New York, Feb 20, 2026, 11:03 EST — Regular session
Shares of Strategy Inc (MSTR.O) climbed 2.7% to $133 on Friday, hitting an intraday high of $135.93 as bitcoin gained ground. The stock had closed Thursday at $129.45, up 3.4%.
On Wall Street, the company stands out as a direct—often whipsaw—proxy for trading bitcoin through an equity. Strategy brands itself as a “Bitcoin Treasury Company,” a label it carries in addition to its enterprise software operations. strategy.com
This is relevant at the moment, as the company continues to roll out disclosures and investors gauge what it means if bitcoin remains sluggish—while Strategy still hunts for new capital to sustain its approach. Thursday brought a fresh annual report from Strategy, along with more filings, among them a Form 144 notice related to possible share sales.
Bitcoin added roughly 2.1%, trading near $67,600. Shares of U.S.-listed crypto firms followed: Coinbase jumped 4.1%. Miners Marathon Digital and Riot Platforms advanced as well.
According to the dashboard, Strategy holds 717,131 bitcoins, purchased at an average of $76,027 each, bringing the total cost to roughly $54.5 billion.
The company’s annual report laid out plans to handle its debt interest and preferred stock dividends mainly by tapping an at-the-market (ATM) share sale program, allowing it to issue shares periodically. The filing also flagged a potential need to liquidate bitcoin holdings if cash reserves run dry and fundraising options disappear. It reported $8.254 billion in total long-term debt maturing down the line.
CEO Phong Le isn’t buying the notion that bitcoin dipping below MicroStrategy’s average price spells immediate trouble. “It really doesn’t mean anything,” Le told analysts on the earnings call. According to a Barchart column, he laid out the numbers: bitcoin would need to plunge to $8,000—and stay there for “five to six years”—before convertible debt becomes a serious issue for the company. Barchart.com
Wei-Ming Shao, identified as a former officer, filed a Form 144 for a potential sale of 5,000 Strategy Class A shares, according to a separate filing. The total market value comes to $617,450, with the planned sale date set for Feb. 19. Form 144 signals an intent to sell but doesn’t necessarily mean the trade will happen.
But here’s the risk: if bitcoin stumbles and stays in the doldrums, raising fresh cash gets expensive in a hurry. That scenario could push Strategy toward selling more stock or floating preferreds with fatter yields—moves that hit common shareholders with dilution and pile on pressure just when it stings most.
Traders are now eyeing bitcoin as the week wraps up, since crypto never sleeps. Focus shifts to how it trades heading into Monday, Feb. 23, when U.S. markets open again, with particular attention on any new updates about bitcoin purchases or financing linked to Strategy’s capital-raising efforts.
