Strategy Falls 6.8% as Td Stock Tracks Bitcoin Near $76,700
Strategy’s td stock fell 6.8% in the afternoon session after Bitcoin slid to a two-week low near $76,700. The move left shareholders tied to a sharper crypto downdraft, with Strategy’s stock still trading like a leveraged bet on Bitcoin because it holds more than 818,000 bitcoins.
Bitcoin’s drop came after rising U.S.–Iran tensions, while a jump in 30-year Treasury yields and surging oil prices added pressure to crypto markets. Roughly $600 million in leveraged bullish crypto positions were wiped out during the sell-off, and Bitcoin fell by over 2% in the session.
Strategy’s $165.01 share price
Strategy shares were trading at $165.01, leaving the stock 63.8% below its 52-week high of $455.90 set in July 2025. Even after the latest decline, the stock was still up 5% since the beginning of the year, a reminder that the share price has moved sharply in both directions as Bitcoin has swung.
That trading profile matters because the company is the world’s largest corporate holder of Bitcoin, and its equity tends to move faster than the coin itself when crypto turns lower. For holders, the current setup means a modest slide in Bitcoin can translate into a much larger swing in Strategy’s market value.
Michael Saylor’s dividend shift
Three days earlier, the stock dropped 5.1% after Strategy disclosed plans to repurchase $1.5 billion of its convertible senior notes. The company said it might use cash reserves, sell new shares, or sell a portion of its Bitcoin to fund the transaction.
Michael Saylor, the company’s chairman, recently suggested that Strategy could sell some Bitcoin to fund dividends. That marked a shift from the company’s long-standing never sell stance and gave the market a new point of pressure before the latest crypto sell-off hit the shares.
$1.38 billion note repurchase
Strategy completed repurchases of its 0% Convertible Senior Notes due 2029 for about $1.38 billion in cash. The company’s financing choices now sit alongside Bitcoin’s price moves as a direct driver of the stock, especially after the note buyback plan and the dividend-funding comments raised attention around the balance sheet.
If Bitcoin stays near this two-week low, Strategy shareholders are likely to keep trading the company less like a software name and more like a high-beta crypto proxy. The next pressure point is whether the market keeps focusing on the company’s Bitcoin holdings, or on how it funds the obligations now hanging over the stock.
