Strategy (MSTR) stock dropped close to 4% on Monday, trading at $137.30 in morning sessions before closing at $137.35, down $5.46 or 3.82% on the day.
The intraday low hit $135.38, a long way from the stock’s 52-week high of $365.21.
Bitcoin was the main trigger. The cryptocurrency slipped below the $80,000 level on Monday, closing at around $79,116, down more than 1.5%. Since MSTR is widely treated as a leveraged Bitcoin play, any drop in BTC tends to hit the stock hard.
The macro picture didn’t help either. Friday’s US jobs report showed 162,000 new jobs created in August, well above the 55,000 expected. That kind of beat raises the odds of further rate hikes, which puts pressure on risk assets including crypto and crypto-linked stocks.
The broader market reflected the same mood. The S&P 500 fell 0.4%, the Nasdaq dropped 0.4%, and the Dow lost 0.8%.
Strategy announced its board approved doubling the Digital Credit Securities Repurchase Program from $1 billion to $2 billion. Sounds like good news on the surface, but there’s a catch.
The buyback only applies to STRC preferred stock. No MSTR common stock was repurchased during the most recent period, so ordinary shareholders got no direct benefit.
Strategy has repurchased $176M of $STRC and increased the size of its Digital Credit Securities Repurchase Program from $1.0B to $2.0B. As of 9/7/26, we hold 845,050 $BTC and $6.5B of USD Assets. $MSTR https://t.co/mxqv9QCRat
— Michael Saylor (@saylor) September 8, 2026
CEO Michael Saylor posted commentary on Bitcoin Credit metrics, noting that STRC’s Bitcoin Credit tightened by 1 basis point to 53 basis points. He framed it as a sign of improving stability in the company’s Bitcoin-backed securities. Markets weren’t moved.
From a technical standpoint, MSTR is trading above its 20-day moving average ($115.53) and 50-day moving average ($103.51), which would normally look bullish.
The problem is the 200-day moving average sitting at $139.09. The stock is trading just below that level, which is acting as overhead resistance and keeping a lid on any recovery attempt.
Oscillators are showing overbought signals, raising the risk of further short-term weakness. The 5-day forecast range has been set at $132.00 to $143.50, with analysts leaning toward sideways or downward movement in the near term.
One positive note came from Canaccord, which raised its price target on MSTR to $179 from $175 while keeping a Buy rating. That modest upgrade wasn’t enough to push back against the selling pressure on the day.
Bitcoin holdings and reserves at Strategy remain unchanged, and the 200-day moving average at $139.09 continues to be the key level to watch.
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