At one point, the value of Bitcoin on a company’s balance sheet nearly rivaled the cash reserves of leading tech giants—all driven by an almost obsessive long-term conviction.
Strategy has once again demonstrated its unwavering belief in Bitcoin. Between February 2 and 8, 2026, this globally recognized enterprise-level Bitcoin holding giant added 1,142 Bitcoins (BTC) to its portfolio, investing a total of approximately $90 million. The average purchase price was about $78,815 per Bitcoin. As of February 8, 2026, Strategy’s cumulative Bitcoin holdings reached 714,644 BTC, with a total cost of roughly $5.435 billion and an average cost basis of $76,056 per Bitcoin.
Continued Accumulation
Despite market volatility, Strategy’s pace of accumulation has not slowed. According to the 8-K filing submitted to the US Securities and Exchange Commission, the company recently completed another Bitcoin acquisition. The funds for this purchase came from its capital market activities. Strategy raised around $89.5 million in net proceeds by selling 616,715 shares of MSTR Class A common stock, allocating nearly all of it toward this Bitcoin purchase.
Strategy co-founder Michael Saylor, as usual, hinted at the move in his trademark subtle style. In his regular social media updates, he wrote, "Orange dot is essential," a phrase widely recognized in the Bitcoin community as a signal for accumulation.
Portfolio Overview
With this latest purchase, Strategy’s Bitcoin empire has expanded even further. The company now holds 714,644 BTC, representing more than 3.4% of Bitcoin’s theoretical total supply of 21 million coins—a staggering figure. For comparison, according to BitcoinTreasuries, the combined Bitcoin holdings of the second through tenth largest public companies fall far short of Strategy’s total.
According to its announcement, as of February 8, the company still had approximately $7.97 billion worth of MSTR shares available for future issuance under its fundraising plan, providing ongoing financial flexibility for its strategy.
Risk Margins
Even as the Bitcoin price has pulled back from its all-time highs, Strategy’s management continues to express strong confidence in the company’s financial resilience.
Strategy CEO Phan Le recently stated that the company’s financial structure can withstand extreme market stress. He explained that only if Bitcoin drops to $8,000 and stays at that level for five to six years would the company face a substantive threat to its convertible debt repayments. This assessment is based on the firm’s ample cash reserves. Analysts at TD Cowen note that Strategy holds about $2.25 billion in cash, enough to cover nearly 17 months of fixed expenses and $1 billion in convertible notes.
Market Trends
Strategy’s accumulation comes amid a significant pullback in the Bitcoin market. According to Gate market data, as of February 10, 2026, Bitcoin was priced at $70,135.5, down from recent highs.
Despite this, mainstream institutions remain optimistic about Bitcoin’s long-term outlook. Bernstein analysts reaffirmed their target price of $150,000 for Bitcoin in 2026, citing increased institutional adoption, robust ETF infrastructure, and improved liquidity.
J.P. Morgan’s analyst team takes a broader perspective, noting that Bitcoin is challenging gold’s status as a store of value. They believe that, given the declining ratio of Bitcoin’s volatility to gold, Bitcoin could approach $170,000 in 2026.
Corporate Wave
Strategy is not alone—it’s leading a quiet revolution in corporate asset allocation. Currently, more than 200 public companies worldwide have added Bitcoin to their balance sheets, a number that has grown significantly since the start of the year.
The corporate Bitcoin holdings leaderboard shows that, aside from Strategy, major holders include MARA, Tether-backed TwentyOne, and Metaplanet. These companies increasingly view Bitcoin as a new kind of treasury asset.
Some institutions even compare Bitcoin holdings to the cash reserves of tech giants. When Bitcoin hit its all-time high, Strategy’s Bitcoin reserves briefly exceeded $80 billion, making its treasury value comparable to the cash positions held by Amazon, Google, and Microsoft.
Future Outlook
Professional research firms have issued wide-ranging forecasts for the crypto market in 2026. Galaxy Research believes that despite short-term uncertainties, Bitcoin could still set new all-time highs in 2026.
Market cycle dynamics may be undergoing profound changes. Some analysts point out that Bitcoin’s traditional four-year halving cycle logic is breaking down. With spot ETFs approved and ongoing allocations by sovereigns and corporations, Bitcoin’s buying logic has shifted to "strategic asset allocation."
Based on this, some expect Bitcoin to break precedent in this cycle and aim for a peak price of $250,000, with the market potentially showing characteristics of a "slow bull" and "long bull" run.
As Bitcoin adjusted to the $70,000 range, Strategy’s holdings moved from unrealized gains to an unrealized loss of about $5.2 billion. However, its CEO described this as "merely an accounting loss—not an actual cash loss." The company’s stock price has dropped about 70% from its peak, and at times its market cap has fallen below the net value of its Bitcoin holdings. Still, Wall Street remains confident: TD Cowen maintains a $440 target price, asserting that "there is no reasonable scenario that would force Strategy to sell its Bitcoin."
As of February 10, 2026, Gate data shows Bitcoin priced at $70,135.5. According to Gate’s price prediction data, market analysts estimate that Bitcoin’s average price in 2026 could be around $70,791.3, with expected fluctuations between $57,340.95 and $91,320.77.
