The Currency analytics
By Sakamoto Nashi
Strategy shares crashed hard Thursday. The stock dropped up to 10% during trading, hitting a session low of $140.25 before recovering slightly to close at $142.
Bitcoin's brutal selloff triggered the decline, with the cryptocurrency plunging over 6% in just 24 hours to around $84,300, per Bitcoin Magazine data.
The broader tech sector didn't help either.
Microsoft got crushed, falling more than 11% while Apple investors held their breath ahead of earnings. Meta bucked the trend though, surging 11% on solid quarterly results.
Earlier this week, Strategy made another huge bitcoin bet. The company bought 2,932 BTC for $264 million, paying an average price of $90,061 per coin.
Strategy's total bitcoin buying spree now costs around $54.2 billion, averaging $76,037 per bitcoin across all purchases.
The company raised the $264 million by selling stock over five days. They dumped 1,569,770 shares of Class A common stock MSTR for $257 million, plus another 70,201 shares of…
As of January 25, Strategy still had about $8.17 billion left under its common stock ATM program for future share sales.
Bitcoin currently trades at $83,559 with $61 billion in 24-hour volume. The price sits 7% below its seven-day peak of $89,639 and matches its recent low of $83,877.
Michael Saylor, Strategy's executive chairman, keeps pushing bitcoin hard despite the volatility.
On January 28, Strategy filed regulatory documents showing the latest bitcoin purchase was part of a bigger plan to grow their digital asset portfolio.
Some analysts worry about Strategy's heavy bitcoin exposure. The company's stock moves with crypto prices, which can be pretty wild.
Strategy CFO Andrew Kang talked to investors on January 27, saying the company has solid cash reserves despite recent market chaos.
Strategy's bitcoin holdings are worth approximately $59.6 billion at current prices, though that number changes by the minute.
Recent SEC filings from January 29 confirmed Strategy meets all financial disclosure requirements.