Strategy shares (NASDAQ: MSTR) tumbled more than 11% on Thursday, hitting a fresh 52-week low of $139.95, as a renewed slide in Bitcoin combined with a broader sell-off in equities to pressure the stock.
At last check, Strategy was trading at $140.22, leaving shares down 69.22% from their 52-week high of $457.22 and 58.10% lower over the past year. The company’s market capitalization stood at approximately $45.46 billion.
The immediate catalyst was a sharp move lower in Bitcoin. Over the past 24 hours, the cryptocurrency fell more than 6% to around $83,811, reigniting selling pressure in Strategy shares.
The link between the two is well established. Strategy has repositioned itself as a Bitcoin treasury company alongside its legacy enterprise analytics software business. Consequently, the stock often trades as a leveraged proxy for Bitcoin, magnifying gains during rallies and accelerating losses during pullbacks.
Broader Tech Weakness Amplifies the Decline
Strategy’s downturn was compounded by a difficult trading session for technology stocks, as investors adopted a risk-off stance ahead of key earnings reports.
Microsoft shares (NASDAQ: MSFT) slid more than 11% during the session, while Apple (NASDAQ: AAPL) was set to report earnings after the close, contributing to cautious sentiment. Meta Platforms (NASDAQ: META) bucked the trend, surging 10.21% following strong earnings. However, the social media giant’s rally did little to offset broader sector weakness.
This uneven performance across mega-cap technology names weighed on growth-oriented stocks. For Strategy, the combination of falling Bitcoin prices and declining tech shares intensified losses during the session.
Strategy Deepens Bitcoin Exposure
Adding to investor focus, Strategy recently expanded its Bitcoin holdings. Earlier this week, the company disclosed the purchase of 2,932 BTC for approximately $264 million.
The acquisition was made at an average price of $90,061 per coin. Following the transaction, Strategy’s total Bitcoin holdings increased to 712,647 BTC.
As of Monday, the company’s total expenditure on its Bitcoin holdings, including fees and associated costs, reached approximately $54.2 billion. This corresponds to an average acquisition price of roughly $76,037 per Bitcoin.
ATM Program Funds Latest Purchase
Notably, the latest Bitcoin purchase was financed through Strategy’s at-the-market (ATM) offering programs. Over the past week, the company sold 1,569,770 shares of its Class A common stock, generating roughly $257 million in net proceeds, according to regulatory filings.
In addition, Strategy sold 70,201 shares of its perpetual preferred stock, STRC, raising approximately $7 million. Together, the two offerings generated about $264 million—effectively matching the cost of the Bitcoin acquisition.
As of January 25, Strategy reported significant remaining capacity under its ATM programs. This included approximately $8.17 billion available for future issuance under its common stock offering.
Beyond common equity, the company also maintains several preferred stock programs—STRK, STRC, STRF, and STRD—which collectively represent tens of billions of dollars in potential future capital raises.
Bitcoin Concentration Nears 3.4% of Total Supply
With more than 712,000 BTC on its balance sheet, Strategy now controls roughly 3.4% of Bitcoin’s fixed supply of 21 million coins.
The scale of that position highlights the company’s long-term commitment to its Bitcoin-centric treasury strategy. It also helps explain why Strategy shares (NASDAQ: MSTR) remain highly sensitive to swings in cryptocurrency prices and shifts in broader market risk appetite.
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