The 100th purchase, but the most modest

Strategy, the company led by Michael Saylor, announced this Wednesday that it has made its 100th purchase of #bitcoin $BTC since August 2020.

This last purchase is therefore the lowest recorded by the company in 2026, while the volumes invested this year had so far largely exceeded this threshold.

Latent losses that are accumulating

With this acquisition, #Strategy now holds 717,722 bitcoins for a total purchase value of $54.56 billion. Yet, the current price of bitcoin hovers around $66,000 – far from the average entry price of Strategy, which stands at $76,020 per #Bitcoin❗ . The company thus shows an estimated latent loss of nearly $7 billion on its portfolio.

The current position represents a loss of about 10,000 dollars per bitcoin held.

According to sector data, the valuation of Strategy's assets does not exceed 47 to 47.5 billion dollars today, according to aggregation platforms like CoinGecko. This gap highlights the volatility of the bet made over the past four years and the increasing pressure on the overall profitability of the company's portfolio #bitcoin.” .

Financing through common shares

Unlike several previous acquisitions financed through preferred STRC shares with variable rates offering substantial monthly dividends (11.25%), this last purchase was entirely financed by the sale of common shares. More specifically, Strategy sold nearly 298,000 common shares between February 17 and 22 as part of a "at-the-market" program, generating nearly 40 million dollars net.

This mechanism allows Strategy to quickly adjust its resources according to market conditions without resorting to traditional debt or complex financial products. However, it remains to be seen whether this strategy will be maintained as the MSTR stock continues to fall: over the last six months, the stock has lost over 64%, dropping below 130 dollars at the beginning of the week.

The competitors are significantly lagging behind

Strategy holds a dominant position among publicly traded companies exposed to bitcoin: it owns over 3.4% of the total global stock available (21 million units planned). Last January, it alone accounted for nearly 93% of the purchases made by publicly listed companies, with a volume acquired ten times greater than that accumulated by its main competitors (40,150 bitcoins compared to only 3,080).

This supremacy, however, comes with massive exposure to fluctuations in the crypto market. Michael Saylor continues to express his conviction on X by mentioning “The Orange Century,” but the financial reality highlights a risky bet whose outcome will heavily depend on the evolution of bitcoin prices in the coming months.

In parallel, Strategy retains a significant theoretical capacity to issue even more shares – up to about 37 billion dollars spread between common and preferred stocks – but any new dilution could weigh more heavily on the already weakened market valuation.

The symbolic threshold of 100 purchases

This milestone of one hundred consecutive purchases is an exception in the recent history of listed companies.

Points of vigilance

If the price of #bitcoin remains below the average purchase price of 76,020 dollars per bitcoin, Strategy will continue to show a latent loss of nearly 7 billion dollars on its 717,722 bitcoins, while the MSTR stock has already dropped by 64% over six months; the company's ability to finance new purchases through the issuance of common shares remains uncertain in the face of this stock pressure.