Company Continues to Build $47 Billion Crypto Portfolio Despite Bitcoin Price Drop
February 20, 2026
million at an average price of around $67,710 per bitcoin. As of February 16, 2026, Strategy holds 717,131 BTC, valued at approximately $54.52 billion with an average price of roughly $76,027 per bitcoin. Michael Saylor, the executive chairman of Strategy, made this announcement on Twitter. According to data from BitcoinTreasuries.NET, the value of Strategy’s bitcoin holdings reached about $90 billion in early October. On the other hand, the company’s stock has fallen by about 76.5% from its peak of $543 in November 2024. However, despite the media’s negative speculation, Strategy is only about 10% down from the total cost of acquiring bitcoin over time. Strategy has also expressed confidence in handling a significant price drop in bitcoin, mentioning that they could manage if the price fell as low as $8,000. Financial firms Bernstein and TD Cowen have supported Strategy, indicating that the company is not in any considerable financial trouble.
Strategy’s unique strategy involves accumulating bitcoin aggressively, aiming to increase the amount of bitcoin associated with each share of stock held in the company. Consequently, Strategy’s stock tends to perform better than bitcoin during favorable market conditions but can underperform when the price of the cryptocurrency falls. This approach can be seen as a leveraged bet on the price of bitcoin. While there is a risk of Strategy’s balance sheet collapsing if bitcoin fails to become a credible global reserve asset, its stock could also outperform bitcoin when success seems probable. This high-risk, high-reward scenario resembles the original asymmetrical bet inherent in bitcoin itself, as Satoshi Nakamoto famously voiced a similar sentiment about bitcoin’s future in the early days of its creation. Despite criticisms labeling Strategy as a Ponzi scheme and concerns about deviating from bitcoin’s original vision, Strategy continues to make bold moves in the crypto space. Similarly, worries about the concentration of bitcoin in centralized entities highlight growing tensions within the industry between cypherpunks and tech entrepreneurs.
Entrepreneurs and companies like Strategy aim to build more user-friendly infrastructure around the Bitcoin protocol, potentially bringing digital banking to the masses. However, this development may deviate from the original concept of bitcoin held dear by cypherpunks. The decentralized nature of bitcoin allows individuals to retain control over their assets, despite the industry’s increasing centralization. The strategic acquisition of bitcoin reserves by companies like Strategy is viewed as a step towards a future where bitcoin could underpin a new financial system. Nonetheless, the uncertainty surrounding the realization of this vision is evident, noted by Tether’s recent procurement of a large stash of physical gold signaling possible alternative strategies in the crypto space.