• Strategy (MSTR) shares dropped nearly 8% after Bitcoin fell to a 10-month low, pushing the firm's crypto bet into the red.
  • Despite the slump, the company bought 855 more bitcoins for $75.3 million, bringing holdings to 713,502 BTC.
  • Bitcoin dipped below Strategy's average purchase price before rebounding near $78,000, with holdings now worth about $55.6 billion.

Strategy, the world's largest Bitcoin treasury company, saw its shares tumble as Bitcoin's volatility rattled investors. The firm, formerly known as MicroStrategy, has built a massive position in the cryptocurrency since 2020, and this latest move underscores its unwavering commitment even amid market turbulence.

According to people familiar with the matter, the purchase occurred over several days around late January to early February 2026, as Bitcoin briefly dipped below Strategy's average cost of approximately $76,040 per token. This pushed the treasury into a slight loss, with holdings showing a profit margin of just 0.89% at recent prices. The stock slide reflects broader concerns about corporate exposure to crypto assets, but insiders suggest the firm views such dips as buying opportunities.

Chairman Michael Saylor, a vocal proponent of Bitcoin as a treasury asset, has teased further purchases in recent statements. "We remain focused on our long-term strategy," he was paraphrased as saying in internal communications, though attempts to reach him for direct comment were unsuccessful. This stance aligns with past behavior during market downturns, where Strategy has doubled down on acquisitions, leveraging debt and equity raises to amass over 712,000 BTC since 2020.

In the background, Strategy continues to operate its core business intelligence and AI-powered software divisions, serving thousands of global customers. Recent developments include a $4.2 billion at-the-market program launched in July 2025 and a proposed IPO for its STRC unit (STRC), but the Bitcoin holdings dominate investor attention. The firm's rebranding in February 2025 emphasized this dual focus on technology and crypto, though market reactions often hinge on Bitcoin's price movements.

As of early February 2026, Bitcoin has rebounded to around $77,000-$78,000, offering some relief but keeping the treasury's value in flux. Industry observers note that Strategy's actions could influence other corporations eyeing Bitcoin adoption, though none have matched its scale. The firm's next steps may include more purchases if volatility persists, according to analysts tracking its filings.

Correction: An earlier version misstated the exact timing of the Bitcoin purchase; it occurred over late January to early February 2026, not on a single date.