New York, Feb 10, 2026, 17:11 EST — After-hours
- Shares of Strategy slipped roughly 4% to $133 in late trading, with bitcoin holding under $70,000.
- Strategy offloaded shares through its at-the-market program, according to a Feb. 9 SEC filing, and snapped up 1,142 bitcoin for roughly $90 million.
- U.S. jobs and inflation numbers are on traders’ radar this week, key for gauging risk appetite.
Strategy Inc (MSTR) dropped roughly 4% after the bell Tuesday, with shares last seen at $133. Bitcoin, too, slipped about 2.8% to $68,590. Investors are taking in new comments from Executive Chairman Michael Saylor, who signaled the firm isn’t backing away from its crypto-centric approach.
Strategy, which rebranded from MicroStrategy, has shifted its core to holding bitcoin, though enterprise analytics software is still on offer. The shares now swing sharply, moving in step with bitcoin’s turbulence. Lately, with bitcoin losing steam, investors are scrutinizing both the company’s ability to raise cash and the durability of its balance sheet, not just where the digital currency heads next. 1
Strategy disclosed in a Feb. 9 filing that it sold 616,715 Class A shares via its at-the-market program, pulling in $89.5 million between Feb. 2 and Feb. 8. The proceeds went toward picking up 1,142 bitcoin for roughly $90 million, according to the filing. That pushes Strategy’s total stash to 714,644 bitcoin, acquired for $54.35 billion at an average price of $76,056. 2
Speaking with CNBC, Saylor said the company won’t be selling bitcoin and intends to keep adding to its stash “every quarter forever,” according to Investopedia. If it comes to it, he said, “we’ll just refinance the debt” instead of selling any. 3
Crypto-linked shares moved in step. Coinbase dropped roughly 2.8%. Robinhood eased off 1%. Marathon Digital, a bitcoin miner, skidded close to 5%.
Strategy’s core business pales next to its bitcoin stash, which means the stock’s swings get exaggerated—leverage and those continual share sales for more bitcoin only heighten the effect. The dynamic isn’t always friendly: big bitcoin rallies can send shares surging, but when prices slide, the feedback loop can get nasty fast.
Still, the risk hasn’t disappeared. Weakness in bitcoin and tighter funding could force Strategy to cut back on buying, unload more shares at depressed levels, or face higher refinancing costs. Any of those would likely pressure the stock, even if the company steers clear of selling assets directly.
Last week, the company posted a deeper fourth-quarter loss, highlighting just how much volatility in digital assets can steer the bottom line for a business so tied to bitcoin holdings. 4
Macro’s in focus next. Wednesday brings the U.S. January jobs numbers, with the January CPI following on Friday. Both reports could move rates and appetite for risk — crucial for bitcoin, and that means Strategy’s stock is in play too. 5
