NEW YORK, December 30, 2025, 10:34 ET — Regular session
- Strategy shares rose 0.8% in morning trade, after sliding to a more-than-one-year low at Monday’s close. 1
- A Monday SEC filing showed the company bought 1,229 bitcoins last week using proceeds from new share sales. 2
- Traders are watching bitcoin’s next move and how aggressively Strategy taps its stock-sale program. 2
Strategy Inc shares rose 0.8% to $156.66 in morning trading on Tuesday, tracking a modest uptick in bitcoin a day after the company disclosed another round of share sales to fund crypto purchases.
The moves matter because Strategy has become a high-beta proxy for bitcoin: when the token swings, the stock often swings more. Investors have also focused on dilution risk, since the firm regularly issues equity to raise cash for bitcoin buys. 2
Bitcoin was up about 0.9% on the day, while other crypto-linked stocks were mixed, with Coinbase down slightly and bitcoin miners Marathon and Riot up modestly.
In a filing dated Monday, Strategy said it acquired 1,229 bitcoins between Dec. 22 and Dec. 28 for $108.8 million, paying an average of $88,568 per coin including fees. 2
The company said the purchases were funded by selling 663,450 shares of its Class A common stock through an at-the-market program, a facility that lets companies sell stock into regular trading over time rather than in a single block. 2
The filing showed Strategy still had about $11.7 billion available for issuance and sale under that common-stock program as of Dec. 28. 2
Strategy said it held 672,497 bitcoins as of Dec. 28, bought for an aggregate $50.44 billion at an average price of $74,997. 2
The company’s stock has faced pressure as crypto prices eased and investors questioned whether repeated equity issuance can keep boosting bitcoin per share. Barron’s described a broader squeeze on “crypto-treasury” companies as the premium investors pay for their stock versus underlying crypto holdings narrows. 3
Strategy Executive Chairman Michael Saylor hinted at the latest purchase on social media with the phrase “Back to Orange,” Barron’s reported. 4
Strategy said it did not sell any shares of its preferred stock series during the week covered by the filing, though it listed substantial remaining capacity for future preferred issuance under its at-the-market arrangements. 2
Investors will be watching whether bitcoin can hold recent levels and whether Strategy discloses additional sales under its equity programs in upcoming updates. They are also looking ahead to the company’s next results, which Nasdaq data lists as expected in early February. 5
With year-end trading volumes often thinner, Strategy’s shares are likely to remain closely tethered to bitcoin’s daily direction and to the market’s appetite for new equity supply from the company.
