New York, Feb 26, 2026, 14:48 EST — Regular session
- Strategy Inc slipped 1.8% to $133.23, pulling back after Wednesday’s 8.9% surge.
- bitcoin slipped 2.2% to hover around $67,555, losing ground after briefly topping $70,000 earlier
- Shorts make up close to 14% of the market value right now, as traders eye ETF hedges and wait for the company’s next move on bitcoin purchases.
Strategy Inc (MSTR) slipped 1.8% to $133.23 in Thursday afternoon action, handing back some gains after Wednesday’s 8.9% jump. During the session, shares bounced between $128.65 and $135.70.
The shift is significant: investors often see Strategy as a quick, tradable stand-in for bitcoin. The company, once known as MicroStrategy, has pivoted hard, now emphasizing its role as the biggest corporate bitcoin holder. That’s now central to its story.
Positioning keeps ramping up. Short interest stands at roughly 14% of market cap, per Benzinga, which pulled data from FactSet and Goldman Sachs — though that figure isn’t all pure bearishness, since some comes from hedging. Brian Brookshire, who tracks bitcoin-treasury names, flagged on X that “Jane Street, in particular, has recently acquired a conspicuously large IBIT position.” Benzinga
bitcoin slipped 2.2% to roughly $67,555, according to Investing.com, after touching $70,171 earlier.
Bitcoin slid as much as 3.5% to $66,511 Thursday, pulling back after approaching $70,000 the day before, Bloomberg reported. Strategy’s shares typically amplify those swings, whether the move is higher or lower.
Strategy disclosed in a Feb. 23 filing that it picked up 592 bitcoins—cost: roughly $39.8 million—over the week ending Feb. 22. According to the document, proceeds from selling 297,940 shares via an at-the-market program went straight to those bitcoin buys. Holdings now total 717,722 bitcoins, at an average price tag near $76,020 each.
Benchmark’s Mark Palmer held steady with his Buy rating and $705 target on Thursday, a note from Investing.com showed.
Bitcoin caught renewed buying on Wednesday, with stocks climbing as tech shares bounced following Nvidia’s earnings, according to a Reuters columnist. By Thursday, though, the rally had reversed.
The setup has a double edge. Should bitcoin continue to drop, Strategy’s stock risks a sharp slide, and fresh share sales for funding could mean dilution for existing holders. If the packed short trade flips from hedge to direct selling, that could drive losses even harder.
Coming up, traders have eyes on Friday’s U.S. producer price index, due out at 8:30 a.m. ET, gauging whether it jolts rates or risk assets. Bitcoin, meanwhile, is holding steady in the mid-to-high $60,000s after getting tossed around earlier this week.
