Dec. 23, 2025 (After the Close) — Strategy Inc (NASDAQ: MSTR) ended Tuesday’s regular session sharply lower and then held steady in early after-hours trading, as investors continued to weigh a key theme that dominated today’s coverage: Strategy is prioritizing liquidity (a bigger “USD reserve”) at the same time it paused weekly Bitcoin purchases, all while analysts debate how much of a premium the stock deserves versus simply buying Bitcoin or a spot Bitcoin ETF.
Strategy Inc stock after hours: where MSTR stands tonight
Strategy shares were indicated around $157.9 after the closing bell — little changed from the official 4:00 p.m. ET print — following a steep slide during the regular session. [1]
For the day, multiple data feeds show MSTR traded in a wide band — roughly $156.5 to $162.7 — before finishing near the lows, reflecting continued volatility in crypto-linked equities into year-end. [2]
The headline driver today: Strategy’s “USD reserve” grows to $2.19B as Bitcoin buying pauses
The most consequential “hard” update that today’s coverage kept returning to is Strategy’s latest Form 8‑K disclosure (filed/announced Dec. 22), which laid out two core points:
- No Bitcoin purchases were made during the week Dec. 15–Dec. 21, 2025. [3]
- The company’s USD reserve balance rose to $2.19 billion as of Dec. 21, 2025 (up from $1.44 billion when it was established on Dec. 1), and the filing explicitly says that reserve is meant to support preferred dividends and interest on outstanding indebtedness. [4]
In the same 8‑K, Strategy disclosed that it sold 4,535,000 shares of Class A common stock during the period (net proceeds: $747.8 million) and still had substantial remaining capacity under its at‑the‑market (ATM) programs across common stock and multiple preferred series. [5]
Why the market cares:
For many MSTR traders, the “bull case” has historically leaned on Strategy’s ability to raise capital and accumulate Bitcoin, magnifying BTC upside (and downside) through corporate leverage and share issuance. A week with zero BTC bought, paired with another disclosed share sale, naturally brought dilution and “how sustainable is the playbook?” back into the spotlight.
Investor’s Business Daily framed the move as Strategy effectively bracing for a potential ‘crypto winter’ by building the dollar buffer instead of immediately deploying new cash into BTC — a message that can read as prudent risk management to some, and a momentum negative to others. [6]
Analyst forecast shift today: Citi cuts its MSTR target (but stays bullish)
One of the clearest “forecast” datapoints that circulated today was a Citi price-target cut on Strategy:
- StockStory reported Citi reduced its price target to $325 (from $485) while keeping a Buy rating. [7]
At tonight’s ~$158 level, a $325 target still implies roughly a doubling from here — but the cut underscores the point investors have been living with for months: when Bitcoin weakens and the equity premium compresses, the Street’s modeling assumptions can shift quickly.
Investopedia, separately, highlighted Citi’s broader bullish thesis on Strategy’s “platform” story — but it also acknowledged that the company is fighting a more competitive landscape in which spot Bitcoin ETFs can offer simple BTC exposure without Strategy’s corporate structure, leverage, or dilution dynamics. [8]
Saylor’s “new story”: Strategy wants to be more than a Bitcoin proxy
A second major thread in today’s news cycle was the company’s narrative repositioning.
Investopedia described Strategy’s effort — led by Executive Chairman Michael Saylor — to present the firm as a broader “capital markets platform” rather than “just” a leveraged Bitcoin proxy. The pitch is that Strategy can package Bitcoin exposure into different instruments for different risk appetites, including preferred securities designed to appeal to institutions seeking yield. [9]
That same theme appeared in a Benzinga interview write-up featuring Strategy CEO Phong Le, who argued that major U.S. banks are racing toward “full‑stack” Bitcoin services over the next two to three years. In that context, he also pointed to Strategy’s newer preferred product lineup — including “Stretch” (STRC), described as targeting 10.75% annualized paid monthly and designed to be more price-stable than the common stock. [10]
A key risk hanging over MSTR: potential index exclusion for crypto-heavy “treasury” firms
Beyond Bitcoin’s spot price, investors are also tracking a structural question that can affect flows: index eligibility.
Reuters reported this month that MSCI is considering changes that could exclude companies whose digital asset holdings are a large share of total assets, arguing they may resemble investment funds. The public consultation is open until Jan. 15, 2026, and analysts have warned that exclusion could reduce passive demand for affected stocks. [11]
Investopedia noted that investors have already been focused on index-related uncertainty — and cited estimates that index removal could trigger significant outflows, depending on how widely other index providers follow suit. [12]
This matters for “tomorrow’s open” because index-policy headlines can move quickly — and in a holiday-thinned tape, even small incremental news can impact a stock like MSTR.
Bitcoin and the broader tape today: why crypto-linked stocks lagged even as the S&P pushed higher
Today wasn’t just about Strategy-specific filings. It was also about the macro and Bitcoin backdrop:
- Reuters reported U.S. equities were buoyed by strong Q3 GDP data and shifting expectations for Fed cuts in 2026, while overall holiday-week volumes were light. [13]
- Bitcoin hovered around the high-$80,000s into the U.S. close, and that softness weighed on crypto-sensitive names. [14]
Decrypt’s year-end sector take also fits the mood: after big early-2025 enthusiasm, the market has increasingly emphasized funding quality, dilution risk, and underlying asset value — which directly intersects with how investors judge Strategy’s repeated capital raising. [15]
What to know before the stock market opens tomorrow (Wed., Dec. 24, 2025)
1) Tomorrow is a Christmas Eve early-close session
If you’re planning trades or watching volatility, the calendar matters:
- The NYSE and Nasdaq are scheduled for an early 1:00 p.m. ET close on Dec. 24, 2025 (with eligible options typically closing at 1:15 p.m. ET). [16]
- The bond market is also expected to run a shortened session (SIFMA holiday recommendations are widely followed). [17]
Why it matters for MSTR: thinner liquidity can amplify moves in highly sentiment-driven stocks — especially those tethered to a 24/7 asset like Bitcoin.
2) Watch the 8:30 a.m. ET macro print
One scheduled datapoint that could hit before the opening bell: Initial jobless claims (week of Dec. 20) are listed for 8:30 a.m. ET on Wednesday. [18]
On a normal day this might be a quick headline; on a holiday-shortened session, it can have an outsized impact on risk appetite.
3) Bitcoin moves overnight can translate directly into MSTR premarket action
Strategy remains, in practice, one of the market’s most watched “Bitcoin proxy” equities. With BTC trading continuously, any sharp overnight move can show up in:
- MSTR premarket gaps
- broader crypto-equity sympathy (COIN, miners, etc.)
- options repricing into the shortened session
4) Keep an eye out for any new capital-markets updates
Given that Strategy disclosed ongoing ATM capacity across multiple securities — and given the market’s sensitivity to dilution — any incremental update on issuance, preferred financing, or treasury activity can become a catalyst. [19]
5) Index headlines remain a “fast-twitch” risk
With the MSCI consultation window running into mid‑January, traders have been hypersensitive to anything that sounds like index inclusion/exclusion mechanics — even when no final action has occurred yet. [20]
The key numbers investors are citing tonight
Here’s the fast “cheat sheet” from the most referenced disclosures and commentary:
- USD reserve:$2.19B as of Dec. 21 (up from $1.44B initially). [21]
- Bitcoin holdings:671,268 BTC as of Dec. 21; aggregate purchase price $50.33B; average $74,972 per BTC; no BTC bought that week. [22]
- Common stock sold:4.535M shares, net proceeds $747.8M (week ended Dec. 21). [23]
- Citi forecast: price target cut to $325 (from $485), rating kept Buy. [24]
- Holiday schedule: U.S. stocks early close Dec. 24. [25]
Bottom line for Strategy stock heading into Dec. 24
As of tonight’s post-close trade, Strategy stock is acting like the market’s verdict is still forming: MSTR sold off sharply during the day, then stabilized after hours, with investors balancing two competing interpretations of the same facts.
- The bull read: building a larger cash buffer and expanding the product set (preferreds like STRC) makes Strategy more resilient and more institutional-friendly. [26]
- The bear read: pausing Bitcoin buys and leaning on equity issuance reinforces dilution concerns — and makes MSTR’s “premium to BTC” harder to justify in a world of increasingly liquid Bitcoin ETFs. [27]
Into tomorrow’s early-close session, the near-term playbook is straightforward: watch Bitcoin, watch liquidity (holiday tape), and watch for any incremental capital-markets or index-related headlines.
This article is for informational purposes only and is not investment advice.
References
1. markets.financialcontent.com, 2. stockanalysis.com, 3. www.sec.gov, 4. www.sec.gov, 5. www.sec.gov, 6. www.investors.com, 7. stockstory.org, 8. www.investopedia.com, 9. www.investopedia.com, 10. www.benzinga.com, 11. www.reuters.com, 12. www.investopedia.com, 13. www.reuters.com, 14. www.barrons.com, 15. decrypt.co, 16. ir.theice.com, 17. www.sifma.org, 18. www.marketwatch.com, 19. www.sec.gov, 20. www.reuters.com, 21. www.sec.gov, 22. www.sec.gov, 23. www.sec.gov, 24. stockstory.org, 25. ir.theice.com, 26. www.investopedia.com, 27. www.investopedia.com
