Strategy Inc. (NASDAQ: MSTR), the Bitcoin treasury company formerly known as MicroStrategy, has given back most of its weekly gains as Bitcoin (BTC) turned lower from the $87,000 area as per CoinGecko market data. Shares closed Thursday, October 8, at $151.47, down 1.24% on the day and about 11% below the October 2 intraday high of $170.17. The move extended a two-session decline that tracked a failed Bitcoin breakout and a wave of leveraged liquidations across crypto markets.
The pullback came three days after the company disclosed a record Bitcoin stack of 848,000 BTC in a Form 8-K, a current report that listed companies file with the U.S. Securities and Exchange Commission (SEC). The fundamentals did not change this week. The price of Bitcoin did, and MSTR, which typically moves more than twice as much as Bitcoin, amplified the drop.
MSTR Stock Gives Back Weekly Gains
Strategy shares ended the October 8 regular session at $151.47, down $1.90, on volume of about 23.7 million shares, according to MSTR historical price data. The stock traded between $147.37 and $153.63 during the session.
The close capped a sharp retreat from the week’s highs. MSTR touched $170.17 on October 2 and $168.73 on October 6 before sellers took control. From the October 2 high, the stock is down about 11%. From the October 6 high, it is down about 10.2%.
| Date | Open | High | Low | Close | Change |
|---|---|---|---|---|---|
| Oct 2, 2026 | $165.88 | $170.17 | $155.89 | $160.01 | -0.31% |
| Oct 5, 2026 | $164.68 | $166.20 | $160.12 | $164.43 | +2.76% |
| Oct 6, 2026 | $165.82 | $168.73 | $163.18 | $164.55 | +0.07% |
| Oct 7, 2026 | $157.70 | $158.66 | $152.53 | $153.37 | -6.79% |
| Oct 8, 2026 | $150.34 | $153.63 | $147.37 | $151.47 | -1.24% |
The October 7 session did most of the damage. MSTR fell 6.79% that day, its largest single-session move of the week, closing at $153.37.
The weekly drop follows a strong run. MSTR outperformed Bitcoin in September, rising about 16.7% over the month against roughly 9.6% for Bitcoin, after a 17% weekly jump in mid-September. Even so, the shares remain about 54% below their 52-week high near $330 and well above the 52-week low of $81.81.
Bitcoin Rejects $87,000 Again
Bitcoin set the direction for the stock. As per BTC’s historical price data, BTC reached a high near $87,200 on October 2, then stalled again on October 5 and 6, with highs between about $86,700 and $87,000. That marked the third rejection of the $86,500 to $87,000 band since late September.
On October 7, The Crypto Times reported that Bitcoin dropped below $84,000 and traded at $83,280.52 at about 13:37 Coordinated Universal Time (UTC), down 3.5% over 24 hours. The report stated that the selloff was driven by leverage. More than $166 million in Bitcoin positions were liquidated over that period, including about $156.69 million in long positions and $10.11 million in shorts, affecting 8,409 traders.
The slide continued on October 8, with Bitcoin closing near $81,703. That is roughly 6.3% below the weekly high. Early on October 9, BTC dipped to about $80,400 before recovering toward $82,450.
Macroeconomic pressure added to the move. A global bond selloff pushed the U.S. 30-year Treasury yield to 5.715%, while the U.S. Dollar Index (DXY) firmed. Higher yields and a stronger dollar typically weigh on risk assets, and the S&P 500, Nasdaq and Dow Jones Industrial Average all traded lower on October 7.
Record Holdings, Latest Purchase Above Cost Basis
The equity slide followed another Bitcoin purchase. In the Form 8-K filed on October 5, 2026, Strategy said it bought 334 BTC for $28.7 million between October 1 and October 4 at an average price of $85,838.80, including fees and expenses. Holdings rose from 847,666 BTC to a record 848,000 BTC.
The company’s total acquisition cost now stands at about $63.97 billion, or roughly $75,441 per coin, according to Strategy’s Bitcoin purchase history. The latest lot was bought about $10,400 above that average cost.
Strategy funded the 334 BTC addition through a mix of share sales and cash. It sold 92,894 MSTR shares under its at-the-market (ATM) program, a method that lets a company sell new shares gradually at prevailing market prices, raising $15.7 million in net proceeds. The remaining $13 million came from its U.S. dollar cash reserve. About $18.83 billion of capacity remained under the MSTR ATM program as of October 4.
During the same period, Strategy repurchased 740,634 shares of STRC, its variable-rate perpetual preferred stock, for $73.7 million using cash. No common stock buybacks were reported.
The October purchase extended an autumn buying streak. Strategy added 950 BTC between September 14 and 20 at an average of $79,670, followed by 1,665 BTC between September 21 and 27 at an average of $85,681. Executive Chairman Michael Saylor previewed the latest buy on X with the post “More orange than ever.”
Strategy’s holdings now exceed 4% of Bitcoin’s fixed 21 million coin supply cap. At a Bitcoin price of $82,000, the stack is worth about $69.5 billion. That implies an unrealized gain of roughly $5.5 billion over its cost basis, by The Crypto Times’ calculation.
In the same filing, Strategy reported a gain of about $21 billion on its digital assets for the third quarter (Q3) ended September 30, 2026. That reversed the second quarter’s net loss of $8.22 billion, which was driven by an $8.32 billion unrealized loss on digital assets.
Premium Compresses as Bitcoin Sensitivity Stays High
MSTR’s sensitivity to Bitcoin explains the size of this week’s drop. Through October 8, the stock’s 30-day correlation with Bitcoin’s daily returns stood at 0.88, according to tracker BTCorMSTR. Its 30-day beta, a measure of how much a stock moves relative to a benchmark, was 2.28. In simple terms, MSTR has recently moved about 2.3 times as much as Bitcoin on a given day.
That leverage works in both directions. A Bitcoin decline of about 6% from the weekly high translated into an 11% drop in the stock.
The pullback also narrowed the premium investors pay for Strategy shares. The company’s market net asset value multiple (mNAV), which compares its market value with the value of its Bitcoin holdings, stood at about 0.98 on the October 8 close. That means the stock traded at a roughly 2% discount to its Bitcoin holdings. During the late September rally, the multiple was closer to 1.2.
This matters for Strategy’s funding model. When MSTR trades above the value of its Bitcoin, selling new shares through the ATM program adds Bitcoin per share. When it trades at a discount, that math becomes less favorable.
Chief Executive Officer (CEO) Phong Le has described Strategy as a long-term Bitcoin accumulator, while leaving room for small sales when they increase Bitcoin per share. Under its BTC Monetization Program, the company sold 3,588 BTC in late June and early July and another 1,638 BTC between late July and early August to fund preferred dividends and STRC buybacks. Net holdings have since climbed back above pre-sale levels.
Crypto Stocks Fall Together
Strategy was not alone on October 7. Crypto-linked stocks fell as Bitcoin and Ethereum (ETH) slid. American Bitcoin (ABTC) dropped about 4% to the low $8 range. Circle (CRCL) fell 4.60% to $80.26, Coinbase (COIN) lost about 4.1% to $178.18, and Robinhood (HOOD) declined 3.17% to $108.46. Bitmine Immersion Technologies (BMNR) also traded lower, near $24 to $25.
The common driver was the broader crypto selloff rather than any company-specific news.
Key Levels to Watch
For Bitcoin, traders are watching the $80,000 to $80,400 zone, which marked the October 9 low, and the $86,500 to $87,200 band that has capped prices three times since late September.
For MSTR, the October 8 low of $147.37 is the nearest support, while the $168 to $170 range marks the weekly highs.
A sustained Bitcoin move above $87,000 could help restore MSTR’s premium to its Bitcoin holdings. A drop below $80,000 would narrow Strategy’s unrealized gain against its $75,441 average cost and could widen the mNAV discount.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Crypto-linked equities are highly volatile, and prices may change after publication. Readers should conduct their own research before making investment decisions.
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