Strategy stock has fallen ~10% today and is currently trading at $142.88, with an intraday low of $140.25, the bottom of the stock’s 52-week range.
The decline comes as Bitcoin, which has a large impact on the company’s stock, has fallen more than 6% in the past 24 hours to about $84,300, according to data from Bitcoin Magazine.
Strategy positions itself as a Bitcoin finance company while continuing its enterprise analytics software business.
Its stock frequently acts as a leveraged proxy for Bitcoin, amplifying the token’s volatility. The strategy’s declines often outpace the price movements of cryptocurrencies, making stock prices a barometer of a wide range of risk appetites.
Thursday’s decline was compounded by broader market weakness. Major tech stocks fell ahead of their earnings reports, with Microsoft dropping more than 11% and Apple scheduled to report results after the market close.
Meta stock rose 11% on the positive results.
Strategy ($MSTR) buys more Bitcoin
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 made at an average price of $90,061 per coin, increasing the company’s total Bitcoin holdings to 712,647 BTC.
As of Monday, the total purchase price of the company’s holdings was approximately $54.2 billion, including fees and expenses, or an average purchase price of $76,037 per Bitcoin. The acquisition was funded by proceeds from Strategy’s at-the-market (ATM) offering program.
The company sold 1,569,770 shares of its Class A common stock MSTR over five days for net proceeds of approximately $257 million, according to filings. The company also sold 70,201 shares of STRC perpetual preferred stock, raising an additional $7 million, bringing total ATM proceeds to approximately $264 million.
As of Jan. 25, Strategy said it still had significant capacity remaining across its ATM programs, including approximately $8.17 billion available for future issuance through common stock offerings.
The company also maintains multiple preferred stock programs, including STRK, STRF, STRC and STRD, which together represent tens of billions of dollars in future financing potential.
With over 712,000 BTC currently on its balance sheet, Strategy controls approximately 3.4% of Bitcoin’s fixed supply of 21 million.
At the time of writing, the price of Bitcoin is $83,559 and the 24-hour trading volume is 61 B. BTC is -7% in the last 24 hours.
It is currently -7% from its 7-day all-time high of $89,639 and 0% from its 7-day all-time low of $83,877.
