Strategy’s 9–16 Feb 2026 bitcoin purchase: 2,486 BTC, scored

From 9 February 2026 to 16 February 2026, Strategy Inc. (NASDAQ: MSTR) bought 2,486 bitcoin for about $168.3M, at an average price of $67,710 per bitcoin inclusive of fees and expenses, according to its Form 8-K filed 17 February 2026.

Updated 19 October 2026 · priced on the recorded order books of the same days

−$1,204 / BTC · −175bp

Strategy beat EnsoTrade’s smart routers on this purchase: about 43.6 more bitcoin for the same dollars.

Bitcoin bought2,486 BTC
Filed average price (inclusive of fees)$67,710
Raw price (17.5bp stripped)$67,592
EnsoTrade price, same days$68,796
Difference per bitcoin−$1,204 (−175bp)
Bitcoin difference for the same $168.3M43.6 BTC more at Strategy’s price
Market’s own volume-weighted average, same trading hours$68,809 (raw −177bp against it)

It is one of the 10 purchases out of 26 in 2026 where Strategy beat our price, and Strategy’s best of the year. Across the year Strategy stands at −$134 per bitcoin (−16.9bp) — see all of Strategy’s 2026 purchases.

Questions

What did Strategy pay for bitcoin on 9–16 February 2026?
Strategy disclosed 2,486 bitcoin bought from 9 February 2026 to 16 February 2026 at an average of $67,710 per bitcoin, inclusive of fees and expenses, in its Form 8-K filed 17 February 2026. After stripping an estimated 17.5bp of fees, the raw price is $67,592.
Did Strategy overpay for its 9–16 February 2026 bitcoin purchase?
No. Strategy's raw price was $1,204 per bitcoin (−175bp) below what EnsoTrade's smart routers would have paid on the recorded order books of the same days: about 43.6 more bitcoin for the same $168.3M.
How is the EnsoTrade price worked out?
It is what EnsoTrade's smart routers would have paid for the same dollars inside the same purchase window, on the exchange order books as they were recorded at the time, with our own fees in. The routing and the models are proprietary.
How did Strategy do across all of 2026?
Across 26 purchases and 182,697 bitcoin, Strategy's raw price averaged −$134 per bitcoin (−16.9bp) against our price, and 10 purchases went Strategy's way.
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How a filed price is stripped to raw

When a filing states its average price “inclusive of fees and expenses,” we divide out an estimated 17.5bp stack for prime brokerage, the desk, market impact and custody. Raw price = filed price ÷ 1.00175. Where a filing says “net of fees” or carries no fee language, nothing is stripped. Our own fees always stay in our price.

The EnsoTrade price comes from our smart routers and smart models, run on the recorded order books of the same days for the same dollars. The routing and the models are proprietary.

Limits, stated rather than buried

Sources

Prepared by EnsoTrade from public filings and public market data. Neither company has reviewed it. Nothing here is investment advice. All scored purchases · Strive · Strategy