New York, Jan 20, 2026, 11:19 AM EST — Regular session
- Strategy shares dropped roughly 6.8% to $161.94 amid a bitcoin decline.
- A filing revealed the company purchased 22,305 bitcoin, spending roughly $2.13 billion.
- Fresh share sales via its at-the-market program provided the funds for the purchases.
Shares of Strategy Inc dropped Tuesday following the company’s announcement of yet another multibillion-dollar bitcoin acquisition, while the cryptocurrency itself slipped back toward $90,000 amid a wider risk-off move.
The stock has emerged as one of Wall Street’s quickest and cleanest routes to trade bitcoin sentiment without dealing with tokens or crypto exchanges. But that connection is double-edged: when bitcoin falls, Strategy tends to slide even more sharply, and new stock sales can weigh heavily on the price.
Strategy disclosed in a Jan. 20 filing that it picked up 22,305 bitcoin between Jan. 12 and 19, shelling out roughly $2.125 billion. That breaks down to about $95,284 per coin including fees. The company’s total stash now stands at 709,715 bitcoin, acquired for a combined $53.92 billion at an average cost of $75,979 each.
The company disclosed it financed the purchases through an at-the-market (ATM) program, which allows gradual share sales in the open market. Strategy reported net proceeds totaling $2.125 billion — $1.83 billion came from selling 10.4 million common shares, with the remainder from two preferred stock issues.
Timing worked against them. Bitcoin slipped roughly 2.4% to $90,783, falling beneath Strategy’s reported average purchase price for the latest batch.
The crypto pullback coincided with investors retreating from U.S. assets amid fresh White House tariff warnings on Europe linked to Greenland, fueling a broader “Sell America” sentiment, analysts noted. Tony Sycamore, a market analyst at IG in Sydney, attributed the move to “fears of prolonged uncertainty.” Reuters
Marc Chandler, chief market strategist at Bannockburn Capital Markets, pinpointed the selloff as hitting “the pinprick” once some U.S. markets appeared “stretched.” Stocks tied to crypto dropped alongside the general decline. Reuters
Coinbase dropped roughly 3.8%, while bitcoin miners slid too. Marathon Digital tumbled around 6%, and Riot Platforms fell close to 3%.
Strategy keeps a live tally of its bitcoin buys and holdings on its website, closely tracked by investors looking for clues on whether the pace of purchases is ramping up or cooling off.
But the model doesn’t tolerate a choppy market. If bitcoin remains weak, Strategy’s latest coins could plunge fast, while the stock sales backing these purchases risk diluting shareholders and fueling ongoing volatility.
Investors are gearing up for Strategy’s Q4 2025 earnings, set to drop after the U.S. market closes on Feb. 5. The company will host a live video webinar at 5:00 p.m. Eastern that day.
