Strategy shares fell as low 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 company equity, fell more than 6% over the past 24 hours to around $84,300, according to Bitcoin Magazine data.
Strategy has positioned itself as a bitcoin treasury firm while continuing its business analytics software operations.
Its stock often acts as a leveraged proxy for Bitcoin, amplifying the token’s volatility. Strategy pullbacks often outpace cryptocurrency price movements, making the stock a barometer of broader risk appetite.
Thursday’s selloff was exacerbated by weakness across broader markets. Big tech names fell ahead of earnings reports, with Microsoft down over 11% and Apple set to report after the close.
Meta shares rose 11% on strong earnings.
Strategy ($MSTR) buys more bitcoin
Earlier this week, Strategy announced another major bitcoin acquisition. The company bought 2,932 BTC for $264 million, bringing its total holdings to 712,647 BTC. The purchases were made at an average price of $90,061 per coin, lifting the company’s total bitcoin holdings to 712,647 BTC.
As of Monday, the company’s total purchase price for its holdings is approximately $54.2 billion, including fees and expenses, which equates to an average acquisition price of $76,037 per bitcoin. The latest purchases were funded through the proceeds generated under Strategy’s at-the-market (ATM) offering program.
According to the filing, the firm sold 1,569,770 shares of its Class A 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 another $7 million, bringing total ATM proceeds to about $264 million.
As of Jan. 25, Strategy said it still has significant capacity remaining across its ATM programs, including approx. $8.17 billion available for future issuance under its common stock offering.
The company also maintains several preferred stock programs, including STRK, STRF, STRC and STRD, which together represent tens of billions of dollars in potential future capital raisings.
With more than 712,000 BTC now on its balance sheet, Strategy controls about 3.4% of bitcoin’s fixed 21 million supply.
At the time of writing, the price of Bitcoin is $83,559, with a 24-hour trading volume of 61 B. BTC is -7% in the last 24 hours.
It is currently -7% from its 7-day high of $89,639 and 0% from its 7-day low of $83,877.