NEW YORK, March 5, 2026, 19:03 EST
- Strategy’s stock dropped roughly 4.5% Thursday. Bitcoin lost about 2.5%.
- Strategy picked up 3,015 bitcoin for $204.1 million, according to a March 2 filing, bringing the firm’s total stash to 720,737.
- Strategy bumped up the March annual dividend rate on its STRC preferred shares to 11.50%, up from 11.25%, according to the same filing.
Strategy Inc dropped around 4.5% Thursday, tracking a pullback in bitcoin after the token shed a chunk of Wednesday’s gains. The stock continues to move in step with the cryptocurrency. Bitcoin slipped about 2.5%, changing hands near $70,880.
Strategy grabbed attention this week after disclosing it snapped up another $204.1 million worth of bitcoin, lifting its stash to 720,737 tokens—cementing its top spot among public companies holding the cryptocurrency. Once MicroStrategy, the firm has reshaped itself into a bitcoin play, funding fresh buys with new securities.
Strategy’s latest 8-K shows the pace hasn’t slowed. From Feb. 23 through March 1, the company pulled in $237.1 million via at-the-market share sales—$229.9 million from common stock, plus another $7.1 million through its dividend-paying preferred, STRC. Companies use these ATM programs to drip new shares into trading over time.
The setup fueled a sharp rally on Wednesday. Strategy ended the session up 10.4% the previous day as bitcoin climbed above $73,000, driven by robust exchange-traded fund inflows and a wider rebound in risk assets. Shares of crypto-adjacent names Coinbase and Robinhood were also up.
Even with the rebound, Strategy still sat on an unrealized loss. The company’s reported cost basis stands at $54.77 billion. But with Thursday’s price, its bitcoin stash was valued at around $51.1 billion—leaving Strategy roughly $3.7 billion underwater.
Strategy has bumped up the annual dividend rate on STRC for March, lifting it to 11.50% from the previous 11.25%, according to the filing. The company adjusts the rate each month to keep the security close to its $100 face, and last week Saylor told investors, “The more Stretch we sell, the more Bitcoin goes up in price.” Contentstack
Thursday brought another turn. Crypto’s earlier rally, partially fueled by optimism over potential U.S. regulatory relief, lost steam after Reuters said negotiations on the Clarity Act stalled again. The legislation aims to clarify oversight of digital-asset firms. “The calendar is becoming the enemy of this bill,” wrote Stifel’s Brian Gardner. Barron’s
That sets up a pretty stark risk. If bitcoin falls again, Strategy’s stash takes another hit. On top of that, any slackening in demand for new share offerings might complicate its ability to raise cash for more bitcoin buys. Last month, the company logged a $12.4 billion quarterly loss, with the accounting standards pushing it to mark its bitcoin to market. Back in January, Reuters noted that Strategy was maintaining a U.S. dollar reserve, a move aimed at shoring up payments on preferred dividends and debt interest.
The stock continues to follow bitcoin’s lead. Strategy surged 10.4% Wednesday, then slipped about 4.5% Thursday, echoing the coin’s sharp rise and retracement over those same two days.
