Shares of MicroStrategy Inc. closed sharply higher on Friday, February 15, 2026, gaining 8.9% to finish the trading session at $133.88. The significant advance occurred during a choppy market day and positioned the stock for a strong entry into the extended Presidents Day weekend, with U.S. equity markets closed on Monday.
SEC Filing Details Bitcoin Financing Strategy
The catalyst for the move was a new securities filing submitted to the U.S. Securities and Exchange Commission. The document, a free writing prospectus, supplements the company's initial prospectus and details its "Stretch" preferred stock offering, identified by the symbol STRC. The filing explicitly outlines MicroStrategy's strategy of using preferred-share offerings to fund its substantial bitcoin holdings, moving away from a reliance on traditional debt instruments.
The prospectus pitches the STRC preferred shares as an income vehicle, offering monthly cash dividends that equate to an annualized yield of 11.25% for the month of February. However, the filing carries standard risk disclosures, noting the shares are not FDIC-insured, that the company retains the right to adjust dividend rates, and that the inherent volatility of bitcoin could directly impact the security's performance and valuation.
Bitcoin as a Sentiment Driver
With traditional markets shuttered for the holiday, investor attention turned to the cryptocurrency market, which operates continuously. Bitcoin, the primary digital asset held by MicroStrategy, traded near $68,965 on Sunday, representing a decline of approximately 1%. Over the preceding session, the cryptocurrency had fluctuated between $68,823 and $70,908.
This dynamic places MicroStrategy in a unique position as one of the public market's most direct equity proxies for bitcoin. Traders often quickly translate movements in the cryptocurrency's price into the stock's valuation, a relationship that can become particularly pronounced during periods of thin liquidity, such as long market weekends.
Broader Market Context and Forward Risks
The rally in MSTR contrasted with a mixed finish for major indices on Friday. The S&P 500 managed a modest gain, while the Nasdaq Composite edged lower as an early boost from softer inflation data faded and trading volume diminished ahead of the holiday. The setup presents a two-way risk for MicroStrategy shares as trading resumes on Tuesday. A continued decline in bitcoin over the weekend could pressure the stock to open significantly lower. Conversely, stability or gains in the cryptocurrency could reinforce Friday's bounce and attract further capital.
When U.S. markets reopen, the immediate focus will likely remain on bitcoin's price trajectory. Subsequently, investor attention is expected to shift to a packed macroeconomic calendar, including the release of the Federal Reserve's latest meeting minutes and the second estimate of fourth-quarter GDP. Unexpected developments from these reports could alter interest rate expectations and inject volatility into risk-sensitive assets like MicroStrategy.
The company's approach—bolstering its bitcoin-centric balance sheet through a mix of common equity and multiple series of preferred shares—highlights its continued commitment to the digital asset as a core treasury strategy. This latest financial engineering move ensures the market will keep a close watch on the interplay between MSTR and BTC in the days ahead.
