What Happened?
Shares of bitcoin development company Strategy (NASDAQ: MSTR) jumped 4% in the morning session after the company disclosed it had acquired an additional 4,871 bitcoins.
The purchases were made for approximately $329.9 million between April 1 and April 5, 2026, at an average price of $67,718 per bitcoin. This recent acquisition, which followed a brief pause in buying, brought Strategy's total holdings to 766,970 bitcoins.
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What Is The Market Telling Us
Strategy’s shares are extremely volatile and have had 49 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The biggest move we wrote about over the last year was about 2 months ago when the stock dropped 13.4% on the news that the price of Bitcoin fell sharply and a key analyst significantly lowered their price target on the stock.
As the world's largest corporate holder of Bitcoin, Strategy's stock price is closely linked to the digital asset's performance. The cryptocurrency's value fell below $70,000, reaching levels not seen since late 2024. This drop prompted Canaccord Genuity analyst Joseph Vafi to slash his price target on Strategy by over 60%. The analyst noted the cut was mainly because the slip in Bitcoin's price reduced the value of Strategy's large crypto holdings. The stock's decline also occurred as investors awaited the company's fourth-quarter earnings report, which was scheduled for release after the market closed.
Strategy is down 18.5% since the beginning of the year, and at $128.15 per share, it is trading 71.9% below its 52-week high of $455.90 from July 2025. Despite the year-to-date decline, investors who bought $1,000 worth of Strategy’s shares 5 years ago would now be looking at an investment worth $1,819.
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