Strategy Inc (Nasdaq: MSTR) — the company formerly known as MicroStrategy and best known for running the largest “bitcoin treasury” balance sheet in public markets — is ending 2025 under heavy pressure. On December 24, 2025, Strategy’s shares touched a new 52‑week low of $155.61 and have fallen roughly 66% from the 52‑week high of $457.22, underscoring just how tightly the stock is trading alongside the latest crypto drawdown and investor concerns about funding costs and index eligibility. [1]
As of midday Dec. 24, Strategy shares were trading around $155–$156, while bitcoin was near $87,000 — down materially from its October peak and still struggling to regain sustained upside momentum. [2]
Below is what’s moving Strategy Inc stock right now, what the latest filings say about the company’s bitcoin buying (and pausing), and where analysts’ targets stand heading into 2026.
Why Strategy Inc stock is sliding into year-end
The simplest way to understand Strategy (MSTR) in late 2025 is that it has become a high‑beta wrapper around three variables:
- Bitcoin’s price trend (and broader risk appetite),
- Strategy’s ability to raise capital efficiently (without crushing per‑share economics),
- The market’s willingness to value MSTR at a premium to its underlying bitcoin holdings (often discussed as mNAV/premium dynamics).
This week’s action reflects stress in all three.
Volatility is the feature, not the bug. Investing.com notes MSTR’s beta around 3.4, and the stock’s 12‑month and six‑month performance metrics show how quickly sentiment can flip when bitcoin weakens and funding questions grow louder. [3]
At the same time, Strategy’s management is trying to convince investors this is no longer “just” a leveraged bitcoin proxy — and that shift is central to today’s headlines. [4]
The biggest “today” headline: MSTR hits a fresh 52‑week low
On Dec. 24, Strategy stock hit $155.61, a new 52‑week low, according to Investing.com’s market update. [5]
That low is significant for two reasons:
- It signals deep mNAV/premium compression versus earlier in 2025, when the stock traded with far more speculative upside embedded.
- It raises the stakes for Strategy’s capital‑raising playbook, because issuing common equity at depressed levels can be more dilutive to “bitcoin-per-share” goals than issuing when the stock trades at a richer premium.
Latest SEC filing: Strategy paused bitcoin buys — and boosted its USD reserve
The most market-moving fundamental update this week is not a bitcoin purchase. It’s a pause.
In a Form 8‑K dated Dec. 22, 2025, Strategy disclosed that:
- No bitcoin was acquired during Dec. 15–Dec. 21, 2025,
- Total bitcoin holdings remained 671,268 BTC,
- The company’s USD Reserve increased to $2.19 billion as of Dec. 21,
- Strategy sold 4,535,000 shares of MSTR during the week for $747.8 million in net proceeds (via its at‑the‑market program). [6]
This is a meaningful pivot in the near-term narrative: Strategy raised cash but chose liquidity over immediately converting proceeds into more bitcoin.
Barron’s coverage characterized the move as a pause after aggressive buying earlier in December, highlighting that the company raised roughly $748 million from common stock sales but did not add bitcoin in that particular week. [7]
What Strategy did earlier in December: a $980 million bitcoin buy funded by equity and preferred issuance
The pause matters more because it followed substantial buying.
In a separate Form 8‑K dated Dec. 15, 2025, Strategy reported that during Dec. 8–Dec. 14 it:
- Acquired 10,645 BTC for $980.3 million (avg purchase price $92,098),
- Brought total holdings to 671,268 BTC with an aggregate purchase price of $50.33 billion (avg $74,972),
- Raised $989.0 million in net proceeds via ATM sales across common stock and several preferred series used in its capital strategy. [8]
So, the current picture is not “Strategy stopped buying bitcoin” as a change of philosophy — it’s that the company is actively modulating between accumulation and liquidity-building as market conditions tighten.
The “cash wall” strategy: why the USD reserve exists at all
If you’re wondering why a bitcoin‑maximalist corporate strategy would prioritize cash, the answer is simple: dividends and interest payments.
Strategy formally introduced this concept on Dec. 1, 2025, announcing the establishment of a $1.44 billion USD Reserve to support dividends on preferred stock and interest on outstanding indebtedness. The company said it intended to maintain a reserve sufficient for at least 12 months of these obligations, with a goal over time of 24 months or more. [9]
By Dec. 21, that reserve had risen to $2.19 billion, per the Dec. 22 8‑K update. [10]
This matters because Strategy has expanded beyond common stock and convertibles into a set of preferred securities that appeal to yield-focused buyers — and those buyers expect reliable payments even when bitcoin is volatile.
Saylor’s new pitch: “beyond bitcoin exposure”
One of the most notable pieces of coverage on Dec. 24 comes from Investopedia, which reports that Michael Saylor is reframing Strategy as a “capital markets platform” rather than merely a bitcoin proxy, arguing the company is building something that ETF structures can’t replicate. [11]
Investopedia also emphasizes the role of preferred securities — including the variable-rate preferred series STRC — and notes Strategy has built up U.S. dollar reserves to about $2.2 billion as part of appealing to income-oriented and institutional investors. [12]
Strategy itself publishes metrics for STRC on its site, including a recently displayed variable dividend rate (10.75%) and an upcoming payout date at month-end, reinforcing that the preferred program is now a core part of the company’s market identity — not a side feature. [13]
The structural risk hanging over the stock: MSCI index exclusion (decision by Jan. 15, 2026)
The most underappreciated near-term catalyst for Strategy stock may be index methodology, not bitcoin.
Reuters reported that MSCI is considering excluding companies whose digital asset holdings represent 50% or more of total assets from its global equity benchmarks — arguing that they resemble investment funds (which MSCI does not include). MSCI’s consultation is expected to conclude with a decision by Jan. 15, 2026. [14]
Why it matters:
- Analysts cited by Reuters estimate that exclusion could cost Strategy up to about $9 billion in demand for its shares, largely because passive funds are forced buyers/sellers based on index rules. [15]
- Strategy leadership has publicly argued that exclusion would “chill” the industry and harm competitiveness for digital-asset treasury firms. [16]
Even if MSCI is the first mover, market participants are watching whether other index providers could follow — a scenario Reuters notes some analysts expect. [17]
Analyst forecasts and price targets: still bullish overall, but the spread is widening
Despite the drawdown, Wall Street’s stance remains surprisingly constructive — though targets are being revised lower as bitcoin’s Q4 disappoints and the equity premium compresses.
Consensus snapshot (as of late December)
TipRanks reports that Strategy has a “Strong Buy” consensus from tracked analysts and shows an average price target around $467.75, implying very large upside from current prices near the mid‑$150s. [18]
Reuters reported earlier in December that among brokerages in LSEG data, the median price target implied an outsized rebound potential (triple‑digit upside), reflecting how much the analyst thesis depends on a bitcoin recovery and Strategy’s ability to keep financing accretive. [19]
Recent notable revisions
- Citi: Multiple reports indicate Citigroup maintained a Buy but lowered its target to $325 from $485 in late December as part of broader valuation changes across crypto-exposed equities. [20]
- Bernstein: Coverage indicates Bernstein lowered its target to $450 from $600 while keeping an outperform-style view. [21]
- Benchmark: Benchmark has reiterated a bullish long-term case with a $705 target in prior notes referenced in market coverage. [22]
- Cantor Fitzgerald: A widely-circulated note (covered in financial media) cut its target sharply (reported around $229) while still maintaining a buy/overweight-style stance — highlighting how the “still bullish, but repriced” theme is spreading. [23]
What investors should take away: forecasts are not converging — they’re diverging. Bulls see a uniquely scalable “bitcoin reserve + digital credit” platform; skeptics see an increasingly expensive cost of capital, potential index headwinds, and the risk that MSTR becomes a less attractive bitcoin vehicle now that spot ETFs and options are deeply liquid.
The bullish case for Strategy Inc stock in 2026
The optimistic thesis generally rests on four pillars:
- Bitcoin rebound: A move back toward prior highs can rapidly re-expand sentiment around bitcoin proxies. MSTR historically magnifies upside when bitcoin momentum returns.
- Capital markets machine: Management’s new framing is that Strategy can issue a spectrum of instruments (common, converts, preferred) to serve different investor appetites and keep funding available through cycles. [24]
- Liquidity optics: The $2.19B USD reserve lowers the probability that Strategy must consider selling bitcoin to meet obligations in a down tape — one of the biggest investor fears in 2025. [25]
- Scale advantage: Strategy’s bitcoin holdings remain massive at 671,268 BTC, giving it unmatched “inventory” relative to other corporate buyers and a unique role in the digital-asset-treasury ecosystem. [26]
The bear case: why MSTR could keep underperforming even if bitcoin stabilizes
The downside argument is equally clear — and, in late 2025, it’s driving the tape:
- Premium compression + dilution math: When MSTR trades closer to (or below) the value of its bitcoin holdings, issuing common stock can dilute the per‑share claim on bitcoin rather than enhance it, potentially forcing more reliance on higher-cost preferred issuance. [27]
- Index demand risk: MSCI exclusion (and potential follow-ons) could reduce structural passive ownership and raise the company’s cost of capital — a direct hit to the playbook. [28]
- Funding costs are real: Strategy’s explicit creation of a USD reserve is a reminder that dividends/interest must be serviced regardless of bitcoin’s path — and that “capital markets platform” framing depends on continuous investor appetite for the instruments it issues. [29]
- Extreme volatility: With beta around 3.4, drawdowns can cascade through derivatives, leveraged products, and forced de-risking. Reuters has highlighted how leveraged ETFs linked to Strategy were hit particularly hard in 2025’s crypto slump. [30]
What to watch next
Heading into early 2026, these are the dates and signals that matter most for Strategy Inc stock:
- MSCI decision (by Jan. 15, 2026) on whether digital-asset-treasury firms remain eligible for key MSCI equity indexes. [31]
- Weekly bitcoin purchase updates (8‑Ks): investors are now watching not just “did they buy?” but how they fund it, and whether the company continues to prioritize reserve-building versus accumulation. [32]
- USD reserve level and policy: Strategy has explicitly said reserve size and terms remain at its discretion, meaning investors should expect adjustments as market conditions change. [33]
- Bitcoin trend and liquidity conditions: the stock is unlikely to sustainably recover without a clearer bitcoin uptrend and easing risk aversion.
Quick FAQ: Strategy Inc stock (MSTR) on Dec. 24, 2025
What is Strategy Inc stock ticker?
Strategy Inc trades on Nasdaq under MSTR for its Class A common stock. The company officially changed its legal name from MicroStrategy to Strategy Inc effective Aug. 11, 2025 while maintaining its ticker symbols. [34]
How much bitcoin does Strategy hold right now?
As of Dec. 21, 2025, Strategy reported holdings of 671,268 BTC with an average purchase price of $74,972 (inclusive of fees/expenses). [35]
Did Strategy buy bitcoin this week?
In its Dec. 22, 2025 filing, Strategy reported no bitcoin purchases during Dec. 15–Dec. 21. [36]
Why is Strategy building a USD reserve?
Strategy said it established and is growing a USD Reserve to support dividend and interest payments, aiming to cover at least 12 months and ultimately 24 months or more. The reserve stood at $2.19 billion as of Dec. 21. [37]
What’s the biggest near-term catalyst risk besides bitcoin?
MSCI’s consultation on excluding companies with digital-asset holdings above a threshold (reported as 50% of total assets) — with a decision expected by Jan. 15, 2026 — could affect passive-fund demand for MSTR shares. [38]
Disclosure: This article is for informational purposes only and does not constitute investment advice.
References
1. www.investing.com, 2. www.investing.com, 3. www.investing.com, 4. www.investopedia.com, 5. www.investing.com, 6. www.sec.gov, 7. www.barrons.com, 8. www.sec.gov, 9. www.strategy.com, 10. www.sec.gov, 11. www.investopedia.com, 12. www.investopedia.com, 13. www.strategy.com, 14. www.reuters.com, 15. www.reuters.com, 16. www.reuters.com, 17. www.reuters.com, 18. www.tipranks.com, 19. www.reuters.com, 20. www.gurufocus.com, 21. www.tipranks.com, 22. www.coindesk.com, 23. www.ft.com, 24. www.investopedia.com, 25. www.sec.gov, 26. www.sec.gov, 27. www.investors.com, 28. www.reuters.com, 29. www.strategy.com, 30. www.reuters.com, 31. www.reuters.com, 32. www.sec.gov, 33. www.sec.gov, 34. www.strategy.com, 35. www.sec.gov, 36. www.sec.gov, 37. www.strategy.com, 38. www.reuters.com
