NEW YORK, Feb 9, 2026, 10:25 ET — Regular session
- Strategy (MSTR) slipped roughly 2% in early trading.
- A recent filing reveals that proceeds from share sales paid for a new $90 million bitcoin buy.
- This week, crypto-linked stocks are likely to react to U.S. jobs numbers and CPI data—investors have their eyes on both for the next potential spark.
Shares of Strategy Inc edged lower Monday, dropping around 2% to $132.30, with the stock hitting a session trough of $125.41 earlier. The move came as the company revealed it had bought more bitcoin, this time using proceeds from stock sales, just as the cryptocurrency took another dip.
This update stands out: Strategy’s stock isn’t behaving like typical software—it’s moving more like a leveraged bitcoin play. Investors zero in on two metrics. First, the pace at which the company is piling up bitcoin. Second, the funding source for those extra coins, especially when bitcoin’s price falters.
The company disclosed in a Feb. 9 Form 8-K that it raised $89.5 million by selling 616,715 shares via an at-the-market program between Feb. 2 and Feb. 8. Proceeds went straight into bitcoin: 1,142 coins bought for roughly $90.0 million, averaging $78,815 apiece. As of Feb. 8, its bitcoin holdings climbed to 714,644, with a total purchase cost of $54.35 billion, or around $76,056 per coin. 1
Bitcoin slipped almost 3% to around $69,000, adding strain to crypto-sensitive stocks. With Strategy, those fluctuations hit the balance sheet directly—traders often dial up leverage on the stock based on how the coin moves.
Michael Saylor, the Executive Chairman, dropped a one-line teaser on X just a day before the news broke: “Orange Dots Matter.” 2
In other crypto-tied names, Coinbase barely budged. Marathon Digital and Riot Platforms ticked higher early on. Lately, these stocks have moved in step with bitcoin, snapping sharply when the token swings.
Strategy’s latest disclosure comes just a few days after its quarterly report highlighted just how volatile things can get when bitcoin slides. The firm posted a $12.4 billion net loss in the fourth quarter, with most of that hit chalked up to unrealized losses on its digital assets. CEO Phong Le pointed to the company’s dividend-rate mechanism, saying it “helped maintain” STRC’s price close to its $100 benchmark. 3
With fair value accounting requiring companies to mark holdings to market every period, bitcoin’s drop shows up as hefty headline losses—even if the core software business doesn’t budge. So, investors are zeroing in on financing tactics and share supply, not just tracking product revenue.
But the mechanics don’t always work in shareholders’ favor. Should bitcoin keep sliding, Strategy could be forced to issue more stock just to maintain its buying pace—a move that dilutes existing investors and drags on the share price, despite the company continuing to accumulate coins.
Macro events loom large for traders, with the U.S. January employment numbers coming out Feb. 11 and CPI set for Feb. 13 at 8:30 a.m. ET. For Strategy, bitcoin’s moves after those data drops probably outweigh anything happening with its software this week. 4
