Strategy company's Bitcoin investment faces a situation of unrealized losses.

The strategy for Bitcoin holdings by the Strategy company is facing a test. According to the latest data from NS3.AI, the approximately 900 Bitcoins held by the company are currently trading well below their initial acquisition cost at the current market price level, and unrealized losses are expanding. Let’s take a closer look at the company’s investment position.

Accelerating Divergence from the Average Purchase Price

The Strategy company acquired Bitcoin at an average price of $88,000. Meanwhile, as of February 15, 2026, the Bitcoin price has fallen to around $69,710, resulting in an unrealized loss of over $18,000 per coin. This difference has grown into a significant unrealized loss across the entire portfolio of about 900 coins.

The loss had already become apparent when the price dropped below approximately $76,000 initially, and the fact that it has fallen further since then highlights the difficulty of their holding strategy.

Capital Strategy and Maintaining Cash Positions

Notably, the Strategy company is still maintaining a solid cash position. Despite the decline in Bitcoin prices, the company has decided to increase the dividend rate on preferred shares, which reflects the complexity of its capital procurement strategy.

The company’s funding has been carried out through issuing common stock, and preferred shares have not been sold. This approach reflects the company’s unique management policy of balancing dividend maintenance for existing shareholders with new capital raising. Even in an environment where unrealized losses exist, maintaining cash reserves and continuing to return value to investors suggests a strong conviction in long-term Bitcoin holdings.