New York, Feb 23, 2026, 12:59 EST — Regular session
- Strategy slipped 5.5% with bitcoin dropping roughly 4%.
- Company picked up 592 bitcoin, using proceeds from selling close to 298,000 shares to pay for the purchase.
- Crypto stocks took a hit, with U.S. equities broadly dropping as traders pulled back from risk.
Strategy Inc (MSTR) dropped 5.5% to $123.90 by midday Monday, tracking a roughly 4% decline in bitcoin, which hit $64,652. The S&P 500 ETF SPY and tech-heavy QQQ each slipped between 1% and 1.5%.
Strategy, once known as MicroStrategy, sits on a massive stash of bitcoin. For certain investors, its shares have basically turned into a stand-in for the token itself. That connection sharpens when crypto prices move—and sharpens further when the firm taps equity sales to fund more purchases.
Strategy disclosed in a U.S. SEC filing that it picked up 592 bitcoin over Feb. 17-22, spending $39.8 million—an average price of $67,286 apiece. To cover the buy, the company sold 297,940 Class A shares via its at-the-market offering, pulling in $39.7 million in net proceeds; ATMs allow companies to sell shares directly into the market as needed. By Feb. 22, Strategy’s bitcoin stash reached 717,722, acquired at a total cost of $54.56 billion and an average of $76,020 per coin. The company also reported it still had roughly $7.84 billion in common stock left to issue under the same program.
Bitcoin’s drop rattled other crypto-related stocks. Coinbase slipped 5.9%. Marathon Digital gave up 3.9%. Riot Platforms shed 1.6%.
Michael Saylor, executive chairman of Strategy, dropped a new hint on Sunday with a cryptic “The Orange Century” post on X. Traders usually read these signals as an advance notice before the company files its routine purchase disclosures. X (formerly Twitter)
Wall Street lost ground as risk appetite faded, investors reacting to fresh tariff uncertainty after President Donald Trump rolled out new global levies. “Tariff policy can be capricious and very subject to one person’s whims and that’s not good for the market,” said Steve Sosnick, chief market analyst at Interactive Brokers. Next up, traders are eyeing Nvidia’s quarterly results Wednesday, looking for cues on tech risk-taking. Reuters
Strategy holders know the risk: if bitcoin falls further, the stock takes a hit and issuing new shares gets trickier without heavy dilution. But if bitcoin bounces, the shares can move sharply higher, putting pressure on shorts.
Investors are watching both bitcoin’s moves and Strategy’s financing speed closely, particularly now that another bitcoin buy is linked to new equity. More stock sales could boost buying power—though they’d also make it tougher to deliver per-share gains.
Risk assets could face their next hurdle in the U.S. labor market. Fed Governor Christopher Waller flagged February’s jobs data as a possible reason to pause rate hikes at the March meeting, after January payrolls unexpectedly beat forecasts. The February jobs report drops March 6, just ahead of the Fed’s March 17-18 policy gathering.
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