New York, Jan 23, 2026, 18:13 EST — After-hours
Strategy Inc (MSTR.O) shares climbed about 1.3% after hours on Friday, closing near $163.11. Bitcoin edged up roughly 0.3%, hovering around $89,449. During the session, Strategy’s stock fluctuated between $158.77 and $168.93, with volume hitting roughly 14.8 million shares.
This matters because Strategy now acts like a high-volatility proxy for bitcoin. Many investors treat the stock less as a software company and more like a leveraged crypto play. As bitcoin moves, Strategy tends to swing even more sharply.
Heading into the weekend, that sensitivity is under the spotlight again. U.S. markets are closed until Monday, but crypto keeps moving nonstop. Traders will be eyeing if bitcoin can maintain its ground—and if Strategy hints at any shift in the way it finances the next buying spree.
Elsewhere in crypto-related stocks late Friday, Coinbase Global (COIN.O) slipped roughly 2.8%. Meanwhile, miners Marathon Digital (MARA.O) and Riot Platforms (RIOT.O) climbed about 2.1% and 1.3%, respectively.
An SEC Form 144 filed Friday reveals insider Wei-Ming Shao intends to sell 2,000 Class A shares, valued at roughly $322,000. This filing signals a planned sale under SEC Rule 144 but doesn’t confirm the transaction has occurred. 1
Director Jane A. Dietze added 1,000 shares of Strategy’s Series A Perpetual Stretch Preferred Stock earlier this week, paying a weighted-average price near $99.485. Her total holdings in that preferred stock now stand at 3,600 shares, according to the Form 4 insider-trade disclosure. 2
Strategy, originally known as software company MicroStrategy, revealed Tuesday it snapped up roughly $2.13 billion worth of bitcoin over an eight-day span ending Jan. 19. The total stash now sits at 709,715 coins. The purchases were financed through an at-the-market share sale program, allowing the firm to sell stock directly into open-market trading. Nic Puckrin, analyst and Coin Bureau co-founder, commented after the update: “Strategy is still buying Bitcoin because stopping would be as much a signal to the market as purchasing more.” 3
But the trade cuts both ways. If bitcoin drops again, Strategy’s equity could take a sharp hit and new funding might get pricier, while ongoing issuance threatens to dilute current shareholders.
Strategy is set to report its fourth-quarter results Thursday, Feb. 5, after U.S. markets close. The company will follow that with a live webinar at 5 p.m. Eastern. 4
