Shares of Strategy Inc declined in Tuesday's trading session, shedding approximately 1.6% to close at $136.29. The move lower followed the company's disclosure of a significant new acquisition of bitcoin, funded through the sale of equity, raising questions among investors about its ongoing capital allocation strategy and potential shareholder dilution.
Equity Sale Funds Latest Crypto Purchase
According to a regulatory filing submitted on Monday, the technology firm purchased 1,142 bitcoin in the week ending February 8, 2026, for a total of $90 million. The average price paid per token, inclusive of fees and expenses, was $78,815. This latest acquisition brings Strategy's total bitcoin holdings to 714,644 tokens. The cumulative cost basis for this massive digital asset portfolio now stands at $54.35 billion, reflecting an average purchase price of $76,056 per bitcoin.
The capital for this purchase was raised through the company's at-the-market (ATM) equity offering program. Strategy sold 616,715 shares via this mechanism, generating net proceeds of $89.5 million. The filing indicated the company retains substantial capacity under this program, with approximately $7.97 billion remaining for future share sales.
Saylor Outlines Long-Term Strategy Amid Market Volatility
Executive Chairman Michael Saylor addressed market concerns in a televised interview, reiterating the company's unwavering commitment to its bitcoin-centric strategy. He stated that Strategy intends to continue purchasing bitcoin every quarter indefinitely. Furthermore, Saylor addressed potential credit risks associated with a prolonged downturn in cryptocurrency prices. He asserted that the company would opt to refinance its existing debt obligations rather than liquidate its bitcoin holdings, even in a scenario where the digital asset's price were to decline sharply. "If bitcoin falls 90% for the next four years, we'll refinance the debt," Saylor remarked.
The company's shares often trade as a leveraged proxy for bitcoin itself, amplifying both gains during crypto rallies and losses during downturns. This dynamic was highlighted last week when Strategy reported a substantial quarterly loss of $12.4 billion, driven primarily by a steep decline in the market value of its bitcoin treasury. This underscores how accounting valuations can create extreme volatility in the firm's reported financial results.
Market Context and Investor Scrutiny
The broader cryptocurrency market exhibited muted movement during the session. Bitcoin itself traded near $69,240, representing a slight decline of 0.4%. Other equities with significant exposure to digital assets, including Coinbase Global Inc, Marathon Digital Holdings, and Riot Platforms Inc, also edged lower in sympathy.
Investors are closely monitoring the interplay between Strategy's aggressive accumulation strategy and its reliance on equity markets for funding. The repeated use of stock sales to finance purchases introduces dilution risk, particularly when the share price is under pressure. This creates a complex feedback loop: successful bitcoin accumulation can boost the perceived value of the company's holdings, but persistent equity issuance may weigh on the stock price, potentially limiting future fundraising ability at favorable valuations.
Traders are also looking ahead to key macroeconomic data for directional cues. The U.S. Labor Department is scheduled to release the Consumer Price Index (CPI) report for January on Friday, February 13, 2026, at 8:30 a.m. Eastern Time. This inflation data is a critical input for Federal Reserve interest rate policy and frequently triggers significant moves in risk assets, including cryptocurrencies and related equities. The market's reaction to this report could influence bitcoin's price trajectory and, by extension, the performance of Strategy's stock.
The company, formerly known as MicroStrategy, has fundamentally reshaped its corporate identity around bitcoin, utilizing public capital markets to steadily increase its holdings. This high-conviction strategy represents a bold corporate bet on the long-term appreciation of the flagship cryptocurrency but also concentrates risk and ties the firm's fortunes directly to the notoriously volatile digital asset class.
