New York, Jan 9, 2026, 16:41 ET — After-hours
- Strategy shares fell about 6% in after-hours trading, tracking a softer bitcoin.
- Clear Street cut its price target on the stock while keeping a buy rating.
- Investors keep a close eye on index-rule changes that could affect passive demand for bitcoin-treasury firms.
Strategy Inc (MSTR.O) shares were down 5.8% at $157.33 in after-hours trade on Friday, after sliding as low as $155.51 earlier in the day. Bitcoin fell 0.9% to $90,356.
The move matters because Strategy trades less like a software firm these days and more like a high-beta bet on bitcoin, with swings that can dwarf the token’s day-to-day moves. It also comes as investors keep revisiting how index providers treat “digital asset treasury” stocks — a corner of the market that can live or die on passive flows. 1
MSCI, which runs widely tracked stock indexes, said it would keep digital-asset treasury companies in its global benchmarks for now after a consultation, but it added constraints that bite in a different way. MSCI said it will not raise the “number of shares” it uses for index weights for those names — in plain terms, new shares issued would not lift their weight in MSCI indexes. 2
Clear Street analyst Brian Dobson cut his price target on Strategy to $268 from $443 on Friday, but kept a “buy” rating. Dobson called Strategy a “differentiated” way to get “leveraged Bitcoin exposure,” while noting that the stock is now trading closer to some measures of the value of its bitcoin per share. 3
In a Jan. 5 regulatory filing, Strategy said it held 673,783 bitcoin as of Jan. 4 and had built a $2.25 billion U.S. dollar reserve to support dividend and interest payments. The same filing flagged a $17.44 billion fourth-quarter unrealized loss on digital assets, a reminder that accounting swings can still hit reported results even when the market is focused on the coin price. 4
That mix leaves the stock tethered to bitcoin’s tape and to the mechanics of how it funds itself. Strategy has repeatedly tapped capital markets to add to its bitcoin position, so anything that curbs index-driven buying or lifts the cost of funding can show up fast in the share price.
But the setup cuts both ways. A bitcoin rebound can lift Strategy quickly, while a deeper slide in the token — or another round of index scrutiny later this year — could pressure the stock again, especially if investors start pricing in more dilution from future share sales.
Traders now look to bitcoin’s hold above the $90,000 area and to the next set of corporate markers: Strategy is slated to report earnings on Feb. 3, according to Investing.com. 5
