NEW YORK, March 5, 2026, 19:03 EST
- Strategy shares were down about 4.5% on Thursday, while bitcoin fell about 2.5%.
- A March 2 filing showed Strategy bought 3,015 bitcoin for $204.1 million, lifting holdings to 720,737. 1
- The same filing showed Strategy raised the March annual dividend rate on its STRC preferred shares to 11.50% from 11.25%. 1
Strategy Inc shares fell about 4.5% on Thursday as bitcoin gave back part of Wednesday’s rebound, a reminder that Michael Saylor’s company still trades largely as a proxy for the cryptocurrency. Bitcoin was down about 2.5% at roughly $70,880.
The move mattered because Strategy this week disclosed another $204.1 million bitcoin purchase, taking its holdings to 720,737 and extending its position as the largest corporate holder of the token. Formerly known as MicroStrategy, the company has remade itself around buying bitcoin and financing those purchases through new securities. 1
Its latest 8-K laid out how that machine is still running. Between Feb. 23 and March 1, Strategy raised $237.1 million under at-the-market, or ATM, share-sale programs that let companies sell stock into the market over time; $229.9 million came from common shares and $7.1 million from STRC, its dividend-paying preferred stock. 1
That structure helped magnify Wednesday’s rally. Strategy closed up 10.4% a day earlier after bitcoin surged past $73,000 on stronger exchange-traded fund inflows and a broader relief move in risk assets; crypto-linked peers Coinbase and Robinhood also jumped. 2
Even after that bounce, Strategy’s bitcoin pile remained below cost at current prices. Based on the company’s disclosed cost basis of $54.77 billion and Thursday’s bitcoin price, the holdings were worth roughly $51.1 billion, about $3.7 billion less than Strategy paid. 1
The filing also showed Strategy raised the annual dividend rate on STRC for March to 11.50% from 11.25%. The company says the rate is adjusted monthly to keep the security trading near its $100 face value, and Saylor told investors last week, “The more Stretch we sell, the more Bitcoin goes up in price.” 1
But the backdrop shifted again on Thursday. Part of crypto’s midweek bounce had been tied to hopes for friendlier U.S. rules, yet Reuters reported that talks on the Clarity Act — a bill meant to spell out how digital-asset businesses are overseen — hit a new impasse. “The calendar is becoming the enemy of this bill,” Stifel strategist Brian Gardner wrote. 3
That leaves a clear downside case. Another drop in bitcoin would cut deeper into the value of Strategy’s holdings, while a weaker market for new share sales could make future purchases harder to fund. Strategy posted a $12.4 billion fourth-quarter loss last month as accounting rules forced it to mark bitcoin to market, and Reuters reported in January that it was keeping a U.S. dollar reserve to help cover preferred dividends and debt interest. 4
For now, the stock is still moving with the coin. Strategy’s two-session swing — up 10.4% on Wednesday and down about 4.5% on Thursday — mirrored bitcoin’s own jump and pullback over the same stretch. 2
