Bitcoin Magazine

Strategy Stock ($MSTR) Slides 7% as Aggressive Bitcoin Buying Continues 

Strategy (MSTR) made headlines this morning for its continued ambitious Bitcoin accumulation strategy, even as its stock struggles under mounting investor pressure. 

On Tuesday, shares of the Bitcoin-focused company fell over 7% in early trading at times, despite the firm officially surpassing the 700,000-BTC milestone.

The latest acquisition, disclosed January 20, adds 22,305 Bitcoin to Strategy’s treasury at an average cost of $95,284 per coin, bringing total holdings to roughly 709,715 BTC. The purchases were funded through the company’s at-the-market (ATM) equity and preferred stock programs, which raised about $2.125 billion in net proceeds between January 12 and 19. 

Sales included 2.95 million STRC variable-rate preferred shares and 10.4 million MSTR Class A common shares, with smaller amounts raised via STRK preferred stock.

While the milestone cements Strategy’s position as the world’s largest corporate holder of Bitcoin, representing over 3% of the cryptocurrency’s total circulating supply, the stock decline shows how closely Strategy still follows the price of Bitcoin.

Bitcoin plunged over 5% in just 36 hours, dipping below $90,000 as macro uncertainty and scrutiny of corporate bitcoin treasuries spooked the market. A sharp $4,000 drop Sunday night was fueled by over $500 million in liquidations in crypto derivatives.

Analysts say MSTR’s recent price weakness stems from issuing millions of new shares to buy Bitcoin, with TD Cowen recently cutting its price target to $440 due to a “weaker outlook for Bitcoin yield.”

Institutional interest in Strategy ($MSTR)

Despite the sell-off, institutional interest in Strategy remains notable. Last week, Vanguard Group disclosed a $505 million investment in MSTR, marking its first entry into the company’s stock. 

Technical analysts point to an inverted head-and-shoulders pattern forming on the daily chart, suggesting a potential bullish reversal if shares can sustain a breakout above $175. Failure to hold above $168 could, however, trigger a drop below $160.

The latest tranche of Bitcoin was acquired at an aggregate cost above Strategy’s historical average of $75,979 per BTC, illustrating the firm’s willingness to continue scaling its holdings despite elevated prices. 

Saylor has repeatedly emphasized the company’s long-standing “capital markets-to-Bitcoin” approach, using equity issuance to fund crypto accumulation.

Speaking at the Bitcoin MENA conference last year, Saylor framed Bitcoin as the foundation of a new era in digital capital and credit, not just an investable asset. 

Saylor said that major U.S. banks have moved from cautious observers to offering Bitcoin custody and credit solutions.

He argued that, like gold historically, Bitcoin could underpin a global digital credit system, aligning long-term growth with investor returns.

This post Strategy Stock ($MSTR) Slides 7% as Aggressive Bitcoin Buying Continues  first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Strategy ($MSTR) Stock Soars 10% Above $189 as Bitcoin Nears $100,000

Shares of Strategy ($MSTR) surged more than 10% Wednesday morning, briefly climbing above $189 per share, as investors piled back into the bitcoin treasury trade.

The move caps a volatile stretch for the stock following sharp drawdowns earlier this month.

Strategy, which holds the largest bitcoin position of any public company, has seen its equity trade as a high-beta proxy for bitcoin, with gains and losses often magnified relative to spot price movements. 

As bitcoin pushed toward the upper end of its recent range near $97,000, MSTR followed with a rapid upside move that outpaced the broader equity market.

The rally builds on momentum that began late last week after Strategy disclosed another large bitcoin purchase, adding more than 13,000 BTC to its balance sheet.

The acquisition lifted the company’s total holdings to roughly 687,000 bitcoin, reinforcing its long-stated approach of accumulating BTC through a mix of operating cash flow, equity issuance, and capital markets activity. 

Executive Chairman Michael Saylor has framed the strategy as a long-term bet on bitcoin as a superior store of value and a treasury reserve asset.

Market participants say the size and consistency of Strategy’s purchases have helped re-anchor the bull case for the stock after weeks of pressure tied to bitcoin’s pullback and concerns around dilution. 

While critics continue to point to leverage risk and accounting volatility, supporters argue that Strategy’s balance sheet has become one of the most direct institutional on-ramps to bitcoin exposure in public markets.

Sentiment also improved following signs of insider confidence. A recent open-market purchase by a company director marked the first such buy in several years, standing out in a period when insider activity had largely consisted of scheduled sales. 

Strategy’s recent MSCI drama

Structural factors added to the rebound. Earlier this month, index provider MSCI opted not to remove bitcoin-focused treasury companies from certain benchmarks, easing fears of forced selling by passive funds. 

That decision reduced near-term downside risk for Strategy, which has grown increasingly sensitive to index flows as its market capitalization expanded during bitcoin’s 2024 and 2025 rallies.

Still, Strategy’s model remains closely tied to bitcoin volatility. The company reported large unrealized losses in prior quarters as accounting rules required it to mark down bitcoin holdings during price declines. 

Those losses reversed only when prices recovered, creating earnings swings that traditional equity investors often struggle to price.

Wednesday’s jump above $189 highlights the reflexive nature of the trade. As bitcoin strengthens, Strategy’s equity also strengthens and attracts momentum-driven capital seeking leveraged exposure.

This post Strategy ($MSTR) Stock Soars 10% Above $189 as Bitcoin Nears $100,000 first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Strategy ($MSTR) Jumps 7% After MSCI Decides Against Excluding Bitcoin Treasury Firms

Shares of Strategy ($MSTR) surged as much as 7% earlier today after global index provider MSCI concluded its long-running review of digital asset treasury companies and opted not to exclude them from its flagship equity indexes — at least for now.

$MSTR was trading above $170 per share in early market trading, before paring gains as bitcoin pulled back into the low $91,000 range.

By midday, $MSTR shares had dipped to around $165, up only 4%, tracking weakness in the broader crypto market but still holding a solid advance on the day.

The rally followed confirmation from MSCI that it will maintain the current treatment of digital asset treasury companies (DATCOs), including Strategy, meaning firms already included in MSCI indexes will remain eligible so long as they continue to meet existing requirements. 

The decision alleviated months of uncertainty that had weighed on Strategy’s stock and fueled concerns over forced selling tied to index rebalancing.

MSCI had been reviewing whether companies holding a majority of their assets in bitcoin or other digital assets should be classified as “investment-oriented” entities rather than operating companies — a shift that would have rendered them ineligible for inclusion in widely tracked benchmarks such as the MSCI All Country World Index and MSCI Emerging Markets Index.

That proposal sparked fierce pushback from Strategy and the broader bitcoin industry. Strategy argued that excluding companies based solely on balance sheet composition was arbitrary and undermined index neutrality. 

Industry groups warned that removing DATCOs could trigger billions of dollars in passive outflows, destabilizing both equity and crypto markets.

Analysts had estimated that Strategy alone could have faced as much as $2.8 billion in forced selling if MSCI proceeded with exclusion, with broader selloffs across bitcoin treasury firms potentially far larger. MSCI’s decision effectively defuses that immediate risk.

$MSTR’s conditional regulatory relief

Still, the outcome was not an unqualified win. MSCI acknowledged concerns from institutional investors that some digital asset-heavy firms resemble investment funds and said further research is needed to distinguish between operating companies and investment-oriented entities. 

As part of its interim approach, MSCI said it will not increase index weightings to reflect new share issuance by DATCOs — a move that could limit Strategy’s ability to expand its index footprint as it issues equity to buy more bitcoin.

MSCI also signaled that exclusion remains a possibility in the future, noting that its indices are designed to track operating companies and that a broader consultation on non-operating firms is forthcoming.

For now, markets focused on the relief. Strategy ($MSTR), which holds nearly $63 billion worth of bitcoin and remains the largest publicly traded corporate holder, saw immediate buying interest as the specter of index removal faded. 

At the time of writing, bitcoin was trading in the low $91,000 range.

This post Strategy ($MSTR) Jumps 7% After MSCI Decides Against Excluding Bitcoin Treasury Firms first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Strategy ($MSTR) Buys Nearly $1 Billion Worth of Bitcoin

Strategy, the largest publicly traded holder of bitcoin, said it acquired 10,624 BTC last week for about $962.7 million, returning to a scale of purchases not seen since mid-year as market volatility steadied.

The company paid an average price of $90,615 per bitcoin during the Dec. 1–7 period, according to a regulatory filing and a statement from Executive Chairman Michael Saylor. The purchase lifts Strategy’s total bitcoin holdings to 660,624 coins, accumulated for roughly $49.35 billion at an average cost of $74,696 per bitcoin.

At current prices near $94,000, Strategy’s bitcoin stash is valued at about $60.5 billion, leaving the firm with an estimated $11 billion in unrealized gains.

Shares of Strategy (MSTR) were modestly higher in premarket trading Monday, rising about 2% alongside a small advance in bitcoin. The stock rebounded from a low near $155 on Dec. 1, reached during a sharp selloff across crypto-linked equities, but remains down more than 50% over the past six months.

Strategy’s largest purchase in 6 months

The acquisition marks Strategy’s largest weekly bitcoin purchase since July. In recent months, the company continued to add bitcoin almost every week, though in smaller amounts, as falling equity prices limited its ability to raise capital. 

Last week’s transaction suggests improved access to funding, even as investor sentiment toward crypto-related stocks remains mixed.

Strategy said the purchase was funded primarily through its at-the-market equity sales program. The company raised $928.1 million from the sale of 5.13 million shares of MSTR common stock and an additional $34.9 million from selling 442,536 shares of its STRD preferred stock. Net proceeds totaled about $963 million.

The firm retains significant remaining issuance capacity across multiple securities. Strategy reported unused at-the-market capacity of about $13.45 billion in common stock and more than $26 billion across several preferred and structured offerings, including STRK, STRF, STRC, and STRD.

Saylor also highlighted the company’s “BTC Yield” metric, which he said reached 24.7% year-to-date in 2025. The measure is intended to reflect the growth in bitcoin held per diluted share, rather than changes in dollar value, and has become a core part of Strategy’s investor messaging as it positions itself as a bitcoin-focused treasury and structured finance business.

The latest purchase comes as Saylor attends the BTC Conference in Abu Dhabi. In public comments, he said he has spent the past week meeting with sovereign wealth funds, banks, family offices, and hedge funds across the Middle East to discuss bitcoin and capital markets. Strategy did not disclose whether those meetings resulted in any financing commitments.

You can listen to Mr. Saylor’s interview and other BTC Conference content on Bitcoin Magazine’s social media and YouTube.

JUST IN: Michael Saylor says he is meeting with all the sovereign wealth funds in the Middle East to talk about #Bitcoin pic.twitter.com/PkiO5SIKx2

— Bitcoin Magazine (@BitcoinMagazine) December 8, 2025

Bitcoin rose about 3% over the past 24 hours and roughly 1.5% on Monday morning, recovering from recent weakness that pushed prices into the low $80,000s. Some analysts attribute the bounce to expectations that the Federal Reserve may cut interest rates this week, which could support risk assets after the recent pullback.

The backdrop remains unsettled for Strategy. Investors continue to debate whether the company’s aggressive use of equity issuance to buy bitcoin amplifies both upside and downside for shareholders. The firm raised nearly $2 billion two weeks ago, largely to build a cash buffer to cover preferred dividend obligations, before tapping markets again last week to fund bitcoin purchases.

Strategy’s MSCI concerns

At the same time, Strategy faces uncertainty around index inclusion. MSCI is reviewing whether companies with large digital-asset holdings should remain in traditional equity benchmarks. JPMorgan analysts have warned that exclusion could trigger billions of dollars in passive outflows from Strategy if index funds are forced to sell.

Saylor has pushed back on those concerns, arguing that Strategy is an operating company with a sizable software business and a growing Bitcoin-backed credit operation, not a fund or trust. He has said index classification debates do not alter the firm’s long-term approach.

For now, the company is pressing ahead with that strategy. With more than 660,000 bitcoin on its balance sheet and continued access to capital markets, Strategy remains the most visible corporate proxy for bitcoin exposure in public equities, even as volatility in both crypto prices and its own shares shows little sign of fading.

The current bitcoin price is near $91,500. 

This post Strategy ($MSTR) Buys Nearly $1 Billion Worth of Bitcoin first appeared on Bitcoin Magazine and is written by Micah Zimmerman.