NEW YORK, December 31, 2025, 12:28 ET — Regular session
Strategy Inc shares fell 1.8% to $152.88 in midday trading on Wednesday, tracking a more than 1% dip in bitcoin.
The software company — formerly MicroStrategy — has become a volatile bitcoin proxy because it holds the token on its balance sheet and regularly raises money to buy more. That structure is back in focus as investors weigh the trade-off between added bitcoin exposure and shareholder dilution.
A Form 8-K dated Dec. 29 showed Strategy bought 1,229 bitcoins for $108.8 million between Dec. 22 and Dec. 28 at an average price of about $88,568 per coin, funded by selling 663,450 shares through its at-the-market program. The filing put total holdings at 672,497 bitcoins and said roughly $11.7 billion of common stock remained available for sale under the program.
At bitcoin’s latest price of about $87,516, that stash would be worth roughly $58.9 billion.
Other crypto-linked stocks were mixed: Coinbase fell 1.2% and Marathon Digital slipped 1.5%, while miner Riot Platforms rose 1.6%.
At-the-market offerings allow a company to sell newly issued shares into the market at prevailing prices, typically in small increments. For investors, the benefit is fresh capital to deploy quickly — and the cost is dilution as the share count rises.
Strategy traded between $152.53 and $157.48 on the day.
Chairman Michael Saylor posted “Back to Orange” on social media ahead of the disclosure, a phrase long associated by followers with fresh bitcoin buying. Barron’s
Traders are likely to keep keying off bitcoin’s direction into year-end trading and whether Strategy continues tapping equity markets for more purchases. The company is expected to report quarterly results in early February, according to Zacks’ earnings calendar.
For now, the stock’s day-to-day path remains tightly tied to bitcoin’s swings, with financing headlines adding another layer of volatility.
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