Unwavering Conviction: MicroStrategy Boosts Bitcoin Holdings Despite Market Chill

Defying the prevailing “crypto winter,” MicroStrategy, under the leadership of Executive Chairman Michael Saylor, has once again demonstrated its unwavering commitment to Bitcoin. The enterprise-grade institution announced a significant new acquisition last week, adding 592 BTC to its treasury. According to a recent 8-K filing with the U.S. Securities and Exchange Commission (SEC) on Monday, the company invested $39.8 million at an average price of $67,286 per Bitcoin.

This latest strategic move elevates MicroStrategy’s total Bitcoin holdings to an impressive 717,722 BTC, currently valued at approximately $47.5 billion. Despite this substantial portfolio, the company’s cumulative acquisition cost, including fees and related expenses, stands at $54.6 billion, resulting in an unrealized loss of $7.1 billion on its balance sheet.

Strategy has acquired 592 BTC for ~$39.8 million at ~$67,286 per bitcoin. As of 2/22/2026, we hodl 717,722 $BTC acquired for ~$54.56 billion at ~$76,020 per bitcoin. $MSTR $STRC https://t.co/jSQroB4LnE

— Michael Saylor (@saylor) February 23, 2026

MicroStrategy stated that the capital for this recent Bitcoin purchase was primarily generated through the sale of its Class A common stock (MSTR). The company successfully sold 297,940 shares last week, raising approximately $39.7 million.

Saylor’s Unwavering Optimism Amidst Market Turbulence

In a recent interview with Fox Business, Michael Saylor acknowledged the current “downturn” in the cryptocurrency market. However, he posited that this particular “chilling effect” is notably milder and expected to be shorter in duration compared to previous market cycles.

Saylor’s steadfast belief in Bitcoin’s long-term trajectory was further amplified in a post on X (formerly Twitter), where he rallied the community: “We may be in a crypto winter, but spring is coming, and Bitcoin will ultimately prevail.”

He famously articulated his conviction, stating, “If it’s not going to zero, it’s going to a million.”

If it’s not going to zero, it’s going to a million. $BTC

— Michael Saylor (@saylor) February 20, 2026

Driving Factors Behind Saylor’s Conviction

Saylor’s profound optimism is rooted in several key developments: the escalating support for Bitcoin from institutional investors and the broader financial system, continuous technological advancements within the digital asset ecosystem, and a sustained influx of capital into the market.

Market Reality Check: Pressure Mounts on Bitcoin ‘Hodlers’

Despite Saylor’s robust confidence, broader market data presents a more cautious outlook. Following Bitcoin’s retreat from its peak, the stock valuations of several “Bitcoin-hodling” companies have undergone significant corrections since their mid-2025 highs.

MicroStrategy itself exemplifies this trend, with its stock price experiencing a 71% decline from its peak. Its current market capitalization to net asset value (mNAV) ratio stands at approximately 1.01, indicating that its shares are now trading close to their underlying asset value, with minimal premium.

Nic Puckrin, co-founder of Coin Bureau, issued a stark warning regarding the immense pressure faced by companies that have integrated digital assets onto their balance sheets as Bitcoin prices fall. He cited Nakamoto as an example, whose stock price has plummeted by 99.3% over the past 280 days, leading to staggering book losses of up to $270 million.

Puckrin further highlighted an unprecedented trend: Bitcoin-centric financial companies have witnessed three consecutive weeks of selling pressure – a phenomenon not observed since the inception of these “hodling” strategies. He cautioned that as market contagion spreads, more enterprises might be compelled to liquidate their Bitcoin holdings in the coming weeks, potentially pushing Bitcoin towards new bear market lows.