soon expand its Bitcoin holdings again. Saylor referred to the coming era as “The Orange Century,” a phrase that reignited speculation about another large-scale purchase. The timing of his message stands out. Strategy recently completed its 99th Bitcoin acquisition. Will the next announcement mark the symbolic 100th buy? Recent Bitcoin Acquisition On February 17, Strategy disclosed that it had acquired 2,486 BTC for approximately $168.4 million. The company paid an average price of $67,710 per coin in that transaction. This purchase lifted total holdings to 717,131 BTC. Source: X Strategy has spent $54.52 billion to build that position, with an average acquisition cost of $76,027 per Bitcoin. The latest buy reinforces the company’s ongoing accumulation strategy, which has defined its balance sheet approach since 2020. Earlier in January, the firm purchased another 2,932 BTC between January 20 and January 25. That transaction cost roughly $264.1 million, with an average purchase price of $90,061 per coin, including fees and expenses. The contrast between January’s higher price and February’s lower entry point highlights recent volatility in the cryptocurrency market. Corporate Bitcoin Treasury Strategy Strategy, formerly known as MicroStrategy, has reshaped its corporate identity around Bitcoin. The firm positions BTC as its primary treasury reserve asset rather than treating it as a short-term investment. This approach separates it from traditional corporate treasury models that prioritize diversification across cash equivalents, bonds, and equities. Instead, Strategy concentrates capital into a single digital asset. That decision increases exposure to Bitcoin’s price movements. When Bitcoin rises, the company benefits from substantial balance sheet appreciation. When Bitcoin declines, pressure builds quickly. Saylor continues to frame Bitcoin as a long-term store of value. His latest reference to “The Orange Century” signals confidence in Bitcoin’s structural adoption. Markets now watch for confirmation. Will Strategy accelerate its pace again? Unrealized Losses And Market Position Despite aggressive buying, data shows that Strategy currently reports an unrealized loss of around $6.7 billion on its Bitcoin holdings. The company’s average cost basis of $76,027 per BTC exceeds current market levels, resulting in a paper drawdown of about 10.56%. This gap reflects broader market swings over recent months. Bitcoin has moved sharply in both directions, creating challenges for corporate holders with large, concentrated positions. Strategy has not reduced its exposure during this period. Instead, it has continued to deploy capital into BTC. As of February 17, 2026, Strategy owns 717,131 bitcoins. The company previously stated an average purchase price of $66,384.56 per coin, with a total cost of $33.139 billion under earlier accounting disclosures. Updated filings now reflect the expanded position and higher aggregate investment. Market Focus On The Next Move Investors now focus on what comes next. MSTR stock often tracks Bitcoin’s direction while also reflecting expectations about future purchases. Saylor’s messaging suggests continued accumulation rather than caution. If Strategy confirms another acquisition, it would mark the company’s 100th Bitcoin purchase since adopting BTC as its treasury reserve asset. That milestone would reinforce its status as the largest corporate holder of Bitcoin globally.
