New York, Feb 16, 2026, 10:54 (ET) — The market has shut for the day.
- Strategy’s Michael Saylor pointed to a long-term plan: swapping convertible debt for equity across several years, as bitcoin’s price continues to swing.
- The stock ended higher on Friday. U.S. markets remain closed Monday for Presidents Day.
- Attention turns to Tuesday’s market reopen, with traders also eyeing a packed U.S. data schedule coming up later in the week.
Michael Saylor, executive chair of Strategy Inc, says the company is looking to “equitize” roughly $6 billion in convertible debt within three to six years. This comes after Strategy told investors it’s prepared to weather a deep crypto downturn. “Strategy can withstand a drawdown in BTC price to $8,000 and still have sufficient assets to fully cover our debt,” the firm posted Sunday on X. (TradingView)
The remarks come just ahead of Wall Street’s reopening on Tuesday, as markets remain shut for Presidents Day on Monday. Investors are left weighing if bitcoin’s next swing—higher or lower—will trigger new funding moves affecting shareholders. (AP News)
Strategy shares finished Friday up 8.9% at $133.88. On Monday, bitcoin slipped roughly 2% to about $67,545, so the crypto angle for the stock isn’t going anywhere as the new session approaches.
The company disclosed in its latest bitcoin filing that it picked up 1,142 bitcoins between Feb. 2 and Feb. 8, spending $90.0 million. That brings its stash to 714,644 bitcoins. Each coin cost the firm an average of $76,056, according to the update. The funds? All raised through its at-the-market program, which gives it the flexibility to sell shares as needed. (SEC)
Turning convertible debt into equity swaps out bonds for stock instead of paying them off in cash. That eases short-term refinancing headaches, though it can leave current shareholders with a smaller slice of the pie if fresh shares hit the market to square the debt.
Saylor has stuck to his “balance sheet math” line in recent interviews. Asked by Benzinga how he’d respond if bitcoin crashed by 90% and never recovered, he replied, “We’ll refinance the debt.” The outlet also pegged Strategy’s bitcoin stash at around $49 billion, up against net debt of about $6 billion. (Benzinga)
The downside’s easy enough to picture. Should bitcoin keep dropping, Strategy could see its ability to raise new funds shift in a hurry, along with the price tag for doing so. A big stock sale, even if the token levelled out, can still drag on the shares.
The strategy shares turf with other U.S. crypto stocks—think exchanges and miners—that often magnify swings in the digital coin itself. Sometimes those correlations stick around for weeks, only to vanish with one jolt from a macro headline.
This week, high-beta trades face a string of macro headwinds. Tuesday kicks off with the Empire State manufacturing survey; Wednesday brings housing starts and the Fed’s January minutes. On Friday, investors will be watching for the initial Q4 GDP print along with the PCE inflation measure the Fed favors. (Investopedia)
Strategy holders are eyeing Tuesday’s New York reopening as the next obvious catalyst. Bitcoin keeps moving 24/7, and any new company disclosure—be it about financing or coin holdings—will draw attention.
