Shares of Strategy (formerly MicroStrategy, ticker $MSTR) experienced a sharp decline on Thursday, July 2, 2026, tumbling more than 15% in heavy trading. The drop was triggered by deepening weakness in Bitcoin and investor anxiety ahead of the company's quarterly earnings report due after market close. The stock fell from the $150 range to below $110 per share, marking one of the largest single-day moves for a Bitcoin-linked equity in recent months.
Options markets are pricing in a substantial post-earnings swing of roughly ±8.3% to ±8.7% for $MSTR. The Q4 2025 earnings call is scheduled for 5:00 PM ET today, with a livestream available on Bitcoin Magazine's YouTube channel.
This week has been particularly rough for Strategy, with the stock already down more than 20% in just five trading days as Bitcoin’s price headed toward the $72,000 level. Now Bitcoin is fighting for the $65,000 level, having fallen from its earlier support zones. The broader crypto downturn has erased significant gains since late 2024.
Strategy’s Dip Corresponds with Bitcoin’s Price Crash
The Bitcoin sell-off has imposed marked unrealized losses on Strategy’s balance sheet, where crypto holdings account for the vast majority of the company’s assets. Under fair-value accounting rules, swings in BTC prices translate directly into swings in reported earnings for the quarter ending December 31, 2025. This direct linkage has intensified concerns among institutional and retail investors ahead of the earnings call.
Market watchers noted that Bitcoin Magazine earlier this week reported that company shares had already sunk over 20% in just five trading days as Bitcoin’s price dipped toward $72,000. Now, with Bitcoin near $66,000, the pressure is even greater.
Despite the price declines, Chairman Michael Saylor has made it clear that Strategy will not sell its Bitcoin and is in fact doubling down on purchases during the dip. In his messaging, he has consistently expressed comfort with holding and adding even on weakness, signaling a long-term accumulation strategy. However, this stance did not prevent the stock from plunging on Thursday as near-term sentiment remains bearish.