NEW YORK, December 31, 2025, 16:43 ET — After-hours
- Strategy shares slid 2.3% in after-hours trading, hovering near the day’s lows.
- A recent SEC filing showed the company sold stock and used the proceeds to buy more bitcoin.
- Traders are watching bitcoin’s direction into 2026 and whether Strategy keeps tapping its share-sale program.
Strategy Inc shares fell 2.3% to $151.95 in after-hours trade on Wednesday, after swinging between $151.44 and $157.48 earlier in the day. Trading volume topped 15.6 million shares.
The move matters because Strategy has become one of the market’s most visible “bitcoin proxy” stocks — an equity that tends to move with the cryptocurrency — at a time when investors are recalibrating their risk appetite into year-end.
Bitcoin is on track for its first yearly loss since 2022, after struggling to recover from an October peak above $126,000, Reuters reported. “Bitcoin increasingly exhibits the characteristics of a risk asset … with a notable correlation to the U.S. equity market,” Linh Tran, a senior market analyst at XS.com, said in the report. 1
In a Dec. 29 filing, Strategy disclosed it sold 663,450 Class A shares for $108.8 million in net proceeds and used the money to buy 1,229 bitcoin at an average price of about $88,568 each. The company said it held 672,497 bitcoin as of Dec. 28, bought for $50.44 billion in total at an average price of $74,997, and had about $11.7 billion still available for issuance under its common-stock sales program. 2
That sales program is known as an at-the-market offering, or ATM — a mechanism that lets a company sell new shares into the market over time. For existing shareholders, repeated issuance can be dilutive, meaning it spreads ownership across a larger share count.
At bitcoin’s recent levels, Strategy’s disclosed holdings are worth roughly $59 billion, leaving the stock highly sensitive to day-to-day moves in the token as well as shifts in investor tolerance for leverage and dilution.
The feedback loop cuts both ways. When bitcoin rises, Strategy’s ability to raise fresh equity can expand; when the token weakens, the market can push back on additional share sales, tightening the company’s room to maneuver.
Strategy describes itself as a “Bitcoin Treasury Company,” a label for firms that hold bitcoin as a core balance-sheet asset rather than a side investment. 3
That positioning has pulled the stock closer to crypto market plumbing than to the software business that originally defined MicroStrategy, the name Strategy used before its rebrand.
Traders also flag round-number levels after Wednesday’s slide. The $150 area is in focus after the stock probed just above it, while the mid-$150s mark the zone the shares struggled to hold into the close.
Next up, investors will watch for the company’s next disclosures around bitcoin purchases and equity issuance, along with any follow-through in the token as markets turn the calendar to 2026.
Strategy is estimated to report earnings on Feb. 4, according to Nasdaq. 4
For now, the stock’s after-hours drop underscored the same dynamic that has defined recent months: Strategy trades less like a conventional software name and more like a levered bet on bitcoin’s next move.
