Strategy Grows Bitcoin Holdings: Can Its Treasury Scale Drive More Value?

Strategy Inc. (MSTR) expanded its Bitcoin treasury by 26% to 848,000 BTC in 2026, funded through $17.06B in ATM programs and $7.53B in STRC issuances. However, the company reported negative 3.7% year-to-date BTC Yield and a $2.10B negative BTC dollar gain, indicating dilution risks outweigh treasury growth. MSTR trades at a steep 120.54 forward P/S ratio with an F Value Score, earning a Zacks Rank #3 (Hold) rating.