TLDR
- Michael Saylor posted “The Orange Century” on X, signaling Strategy’s 100th Bitcoin purchase is imminent.
- Strategy has made 99 BTC purchases since August 2020, holding 717,131 BTC at an average cost of $76,027.
- Bitcoin is currently trading around $64,700, putting Strategy’s holdings in unrealized loss territory.
- The company has bought BTC for 12 consecutive weeks, funded through convertible debt and equity offerings.
- Strategy’s stock is down 61% over six months but up ~950% since its first Bitcoin purchase in 2020.
Michael Saylor posted two cryptic words on X over the weekend: “The Orange Century.”
The Orange Century. pic.twitter.com/8zelTduTPC
— Michael Saylor (@saylor) February 22, 2026
For anyone following Strategy, that’s about as close to a formal announcement as you get. Markets widely read Saylor’s StrategyTracker screenshots as a heads-up that another Bitcoin buy is coming — and this one would be the 100th.
Strategy has now acquired 717,131 BTC across 99 purchases since August 2020, at an average price of $76,027 per coin.
The timing is interesting. Bitcoin is trading around $64,700, meaning Strategy’s entire holdings are currently sitting at an unrealized loss. Paper losses stand at roughly 13.62%, with total holdings valued at just over $47 billion.
That’s not stopping Saylor.
The firm has purchased Bitcoin for 12 consecutive weeks, leaning on convertible debt and equity offerings to keep the accumulation engine running. A buy this week would stretch that streak to 13 weeks.
Buying Through the Dip
Bitcoin is down nearly 48% from its all-time high of $126,080. That’s a steep drawdown by any measure, and it has tested investor patience.
MSTR stock is down over 61% in the past six months. That’s a rough ride, and it reflects just how tightly the stock is correlated to Bitcoin’s price movements.
Saylor, for his part, has been consistent. He’s argued that Strategy could withstand a Bitcoin price drop all the way to $8,000 per coin without threatening the company’s balance sheet. The firm’s leverage, he says, remains manageable relative to the size of its holdings.
Whether investors find that reassuring is another matter.
Strategy began buying Bitcoin in August 2020 with an initial $250 million purchase. Saylor, once a Bitcoin skeptic, made the call to use BTC as a hedge against inflation and a long-term store of value for the company’s treasury.
From $12 to $131
Since that first purchase, MSTR stock has climbed from roughly $12.44 to around $131.05 — a gain of approximately 950%.
That run has made Strategy the largest public holder of Bitcoin in the world and inspired a wave of companies to adopt similar treasury strategies.
The company’s model is aggressive. It uses financial instruments — convertible notes, equity raises — to continuously fund new Bitcoin purchases. Critics have raised questions about refinancing risk if Bitcoin prices stay depressed for an extended period.
Saylor’s response has been consistent: he’s not selling, and he’s not slowing down.
At current prices, Strategy’s 717,131 BTC is worth just over $47 billion, with the average cost basis sitting above the current market price.
The 100th purchase, when it comes, will mark a milestone in one of the more unconventional corporate treasury strategies in recent financial history.
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