Strategy is closing in on its 100th Bitcoin purchase after chairman Michael Saylor posted a familiar hint that traders often treat as a preview of the company’s next move.
Key Takeaways
- Strategy now holds 717,131 BTC across 99 purchases, putting its next buy on track to be a symbolic 100th acquisition.
- Saylor’s post, “The Orange Century,” reignited speculation just as Bitcoin traded below Strategy’s average cost.
- The firm has bought Bitcoin for 12 straight weeks, leaning on debt and equity financing to keep accumulating.
- Strategy’s Bitcoin position is currently underwater, with reported paper losses and investor focus locked on what comes next.
What Happened?
Michael Saylor posted “The Orange Century” alongside a screenshot of a purchase tracker that lists Strategy’s Bitcoin buys since 2020. Traders have seen this pattern before, and many took it as a signal that Strategy may soon announce another Bitcoin purchase, which would be the company’s 100th.
At the same time, Strategy’s stock moved higher as investors watched for confirmation, while Bitcoin remained well below its recent peak.
The Orange Century. pic.twitter.com/8zelTduTPC
— Michael Saylor (@saylor) February 22, 2026
Saylor’s Hint Puts the Spotlight Back on a Familiar Playbook
Saylor’s weekend post was short, but it landed loudly. He shared a chart from StrategyTracker, a move he has repeatedly made ahead of past purchase announcements, and captioned it “The Orange Century.” Markets have come to associate these posts with incoming updates on Strategy’s next Bitcoin buy.
If an announcement follows, it would mark Strategy’s 100th purchase since it began accumulating Bitcoin in August 2020. That milestone matters not because it changes the math, but because it reinforces the company’s identity. Strategy is not treating Bitcoin as a side bet. It has built its corporate story around holding Bitcoin as a treasury reserve asset.
Strategy’s Latest Purchases Show How Aggressive the Accumulation Has Been
Strategy disclosed on February 17 that it bought 2,486 BTC for about $168.4 million, paying an average of $67,710 per coin in that transaction. The purchase pushed total holdings up to 717,131 BTC.
Earlier, between January 20 and January 25, the company bought another 2,932 BTC for about $264.1 million, at an average price of $90,061 per coin including fees and expenses. The gap between January’s higher entry price and February’s lower one highlights how fast Bitcoin’s price can swing, and how Strategy keeps buying through it.
Overall, Strategy’s average cost is widely reported at $76,027 per BTC across its 99 purchases. Some disclosures also put total spending around $54.52 billion for the position.
Paper Losses Grow as Bitcoin Trades Below Strategy’s Average Cost
Bitcoin has been under pressure, sitting near $66,324 in the latest pricing referenced in the reports. It is also described as nearly 48% below a peak of $126,080.
With Bitcoin below Strategy’s average cost, the firm is now in an unrealized loss position. One set of figures puts the unrealized loss around $6.7 billion, while another estimate frames the paper loss at about 13.62%, with the Bitcoin holdings valued at over $47 billion based on current prices. The exact number moves with the market, but the direction is clear: Strategy is feeling the drawdown.
MSTR Stock Moves With Bitcoin, and With Expectations
Strategy’s stock closed at $131.05 on February 20 after trading between $130.68 and $133.83. The same coverage tied the move to fresh speculation about the next purchase.
But investor conviction has been tested. Shares are described as down over 61% over the last six months, even as longer term performance remains dramatic, up about 950% since the company’s first Bitcoin buy in 2020, rising from roughly $12.44 to around $131.05.
Funding Questions and Saylor’s Confidence Test
Strategy’s buying streak is not small. The firm has purchased Bitcoin for 12 consecutive weeks, funded through tools like convertible debt and equity offerings. That approach has raised concerns about refinancing pressure if Bitcoin weakness persists.
Saylor has pushed back on those worries. He has said Strategy could withstand a drawdown to $8,000 per Bitcoin without threatening the company’s balance sheet, arguing that leverage is manageable relative to the size of its holdings.
CoinLaw’s Takeaway
I see this as Strategy doubling down on what it already is: a Bitcoin proxy with a corporate wrapper. In my experience, the market does not just price the Bitcoin holdings, it prices the narrative and the next purchase. That is why a simple post like “The Orange Century” can move attention so quickly. The risk is obvious: when Bitcoin drops, the pain shows up fast in paper losses and sentiment. But if Strategy confirms a 100th purchase, it will send the message that the company is still playing the same game, even when the price action looks ugly.
