Strategy added 1,142 BTC last week and still has $8 billion of ATM capacity left

Strategy filed its weekly ATM and Bitcoin update on February 9, 2026. The numbers are modest by the company's own standards, but the filing carries a structural read that matters more than the headline purchase size.

One week. 1,142 BTC. $90 million spent at an average of $78,815 per coin. The common stock ATM did the work, selling 616,715 shares for $89.5 million in net proceeds. Every dollar of that went straight into Bitcoin.

The Preferred Programs Sat Idle

The more notable data point is what did not happen. All four preferred stock ATM programs filed zero activity for the week. STRF, the 10% Series A Perpetual Strife Preferred, had $1.62 billion available. STRC, the Variable Rate Series A Perpetual Stretch Preferred, had $3.62 billion. STRK, the 8% Series A Perpetual Strike Preferred, carried $20.33 billion in remaining capacity. STRD, the 10% Series A Perpetual Stride Preferred, had $4.01 billion. Combined, those four programs held roughly $29.6 billion in untapped capacity as of February 8, and none of it moved.

That is not unusual week to week, but it establishes the baseline: Strategy is running its Bitcoin accumulation through common equity dilution right now, not through the preferred stack. Whether that changes in subsequent weekly filings is the live question.

Holdings Now at 714,644 BTC

The aggregate position as of February 8 stood at 714,644 BTC, acquired at a total cost of approximately $54.35 billion, or $76,056 per BTC on average. For context, Strategy disclosed aggregate fair market value of approximately $64.04 billion as of April 26, 2026, per the May 6 10-Q. The February 8 snapshot predates that disclosure, but the trajectory of the position is clear: the company has been accumulating steadily, and the all-in average cost sits well below the April fair value mark.

The filing explicitly states the Bitcoin purchases were made using proceeds from the ATM common stock sales. That is a direct link between the equity dilution and the BTC acquisition, sourced from the 8-K itself, not an inference.

$7.97 Billion in Common ATM Capacity Remains

After the week's activity, $7.97 billion in $MSTR common stock ATM capacity remained available for issuance and sale. At the $90 million weekly pace from this filing, that runway extends well beyond a year without any new capital markets authorization. The pace will vary, and Strategy has shown it can accelerate sharply when conditions suit, but the disclosed capacity sets a floor on how long the current program can sustain accumulation.

$MSTR's Filing Risk Score sits at 100, driven by the density and recency of capital markets disclosures the company generates. That ceiling reading reflects the filing cadence, not financial distress. The BTC Exposure Score of 85 anchors on the size of the Bitcoin position relative to the company's enterprise value. Both scores are consistent with a company whose equity story is now almost entirely a function of Bitcoin price and capital structure mechanics.

The Signal in the Cadence

These weekly 8-Ks are routine by design. Strategy committed to this disclosure cadence when it launched the ATM programs, and the filings arrive like clockwork. The signal in any single filing is narrow: how much did the company spend, through which program, and how much capacity remains.

This week's read is that the common equity ATM is the active instrument, the preferred programs are loaded but dormant, and the accumulation pace was measured rather than aggressive. A week where STRK or STRD activates at scale would change the read entirely, because preferred issuance carries fixed dividend obligations that common equity does not.

The next weekly 8-K will either confirm the common-only pattern or show the preferred stack coming online. That is the concrete monitoring point this filing leaves open.

Research only. Not investment advice.