Strategy added another 592 BTC last week. The February 23, 2026 8-K puts the aggregate stack at 717,722 BTC as of February 22, a new disclosed high.
The purchase ran from February 17 through February 22. Total spend was $39.8 million, net of sales commission, at an average price of $67,286 per coin. The funding source was ATM share proceeds, consistent with the company's established capital markets cadence.
The Blended Cost Picture
The $67,286 average on this tranche sits roughly $8,700 below the cumulative portfolio average of $76,020. That gap matters for how investors read the ongoing accumulation. Strategy has been adding coins at prices below its blended basis, which compresses the average cost modestly over time. The aggregate purchase price across all holdings now stands at $54.56 billion, per the filing.
No SEC-disclosed fair market value for the full position was included in this 8-K. The filing reports aggregate purchase price, not current market value, so the position's current economic size should be read through BTC held rather than a dollar figure derived from spot price.
ATM as the Acquisition Engine
The filing specifies that the Bitcoin purchases were made using proceeds from ATM share sales. Strategy has used the ATM as its primary acquisition vehicle across multiple recent tranches, and this week's disclosure continues that pattern. The 8-K does not specify remaining ATM capacity or the volume of shares sold to fund the $39.8 million spend. Those details will appear in subsequent filings.
The use-of-proceeds disclosure here is explicit: ATM proceeds funded this BTC purchase. That is a direct filing statement, not a general corporate purposes characterization.
Filing Cadence and Score Context
$MSTR's Filing Risk Score sits at 100 and Event Momentum matches it. Both reflect the density and recency of capital markets disclosures Strategy generates, not a judgment about financial health. A company filing weekly BTC update 8-Ks, running an active ATM, and carrying a large convertible debt stack will produce this kind of disclosure intensity by design.
The BTC Exposure Score of 85 anchors the direct balance-sheet sensitivity. With 717,722 BTC on the books, Bitcoin price movements are the dominant variable in Strategy's equity story. The Insider Activity Signal sits at 50, the neutral baseline, which means Form 4 activity is not generating unusual cluster signals at this time.
Price Context Around the Filing Date
The 8-K was filed on February 23, 2026. Price context from that date shows $MSTR has gained roughly 29% over the three months since the filing, though the stock has pulled back about 11% over the trailing 30 days as of late May 2026. The stock sits below its 20-day and 200-day moving averages but above its 50-day, a split trend picture that reflects the compression from the 52-week high set in mid-2025. The one-year decline is steep, running close to 60% from the year-ago level.
The crypto Fear and Greed index sat at 30 at the time of the macro snapshot, classified as fear, against a backdrop of calm Bitcoin realized volatility near 26% annualized. Bitcoin dominance at 58.2% signals a Bitcoin-led tape rather than broad altcoin participation. That macro context frames the environment in which Strategy continues to accumulate: sentiment is cautious, but Bitcoin volatility is relatively contained.
The next concrete read will come from Strategy's subsequent BTC update 8-K, which will show whether the ATM-funded accumulation pace continued into late February and whether the average purchase price moved relative to the $67,286 level disclosed here.
Research only. Not investment advice.