NEW YORK, Feb 3, 2026, 18:26 EST — After-hours
- Strategy shares dropped 4.6% after hours; bitcoin slid roughly 3.5%
- Filing reveals $106.1 million raised through ATM share sales; funds used to purchase 855 bitcoin
- Investors are eyeing the Feb. 5 results for updates on funding and dividend commitments
Strategy Inc shares dropped 4.6% to $133.26 in after-hours on Tuesday, following a choppy day that saw the stock swing between $126.88 and $142.18.
Bitcoin dropped 3.5%, hovering around $75,772 after dipping as low as $72,971 earlier. This shift is significant for Strategy since traders frequently use the stock as a stand-in for the token, and that connection can overshadow the software side of the business.
A Monday SEC filing revealed Strategy sold 673,527 shares through its at-the-market (ATM) program, generating $106.1 million in net proceeds. Using that, the company purchased 855 bitcoin for $75.3 million during the week ending Feb. 1, pushing total bitcoin holdings to 713,502. It also raised the dividend rate on its variable-rate preferred (STRC) to 11.25% and declared a cash dividend set for Feb. 28. (Securities and Exchange Commission)
The next hurdle arrives fast. Strategy plans to release its fourth-quarter results once U.S. markets close on Thursday, Feb. 5, followed by a 5 p.m. ET webinar to break down the details. (Strategy)
Executive chairman Michael Saylor announced the newest buy on X, tweeting: “Strategy has acquired 855 BTC for ~$75.3 million at ~$87,974 per bitcoin.” (X (formerly Twitter))
Crypto-related stocks followed suit. Coinbase Global dropped 4.3%, Robinhood Markets slid 3.1% in late trading, and the iShares Bitcoin Trust ETF dipped roughly 2.1%.
Strategy, which was known as MicroStrategy until last year, updated its legal name but retained the MSTR ticker on Nasdaq. It also still trades several preferred stock listings. (Strategy)
Investors keep coming back to one thing: the machine. Bitcoin’s price swings move the stock, and the company fuels further purchases by selling securities. When the share price drops, they need to issue even more shares to raise the same amount of money, which dilutes current shareholders.
That flywheel risks wobbling if bitcoin continues to slide or if interest in Strategy’s products fades. Falling token prices translate into larger paper losses on their holdings, and a weaker stock makes raising new capital costlier and less certain.
Thursday’s results and call stand as the market’s next major event. Traders will zero in on any changes in the pace of bitcoin purchases, the remaining capacity under the ATM program, and how management positions its dividend and liquidity plans for the week ahead.
