Strategy buys 2,486 BTC During Market Downturn
<p class="text-left mb-4 ">Strategy, which has placed <a href="https://jrkripto.com/tr/coin/btc" target="_blank" rel="noreferrer" class="text-primary underline">Bitcoin</a> at the center of its balance sheet, continues its purchases without slowing down. Between February 9th and 16th, the company bought another 2,486 BTC at an average price of $67,710, spending approximately $168.4 million on this transaction. This brings its total Bitcoin holdings to 717,131 BTC.</p><p class="text-left mb-4 ">With this latest purchase, the total value of the Bitcoins held by the company has reached approximately $48.8 billion. According to data shared by Strategy's co-founder and chairman of the board, Michael Saylor, the company has built this position by spending a total of $54.5 billion to date at an average cost of $76,027. Considering current prices, there is an unrealized loss of approximately $5.7 billion on the balance sheet.</p><p class="text-left mb-4 ">The more than 717,000 BTC held by Strategy represents more than 3.4% of Bitcoin's 21 million supply limit. This makes the company one of the largest institutional Bitcoin investors globally. The company's strategy is clear: to grow its position through regular and scalable purchases despite market fluctuations.</p><p class="text-left mb-4 ">
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</p><h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">Financing through the sale of shares and preferred shares</h2><p class="text-left mb-4 ">Recent purchases were financed through sales of the company's Class A common stock, MSTR, and various preferred share programs. Approximately 660,000 MSTR shares were sold during the relevant period, generating $90.5 million in revenue. Additionally, 785,354 STRC preferred shares were sold, raising approximately $78.4 million. The company has the capacity to issue billions of dollars in additional shares under its ongoing "at-the-market" programs. In addition to preferred share programs with different characteristics such as STRK, STRC, STRF, and STRD, the company aims for a total capital increase and convertible debt of $84 billion by 2027 under the "42/42" plan. This structure aims to continue Bitcoin purchases in a long-term and gradual manner.</p><p class="text-left mb-4 ">STRD stands out as the product with the highest risk-return profile, offering a 10% non-cumulative dividend. STRK, with its convertible structure, allows for conversion to shares while providing an 8% dividend. STRF offers a more conservative option with cumulative dividends. STRC, on the other hand, appeals to a different investor base with its variable rate and monthly dividend payments. </p><h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">“99>98” message and new buy signal</h2><p class="text-left mb-4 ">Michael Saylor, before the latest purchase, shared “99>98” on his social media account, indicating that the new purchase would be larger than the previous one. Indeed, the company had purchased 1,142 BTC a week earlier at an average price of $78,815. Thus, Strategy significantly increased its total position with two separate transactions in a short period. The company management reiterated its statement from the last balance sheet meeting, arguing that they have the asset structure to cover their debts even if the Bitcoin price falls to $8,000. Saylor stated that they plan to convert convertible debt into equity within the next three to six years.</p><h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">Analyst Commentary and Market Performance</h2><p class="text-left mb-4 ">Bernstein analysts emphasize that despite the company's use of leverage, it has structured its debt in a long-term and cautious manner. The absence of a large debt maturity until 2028 and the existence of cash reserves to cover dividend payments are cited as factors limiting risks. TD Cowen analysts, on the other hand, state that Strategy is strongly positioned to participate in a possible market recovery.</p><p class="text-left mb-4 ">On the other hand, there has been a significant pullback in the company's shares compared to the peaks in the summer of 2025. Strategy's market value/net asset value ratio is at 0.91; this shows that the company's market value is trading below the total value of its Bitcoin holdings. Despite this, the stock rose 16.5 percent last week, closing at $133.88. The increase in Bitcoin price during the same period was limited to 0.5 percent.</p>
