Strategy (MSTR) stock price drops as $90 million Bitcoin buy puts dilution back in focus

New York, Feb 9, 2026, 09:30 EST — Regular session underway

• Strategy shares slipped roughly 7% at the open, with traders sizing up a new Bitcoin buy while share sales continued to weigh on sentiment.
• The company disclosed it acquired 1,142 bitcoin last week, using proceeds from selling 616,715 shares in an at-the-market offering to cover most of the purchase.
• Bitcoin’s next step is in focus, with traders eyeing this week’s U.S. jobs and inflation data for any potential ripple effects in crypto-linked stocks.

Strategy Inc dropped roughly 7% to $125.29 in early U.S. hours this day, with the software company now known as a bitcoin-treasury player announcing it had made a minor Bitcoin buy—again tapping share sales to pay for it.
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This shift is notable. Strategy’s stock, often treated as a liquid stand-in for Bitcoin, tends to see sharper price swings than the token whenever risk sentiment shifts. Investors keep a close watch on how quickly the company raises capital, too, as it regularly sells securities to fund additional buying.

The Monday update threw that tradeoff right back into focus: more bitcoin stacking up on the balance sheet, but also more shares hitting the market. That combination works for the treasury angle, yet the stock takes a hit when traders zero in on dilution.

Strategy disclosed in a regulatory filing that it picked up 1,142 bitcoin for roughly $90 million during the stretch from Feb. 2 through Feb. 8, working out to an average price of $78,815 per coin. As of Feb. 8, the company reported holding 714,644 bitcoin—total cost: $54.35 billion, averaging $76,056 each.
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During that span, the company unloaded 616,715 class A shares, pulling in $89.5 million in net proceeds through its at-the-market program—an approach allowing for incremental stock sales into the market. The filing also flagged billions of dollars still available for issuance, spanning both common and several preferred share tickers.
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Bitcoin slipped roughly 3% to $68,900, capping a week marked by sharp swings that rattled sentiment across crypto-related trades.

Executive chairman Michael Saylor said on X that “Strategy has acquired 1142 BTC for ~$90.0 million at ~$78815 per bitcoin.”
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Tysons Corner, Virginia-based Strategy—formerly MicroStrategy—still offers enterprise analytics software, but these days it’s primarily positioned itself as a Bitcoin treasury, tapping equity and debt markets to expand its holdings. “Strategy’s capital structure is stronger and more resilient today than ever before,” Chief Financial Officer Andrew Kang said in the Feb. 5 earnings statement.
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The flip side? Should Bitcoin retreat, Strategy’s stock could tumble—raising capital would cost more. And with every fresh stock sale, existing shareholders face dilution, tokens or no tokens.

Focus shifts to Bitcoin’s next move and possible new financing headlines, as traders eye the U.S. January payrolls coming up Feb. 11, followed by the January CPI on Feb. 13—both poised to shape near-term rate bets and appetite for risk.
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