New York, January 28, 2026, 19:46 EST — After-hours
- Strategy shares slid on Wednesday, tracking bitcoin’s dip.
- Investors are digesting new share offerings aimed at financing another bitcoin purchase.
- Attention turns to Strategy’s earnings report on Feb. 5 and any updates they provide on funding.
Shares of Strategy Inc (MSTR) slipped 1.9% on Wednesday, hitting $157 during the day before edging to $158.45 in late after-hours trading. The dip came alongside bitcoin falling below the $90,000 mark.
This shift is significant since Strategy — previously known as MicroStrategy — has long been synonymous with holding and increasing its bitcoin stash, making its stock a swift proxy for the cryptocurrency. That connection attracts traders fast and can drive them away just as rapidly.
Investors are zeroing in on the details. A Monday filing revealed Strategy offloaded 1,569,770 shares through an at-the-market program, which allows a company to gradually introduce new stock into the market, pulling in roughly $257 million in net proceeds.
Strategy reported spending $264.1 million to acquire 2,932 bitcoins from Jan. 20 to Jan. 25, at an average price of $90,061 per coin. This boosted its total holdings to 712,647 bitcoins. The firm’s average cost per bitcoin now stands at $76,037.
Nathan Schmidt, an analyst with CFRA Research, noted the latest buy aligns with the company’s usual approach. “It’s not surprising for me to see that they’re really aggressively continuing to purchase [Bitcoin],” he said. Fortune
Shares in other crypto-linked firms also slipped. Coinbase dipped 0.7%, Marathon Digital, a bitcoin miner, shed 1.5%, and Riot Platforms saw minimal movement.
The catch is dilution. When a firm issues new shares to acquire assets, existing shareholders end up with a smaller piece of the pie — and the stock price often begins to behave like a vote on future fundraising plans.
The trade runs both ways. Strategy relies on equity and debt financings alongside operating cash flow to build its bitcoin holdings; if crypto prices fall more or funding dries up, that approach could quickly unravel.
Next on the slate: Strategy is set to release quarterly earnings on Feb. 5, after markets close. Investors will be keenly watching for any news on how quickly they’re buying bitcoin—and what it’s costing them to continue that pace.
