Strategy Expands Bitcoin Holdings Using Recent Equity Offering

Strategy ( (MSTR) ) has issued an update.

Between February 17 and February 22, 2026, Strategy Inc. reported that under its at-the-market offering program it sold 297,940 shares of its Class A common stock, generating net proceeds of $39.7 million, while making no sales of its various series of preferred stock, which still have significant capacity remaining for future issuance. The company used these proceeds to acquire 592 bitcoins over the same period for $39.8 million at an average price of $67,286 per bitcoin, bringing its total holdings as of February 22, 2026 to 717,722 bitcoins at an aggregate purchase cost of about $54.56 billion, and it highlighted its online dashboard as a primary disclosure channel for ongoing updates on its securities and bitcoin portfolio.

This activity underscores Strategy’s continued balance-sheet concentration in bitcoin and its reliance on equity capital markets to fund incremental accumulation, reinforcing its role as both a corporate issuer and a major participant in the digital asset market. The absence of preferred stock issuance during the period leaves substantial authorized capacity for future capital raising, a factor of interest to existing shareholders, prospective investors, and creditors monitoring dilution risk and the firm’s evolving capital structure.

The most recent analyst rating on (MSTR) stock is a Hold with a $128.00 price target. To see the full list of analyst forecasts on Strategy stock, see the MSTR Stock Forecast page.

Spark’s Take on MSTR Stock

According to Spark, TipRanks’ AI Analyst, MSTR is a Neutral.

The score is pulled down primarily by weak financial performance (large losses and negative operating/free cash flow) and bearish technicals (below major moving averages with negative MACD). Offsetting factors include a comparatively stronger, better-capitalized balance sheet and a more constructive earnings-call narrative around liquidity reserves and Bitcoin-related KPI execution, though these are accompanied by substantial mark-to-market volatility and ongoing obligation risk.

To see Spark’s full report on MSTR stock, click here.

More about Strategy

Strategy Inc. operates as a publicly traded company that actively manages a substantial bitcoin treasury alongside multiple classes of preferred stock and Class A common stock. The company engages capital markets through an at-the-market offering program, using proceeds from securities sales to fund ongoing bitcoin acquisitions, positioning itself as a hybrid between a corporate issuer and a large institutional bitcoin holder.

Average Trading Volume: 22,737,255

Technical Sentiment Signal: Sell

Current Market Cap: $35.98B

See more insights into MSTR stock on TipRanks’ Stock Analysis page.