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. 1
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. 2
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. 3
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. 4
For now, the stock’s day-to-day path remains tightly tied to bitcoin’s swings, with financing headlines adding another layer of volatility.
