Strategy’s average Bitcoin cost basis ticked down to $76,027 after its latest buy, a small move that still stands out because it reverses a long stretch of steady or rising average-cost prints. Strategy is still adding to its treasury while buying at prices below its own historical average, which is the only way a weighted average cost can move lower.

The Purchase That Nudged The Average Down

In a Form 8-K filed with the U.S. Securities and Exchange Commission, Strategy disclosed it acquired 2,486 BTC during the Feb 9 to Feb 16 period for about $168.4 million at an average price of about $67,710 per bitcoin.

That purchase price is well below the company’s overall average, so the math pushes the portfolio average slightly lower. Strategy’s own running totals on its Bitcoin purchases dashboard show aggregate holdings of 717,131 BTC with an average acquisition cost of $76,027 and an aggregate purchase price of $54,521 million.

Michael Saylor also posted the same purchase summary, including the 2,486 BTC figure and the $67,710 average purchase price.

Why A $29 Dip Is Still A Real Signal

On a stack measured in the hundreds of thousands of BTC, a $29 change in the average is mechanically small. The company’s position is so large that even a nine-figure weekly buy shifts the weighted average only marginally.

That is exactly why the move is an easy read for markets. It indicates three things at once.

First, it confirms Strategy is still executing the “buy-the-dip” playbook in weeks when Bitcoin trades below its long-run average cost. Second, it implies the firm is willing to keep adding even when the mark-to-market is unattractive, because the overall average remains above spot when BTC trades in the high $60,000s. Third, it reinforces how persistent the program is, since the average-cost trend can stay pinned for long periods unless purchases are meaningfully below the portfolio average.

The “first dip since late September 2023” point matters because it is a clean timestamped narrative hook. However, that timing claim comes from Arkham-style tracking and aggregation rather than a single standardized accounting disclosure, so the most durable anchor remains the official 8-K figures and the company’s own purchase dashboard.

Where The Money Came From

The same 8-K details that Strategy funded the bitcoin purchases using proceeds from its at-the-market offering programs, including sales of Class A common stock and preferred stock.

That funding route matters because it keeps the treasury machine running without requiring a one-off debt raise each time. It also means the market’s response often depends less on the Bitcoin buy itself and more on the implied pace of issuance, the terms of preferred stock vehicles, and the premium investors are willing to pay for exposure to Strategy’s bitcoin-linked balance sheet.

How Traders Usually Read This Setup

This kind of update tends to influence positioning through sentiment more than through direct supply impact. A weekly 2,486 BTC purchase is material in absolute dollars, but small relative to global BTC liquidity. The higher-impact channel is narrative: ongoing treasury accumulation can reinforce the idea of institutional bid support, especially when price action is choppy and investors are searching for “who is still buying” signals.

At the same time, the fact that the overall average remains above spot is not a trivial detail. When BTC trades below the company’s average acquisition cost, the treasury position is underwater, and that can amplify scrutiny around financing cadence and the cost of capital for the next leg of accumulation.

What Needs Clarity For On-Chain Readers

That kind of tracking is useful, but it is only as strong as the wallet labeling and the methodology for mapping transfers and buys to a single entity. For readers using the “first dip since 2023” hook, the key is aligning on which wallets and purchase windows are counted, then cross-checking those observations against the company’s periodic SEC disclosures.

What To Watch Next

The market’s next question is not whether Strategy bought this week, but what the purchase cadence looks like if BTC stays below the firm’s average cost. If the company continues buying at prices meaningfully under $76,027, the average-cost line can drift lower again, which would keep reinforcing the “accumulation on weakness” narrative. If buying pauses, attention will shift quickly to funding conditions and the appetite for the issuance structures that power the treasury program.

For now, the takeaway is straightforward. Strategy’s latest disclosed buy happened at a price far below its portfolio average, and that was enough to produce a visible first dip in its reported average cost basis since late September 2023, even if the move is only $29 on paper.

The post Strategy’s Average BTC Cost Basis Slips After $168M Buy appeared first on Crypto Adventure.

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Filed under: Bitcoin - @ February 18, 2026 10:26 am