Shares of Strategy Inc (MSTR) declined approximately 4% in after-hours trading on Tuesday, February 10, 2026, with the stock last quoted at $133. The move coincided with a retreat in the price of Bitcoin, which fell below the $69,000 level to around $68,590, a drop of roughly 2.8% on the day. The parallel decline underscores the heightened sensitivity of the software-turned-digital-asset company's valuation to cryptocurrency market fluctuations.
Strategic Pivot and Capital Allocation
Strategy Inc, formerly known as MicroStrategy, has fundamentally repositioned its corporate strategy around the acquisition and holding of Bitcoin, though it continues to offer its legacy enterprise analytics software. This strategic shift has transformed the stock into a leveraged proxy for Bitcoin's price action, leading to amplified swings that often mirror the digital currency's volatility. The company's recent financial maneuvers have brought its funding strategy and balance sheet resilience into sharper focus for investors.
According to a filing with the U.S. Securities and Exchange Commission dated February 9, 2026, the company sold 616,715 of its Class A common shares through an at-the-market offering program between February 2 and February 8. The sales generated proceeds of $89.5 million, which were promptly deployed to purchase an additional 1,142 Bitcoin for approximately $90 million. This acquisition brings Strategy's total Bitcoin holdings to 714,644 coins, acquired at an aggregate cost of $54.35 billion, reflecting an average purchase price of $76,056 per Bitcoin.
Management Commentary and Future Intent
In an interview with CNBC, Executive Chairman Michael Saylor reaffirmed the company's unwavering commitment to its Bitcoin-centric strategy. He stated that Strategy has no plans to sell its Bitcoin holdings and intends to continue adding to its treasury "every quarter forever." Saylor further indicated that, if necessary, the company would opt to refinance existing debt rather than liquidate any of its digital asset inventory to raise capital.
The pronounced correlation between Strategy's stock and Bitcoin was evident across other crypto-linked equities. Coinbase (COIN) shares fell about 2.8%, while Robinhood (HOOD) edged down 1%. Marathon Digital (MARA), a prominent Bitcoin miner, experienced a steeper decline of nearly 5%.
Risk Dynamics and Financial Performance
The core risk for Strategy investors stems from the company's structure, where its Bitcoin portfolio vastly overshadows its traditional software business. This creates a leveraged exposure where the stock's movements are exaggerated. Continuous share sales to fund further Bitcoin purchases, combined with existing corporate leverage, can intensify this effect. While powerful rallies in Bitcoin can propel the stock significantly higher, the feedback loop during downturns can rapidly erode shareholder value.
Persistent weakness in Bitcoin's price or a tightening in capital market conditions could force Strategy to curtail its buying program, issue more equity at potentially depressed share prices, or face higher costs when refinancing debt. Any of these scenarios would likely exert downward pressure on the stock, even if the company avoids direct sales of its Bitcoin assets.
The company's latest earnings report highlighted the operational impact of this strategy. Strategy posted a deeper net loss for the fourth quarter, demonstrating how volatility in digital asset markets can directly steer the bottom line of a business so intrinsically tied to its cryptocurrency holdings.
Macroeconomic Data in Focus
Market participants are now turning their attention to key U.S. macroeconomic indicators scheduled for release later in the week. The January jobs report is due on Wednesday, followed by the Consumer Price Index (CPI) data for January on Friday. These reports are critical for shaping expectations around Federal Reserve monetary policy, influencing interest rates and broader risk appetite across financial markets. Given Bitcoin's sensitivity to macroeconomic liquidity conditions, these data points will be pivotal for the cryptocurrency's near-term direction and, by extension, for the price trajectory of Strategy Inc's stock.
