InvestNot yet confirmed elsewhere1 publisher3 min readPublished
Strategy shares fall 1.7 times as far as Bitcoin after the 848,000 BTC filing
Strategy shares closed at $151.47 on October 8, about 11% below their weekly high, as Bitcoin fell 6.3% from its peak. The stock moved about 1.7 times as much as Bitcoin both that week and across September, short of the more-than-double swing The Crypto Times calls typical.
The Investor · Invest desk
What happened
- Strategy's October 5 Form 8-K showed it bought 334 BTC for $28.7 million between October 1 and 4, at an average of $85,838.80 a coin including fees.
- The company paid with $15.7 million from selling 92,894 common shares through its at-the-market program and $13 million from its dollar cash reserve.
- Over the same days it spent $73.7 million in cash repurchasing 740,634 shares of STRC, its variable-rate perpetual preferred, and reported no common buybacks.
- Bitcoin touched about $87,200 on October 2, then failed in the $86,500 to $87,000 band for the third time since late September.
Why it matters
- contradiction A model treating MSTR as 2x Bitcoin, as The Crypto Times describes it, would have expected a 12.6% drop on a 6.3% Bitcoin fall; the stock lost 11%, so the amplification is smaller than the label.
- decision Strategy spent about 2.6 times as much cash retiring STRC preferred as it paid for bitcoin, so its dollar reserve went first to preferred holders and none to common buybacks.
- cost Each dollar drawn from the $18.83 billion still available under the ATM now costs common holders about 12% more shares than at the roughly $169 Strategy got in early October.
From each asset's October 2 high to its October 8 close, Strategy's stock lost 10.99% and Bitcoin lost 6.3%. That is a ratio of about 1.74 [22]. September gives nearly the same figure. The shares rose about 16.7% that month against roughly 9.6% for Bitcoin [6], or 1.74 times [23]. The Crypto Times published both sets of numbers and describes MSTR as a stock that "typically moves more than twice as much as Bitcoin" [32].
The week got closest to double on October 7. MSTR fell 6.79% that session [7], while Bitcoin was down 3.5% over the 24 hours to 13:37 UTC [8]. That is about 1.94 times [24], though the two windows do not match. The Crypto Times blamed leverage for that day's selloff: more than $166 million of Bitcoin positions were liquidated, about $156.69 million of them longs [9].
There are three ways to read the week. In the first, MSTR is Bitcoin at a steady multiple of about 1.7, and the record-holdings filing never entered the price. In the second, part of the drop came from rates. The US 30-year Treasury yield reached 5.715% in a global bond selloff, and the S&P 500, Nasdaq and Dow all traded lower on October 7 [15]. In the third, Strategy's own share sales weighed on the stock while it rallied. I think the first explains most of the move. One week of data cannot separate it from the rates effect. The share sales were small: under 0.4% of the 23.7 million shares traded on October 8 alone [31].
Executive Chairman Michael Saylor previewed the purchase on X with a post that began "More orange" [16]. The at-the-market proceeds work out to about $169 a share net [25]. Strategy raised them in the same four days the stock touched $170.17 [2], and anyone who bought at that level was down about 10.4% at the October 8 close [28]. The STRC repurchases, paid in cash, came to about $99.51 a share [26].
The holdings cost about $63.97 billion in total, or roughly $75,441 a coin, and the latest lot was bought about $10,400 above that average [1]. At the October 8 close the 848,000 coins were worth about $69.3 billion [18], some $5.3 billion above cost [19]. Bitcoin dipped to about $80,400 early on October 9 [14], which cut the margin over average cost to about 6.6% [20].
The source does not give a share count, so the stock's premium to its bitcoin cannot be worked out from this record. The 1.7 figure would stop describing MSTR if the stock held flat on a day Bitcoin fell, or if a longer window put the multiple above 2, the level The Crypto Times calls typical [32].
What to watch
- The next 8-K: what price per share Strategy's ATM sales fetch with the stock near $151, and how many shares each new coin costs.
- Whether Strategy keeps spending cash on STRC repurchases near $99.50 a share or turns the dollar reserve back toward bitcoin.
- Whether Bitcoin clears the $86,500 to $87,000 band, and whether MSTR's move on that breakout is double Bitcoin's or about 1.7 times again.
Clarity's read
What the record supports and how the coverage leans. The claims behind it follow.
Reality
- Evidence55
- Adoption
- Insufficient
- Hype gap+20
- Incentives
- Insufficient
- Confidence55
Claim ledger
Ranked by verification strength, evidence, and original report placement.
- [1]
Strategy's total Bitcoin acquisition cost is about $63.97 billion, or roughly $75,441 per coin; the latest lot was bought about $10,400 above that average.
ReportedSupportedSource: The Crypto Times, citing Strategy's purchase history2 sources— create a free account to open themView cited source - [2]
Strategy (MSTR) 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.
- [3]
Strategy disclosed a record Bitcoin stack of 848,000 BTC in a Form 8-K filed with the SEC on October 5, 2026.
- [4]
Bitcoin reached a high near $87,200 on October 2 and stalled again on October 5 and 6, the third rejection of the $86,500 to $87,000 band since late September.
- [5]
Bitcoin closed near $81,703 on October 8, roughly 6.3% below the weekly high.
- [6]
In September MSTR rose about 16.7% against roughly 9.6% for Bitcoin.
- [7]
MSTR fell 6.79% on October 7, its largest single-session move of the week, closing at $153.37.
- [8]
On October 7 Bitcoin traded at $83,280.52 at about 13:37 UTC, down 3.5% over 24 hours.
- [9]
The Crypto Times said the October 7 selloff was driven by leverage; more than $166 million in Bitcoin positions were liquidated, including about $156.69 million in longs and $10.11 million in shorts.
- [10]
Strategy bought 334 BTC for $28.7 million between October 1 and October 4 at an average price of $85,838.80 including fees, taking holdings from 847,666 BTC to 848,000 BTC.
- [11]
Strategy sold 92,894 MSTR shares under its at-the-market program for $15.7 million in net proceeds; the remaining $13 million of the purchase came from its US dollar cash reserve.
- [12]
About $18.83 billion of capacity remained under the MSTR ATM program as of October 4.
- [13]
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.
- [14]
Early on October 9 Bitcoin dipped to about $80,400 before recovering toward $82,450.
- [15]
A global bond selloff pushed the US 30-year Treasury yield to 5.715%, and the S&P 500, Nasdaq and Dow Jones Industrial Average all traded lower on October 7.
- [16]
Executive Chairman Michael Saylor previewed the latest buy on X with a post beginning "More orange".
- [17]
MSTR traded about 23.7 million shares in the October 8 regular session.
- [18]
At the October 8 close, 848,000 BTC were worth about $69.3 billion.
- [19]
The holdings were about $5.3 billion above their total acquisition cost at the October 8 close.
- [20]
At Bitcoin's October 9 dip to about $80,400, the price was about 6.6% above Strategy's average cost per coin.
- [21]
A Bitcoin fall of about 7.7% from the October 8 close would bring the price to Strategy's average cost per coin.
- [22]
From October 2 highs to October 8 closes, MSTR fell 10.99% and Bitcoin 6.3%, a ratio of about 1.74.
- [23]
MSTR's September gain was about 1.74 times Bitcoin's.
- [24]
MSTR's October 7 fall was about 1.94 times Bitcoin's 24-hour fall, over mismatched windows.
- [25]
Strategy's ATM sales netted about $169.01 per share.
- [26]
Strategy's STRC repurchases cost about $99.51 per share.
- [27]
Cash spent on STRC repurchases was about 2.6 times the cost of the 334 BTC purchase.
- [28]
A buyer of ATM shares at about $169.01 was down about 10.4% at the $151.47 close.
- [29]
At $151.47, raising a dollar through the ATM takes about 12% more shares than at about $169.01.
- [30]
A 2x multiple applied to Bitcoin's 6.3% fall implies a 12.6% MSTR drop, against the roughly 11% actual drop.
- [31]
Strategy's ATM share sales were under 0.4% of MSTR's October 8 trading volume.
- [32]
The Crypto Times wrote that MSTR "typically moves more than twice as much as Bitcoin" and that the fundamentals did not change this week.
ReportedContestedSource: The Crypto Times2 sources— create a free account to open themView cited source
Sources
1 independent publisher whose own reporting we read for this story.
- cryptotimes.ioMSTR Stock Falls 11% From Weekly High as Bitcoin Rejects $87,000 for the Third Time
1 article · October 9, 2026
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