Strategy’s 100th Bitcoin Purchase Ever Is Its Smallest Yet in 2026

Decrypt

by André Beganski

February 23, 2026

AI-Generated Deep Dive Summary

Strategy, a leading Bitcoin-buying firm, made its 100th purchase of the cryptocurrency in early 2026, marking the smallest acquisition since it began buying Bitcoin in August 2020. The company spent $40 million on approximately 591 Bitcoin last week, bringing its total holdings to 717,722 Bitcoin worth around $47 billion at the time of purchase. This move came ahead of a two-day conference in Las Vegas for crypto firms, where Strategy aims to discuss the future of enterprise success in the digital asset space. Despite facing significant challenges, including a $6.8 billion unrealized loss on its Bitcoin holdings and a 2.5% drop in its stock price to $127, Strategy continues to bet on Bitcoin as part of its long-term vision. The company’s average purchase price for Bitcoin has slightly decreased following this latest buy, reflecting a strategic shift toward more cost-effective acquisitions. Strategy funded this purchase through the issuance of common shares and its variable rate preferred stock (STRC), which offers high monthly dividends but adds financial pressure. The event in Las Vegas highlights Strategy’s influence in the crypto industry, as it is one of the largest corporate holders of Bitcoin. While other firms like Strive and Metaplanet have followed suit by issuing similar financial products to buy Bitcoin, Strategy remains a dominant player. The company’s ability to acquire Bitcoin at a pace unmatched by competitors underscores its leadership in the space, with January 2026 alone accounting for 93% of all Bitcoin purchases made by publicly traded companies. This strategy matters because it sets a precedent for how businesses can navigate the volatile crypto market. By leveraging innovative financial tools like STRC, Strategy is not only shaping its own trajectory but also influencing others to adopt similar approaches. However, the challenges faced by Strategy, including its declining enterprise value and reduced Bitcoin purchases per share

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Originally published on Decrypt on 2/23/2026