Strategy (MSTR) Acquires 855 Bitcoin for $75.3M Ahead of Market Downturn

Strategy (MSTR) purchased 855 Bitcoin (BTC) for $75.3 million in the week ending February 1, 2026. The acquisition was made at an average price of $87,974 per coin. This purchase came ahead of a sharp drop in BTC prices below $75,000 over the weekend.

The company now holds 713,502 Bitcoin, acquired at a total cost of $54.26 billion. This represents an average purchase price of $76,052 per coin. With Bitcoin trading around $77,000 as of February 2, MSTR's holdings hover near breakeven.

MSTR's Bitcoin accumulation strategy has been funded through the sale of its common stock. The company sold 673,527 shares of Class A common stock for $106.1 million during the period. This method has been used consistently to finance BTC purchases.

Why Did This Happen?

MSTR has been aggressively purchasing Bitcoin since 2020 as part of its Bitcoin-as-a-Treasury (BaaT) model. The company's leadership, including Executive Chairman Michael Saylor, has remained committed to the strategy despite market volatility. Saylor has been vocal about Bitcoin's long-term value and its potential role in global financial infrastructure.

The recent purchase was disclosed in an 8-K filing with the SEC. The filing noted that the acquisition was fully funded through common stock sales. This aligns with MSTR's historical approach of using equity financing to accumulate Bitcoin.

How Did Markets React?

Bitcoin's price dropped below $75,000 during the weekend, pushing MSTR's holdings temporarily underwater. The company's unrealized losses reached approximately $1 billion at the session low before recovering significantly.

MSTR's stock price fell 7.7% in premarket trading on February 2. This decline outperformed the broader market, as the Nasdaq Composite fell 0.7%. The stock's performance reflects investor concerns about the company's exposure to Bitcoin's volatility.

The company's market-adjusted net asset value (mNAV) stands at 1.07. This metric measures the company's enterprise value relative to the value of its Bitcoin holdings. A reading above 1 indicates that MSTR is trading at a premium to the value of its Bitcoin holdings.

What Are Analysts Watching Next?

Analysts are closely monitoring MSTR's Bitcoin yield and mNAV. The company's Bitcoin yield since the start of 2026 is 0.4%, down from 22.8% in 2025. This decline reflects the diminishing returns from MSTR's accumulation strategy as Bitcoin prices have fallen.

The company's weighted average common shares outstanding have increased by 148.8% over the last three years. This rapid pace of dilution is a key factor in the erosion of MSTR's core investment proposition. Analysts are watching to see if the company can maintain its Bitcoin yield despite ongoing share issuance.

MSTR is set to report Q4 2025 earnings after the market close on February 4. Investors are expecting a loss of $18.64 per share, compared to a loss of $3.20 per share in the same quarter of the previous year. The company is expected to report quarterly revenue of $118.92 million.

Short-interest in MSTR's stock has increased, reflecting bearish sentiment. The Moving Average Convergence Divergence (MACD) indicator has flashed a 'Sell' signal for MSTR, while the Relative Strength Index (RSI) shows a 'Neutral' reading. These indicators suggest mixed market sentiment.