Strategy shares fell as much as 10% today, currently trading at $142.88 and hitting a session low of $140.25, the bottom of the stock’s 52-week range.
The drop comes as Bitcoin, which heavily influences the company’s capital, fell more than 6% in the last 24 hours to approximately $84,300, according to data from Bitcoin magazine.
Strategy has positioned itself as a bitcoin treasury company while continuing its business analytics software operations.
Its shares frequently behave like a leveraged proxy for Bitcoin, amplifying the token’s swings. The strategy’s pullbacks often outpace cryptocurrency price movements, making the stock a barometer of broader risk appetite.
Thursday’s sell-off was compounded by weakness in broader markets. Major tech names tumbled ahead of earnings reports, with Microsoft falling more than 11% and Apple set to report after the close.
Meta shares rose 11% on strong earnings.
The ($MSTR) strategy buys more bitcoins
Earlier this week, Strategy announced another major bitcoin acquisition. The company purchased 2,932 BTC for $264 million, bringing its total holdings to 712,647 BTC. The purchases were executed at an average price of $90,061 per coin, bringing the company’s total bitcoin holdings to 712,647 BTC.
As of Monday, the company’s aggregate purchase price for its holdings amounts to approximately $54.2 billion, including fees and expenses, translating to an average acquisition price of $76,037 per bitcoin. The latest purchases were funded through revenue generated under Strategy’s bid-to-market (ATM) program.
According to the filing, the company sold 1,569,770 shares of Class A common stock, MSTR, for approximately $257 million in net proceeds during the five-day period. It also sold 70,201 shares of its perpetual preferred stock, STRC, raising an additional $7 million, bringing total ATM proceeds to approximately $264 million.
As of Jan. 25, Strategy said it still has substantial capacity remaining across all of its ATM programs, including approximately $8.17 billion available for future issuance under its common stock offering.
The company also maintains multiple preferred stock programs, including STRK, STRF, STRC and STRD, which together represent tens of billions of dollars in potential future capital raisings.
With over 712,000 BTC now on its balance sheet, Strategy controls approximately 3.4% of the fixed supply of 21 million bitcoins.
At the time of writing, the price of Bitcoin is $83,559, with a 24-hour trading volume of 61 billion. BTC is -7% in the last 24 hours.
It is currently -7% off its 7-day all-time high of $89,639 and 0% off its 7-day all-time low of $83,877.
