Strategy Inc (NASDAQ: MSTR) — the Bitcoin‑heavy company formerly known as MicroStrategy — was back in the spotlight on Tuesday, December 9, 2025, as the stock rallied during regular trading and then eased slightly in after‑hours action. Here’s a full rundown of what moved the stock after the bell and the key catalysts traders should watch before the U.S. market opens on Wednesday, December 10, 2025.
1. Price Snapshot: How Strategy Inc Traded After the Bell
Regular session (Dec 9, 2025)
According to end‑of‑day data, Strategy Inc shares: [1]
- Opened around $181.49
- Traded between roughly $179.92 (low) and $198.40 (high)
- Closed near $188.99, up about 2.9% on the day
- Saw very heavy volume of roughly 24 million shares, well above recent averages
After-hours trading
In the post‑market session, MSTR drifted slightly lower, changing hands around $187–$188, a modest dip of about 0.5–0.6% from the close. [2]
Even after today’s bounce, the stock remains a recovery play:
- Strategy is still down roughly 36–37% year‑to‑date,
- And trades more than 50% below its 2025 highs above $450. [3]
That mix of high volatility, high volume and deep drawdown is exactly what’s drawing short‑term traders and long‑term Bitcoin believers back into the name.
2. The Big Catalyst: A Massive New Bitcoin Purchase
The main story driving MSTR on December 9 is simple: Strategy Inc just bought a lot more Bitcoin.
Multiple outlets report that: [4]
- Strategy purchased 10,624 BTC in its latest buy
- Spent about $962.7 million
- Paid an average price around $90,600 per coin
- Now holds about 660,624 BTC in total
- Cumulative Bitcoin purchases reportedly total around $49+ billion
This is a return to “go big” accumulation mode after a short period of smaller buys during the recent crypto drawdown. The latest purchase was funded primarily by selling common stock, with additional capital raised via preferred securities — continuing the company’s pattern of tapping capital markets to add to its Bitcoin reserve. [5]
Finviz and StockStory note that the stock initially jumped nearly 5% intraday on the news before settling to a gain of about 4–5%, with the price around $192 at one point. [6]
3. “No Bitcoin Sale Until 2065”? Management’s Ultra‑Long View
The latest buy is being paired with very aggressive messaging from management:
- CEO Phong Le recently said the company does not anticipate selling Bitcoin for decades, extending out to “at least 2065”, citing a robust cash buffer and long‑dated debt. [7]
- A detailed CCN recap emphasises that Strategy believes its cash position (around $1.4 billion) and lack of major debt maturities until 2027 give it the ability to ride out extended volatility. [8]
At the same time, newer analysis from Barchart and other outlets points out that management has implicitly acknowledged scenarios where Bitcoin sales could become necessary — for example, if: [9]
- MSTR trades consistently below the value of its Bitcoin holdings, and
- The company can no longer raise equity or debt on acceptable terms.
So while “no sale until 2065” is a powerful slogan, analysts treat it as a strategic intent, not a binding guarantee.
4. Strengthening the Safety Net: The $1.44 Billion USD Reserve and New Guidance
A big part of today’s positive sentiment still traces back to Strategy’s December 1 announcement that it has created a dedicated USD reserve and updated its 2025 outlook. [10]
Key points from the company’s own press release:
- Strategy established a $1.44 billion cash reserve specifically to cover:
- Dividends on its preferred stock, and
- Interest on its outstanding debt
- The reserve currently covers about 21 months of those obligations, and management’s goal is to eventually cover 24 months or more.
- As of that announcement, Strategy held around 650,000 BTC, roughly 3.1% of all Bitcoin that will ever exist.
- Updated FY 2025 guidance assumes a year‑end Bitcoin price range of $85,000–$110,000, with an extremely wide potential earnings range:
- Operating income from –$7.0 billion to +$9.5 billion,
- Net income from –$5.5 billion to +$6.3 billion,
- Diluted EPS from –$17 to +$19. [11]
The message: Strategy is trying to de‑risk its funding model (so it doesn’t have to sell BTC in a downturn) — but its earnings are now massively sensitive to where Bitcoin ends 2025.
5. Index Risk: MSCI’s Looming Decision
Another overhang investors are watching into year‑end is index provider risk.
Reuters reports that MSCI is reviewing whether to remove Bitcoin‑treasury companies like Strategy from its indices, with a decision expected by January 15, 2026. [12]
Important details from that report:
- Strategy’s executive chairman Michael Saylor has been in direct talks with MSCI about the review.
- MSCI is weighing whether companies whose primary business is to buy and hold crypto too closely resemble investment funds, which are not currently eligible for those indices.
- JPMorgan estimates that an exclusion could trigger “large outflows” from passive funds tracking MSCI benchmarks.
- Strategy’s shares are down over 37% in 2025, worse than Bitcoin itself, underscoring investor concerns about leverage and index risk. [13]
For traders heading into December 10, this MSCI decision is one of the biggest medium‑term catalysts hanging over the stock.
6. Today’s Macro Backdrop: Bitcoin Near $94K and a “Hawkish Cut” from the Fed
Strategy’s move today isn’t happening in a vacuum. Crypto markets — and Bitcoin in particular — are front and centre this week.
Benzinga and Barchart both highlight that: [14]
- Bitcoin climbed toward the mid‑$90,000s on Tuesday, after falling almost 30% from its October peak above $126,000.
- Traders are positioning ahead of the Federal Reserve’s final rate decision of 2025, with the Fed expected to cut rates by 25 basis points on Wednesday while keeping a hawkish tone on inflation (“hawkish cut”).
- The CME FedWatch Tool shows odds near 90% for that quarter‑point cut.
- Strategists like Jeremy Siegel argue that even a cautious easing path could still be supportive for risk assets, including Bitcoin and Bitcoin‑linked equities like MSTR. [15]
Because Strategy is essentially a leveraged Bitcoin proxy, any sharp move in BTC around the Fed decision can hit MSTR even harder — in both directions.
7. Analyst Views & Forecasts: Huge Upside on Paper, Huge Risk in Practice
7.1 Wall Street price targets
TipRanks data show that, as of early December: [16]
- 14 analysts cover Strategy Inc
- The consensus rating is “Strong Buy”
- The average 12‑month price target is about $493.58
- That implies roughly 175–180% upside from current prices in the high‑$180s
- The target range is wide, with low‑$200s at the bottom and near‑$700 at the top
Barchart’s own breakdown is similar, noting most analysts rate the stock a Buy and see fair value several hundred dollars above today’s price — but also emphasising that this bullishness is predicated on a Bitcoin rebound and ongoing capital‑market access. [17]
7.2 Zacks on the software business
Zacks, via TradingView, reminds investors that Strategy is still technically a software and analytics company, and that: [18]
- Its subscription software revenue jumped 65.4% year‑over‑year in Q3 2025 to about $46 million, now roughly 36% of total revenue.
- Overall revenue growth remains modest (about 2.1% expected for 2025, 4.9% for 2026).
- The software segment remains profitable and provides some stability relative to Bitcoin‑driven earnings.
- Zacks assigns Strategy a Rank #3 (Hold) despite the headline crypto volatility.
In other words, the software side is helping smooth the ride, but it’s nowhere near large enough to dominate the valuation.
7.3 “High‑beta Bitcoin proxy”
A widely cited CCN piece, summarising comments from CEO Phong Le and Fundstrat’s Tom Lee, frames Strategy as: [19]
- A “high‑beta Bitcoin proxy” trading on Nasdaq,
- With a beta to Bitcoin of roughly 1.8–2.2 — meaning a 10% move in BTC can translate into nearly double that in MSTR,
- A favourite instrument for hedge funds and crypto traders, who sometimes short MSTR to hedge long BTC or ETH positions.
This leverage effect is exactly why the 12‑month price targets look so explosive — and why the downside can be equally dramatic if Bitcoin struggles or credit markets tighten.
8. Technical Picture and Options Sentiment as of December 9
8.1 Technical indicators
Investing.com’s technical dashboard for MSTR (as of December 9, 2025, 10:13 p.m. GMT) paints a mixed but slightly bullish short‑term picture: [20]
- Daily technical indicators:
- Summary: Strong Buy – 8 buy signals, 2 neutral, 1 sell
- RSI (14): ~54, i.e., neither overbought nor oversold
- MACD, ADX and several oscillators are in “Buy” territory
- Moving averages (daily):
- Overall “Neutral” – 6 buy vs. 6 sell signals
- Short‑term MAs (e.g., 5‑day) are a bit stretched above price (signalling possible near‑term pressure), while 50‑day averages still sit below, supporting the idea of a tentative rebound.
Benzinga’s intraday recap notes that: [21]
- The stock opened at $181.49,
- Tested resistance near $198–$200,
- And has support around $179.92 with deeper support near the 52‑week low at $155.61.
For traders, those levels around $180 (support) and $200 (resistance) are likely to be key intraday reference points heading into tomorrow.
8.2 Options & implied volatility
Options data aggregated earlier in the day show that: [22]
- MSTR’s implied volatility (IV) sits in the low‑70% range,
- IV rank is in the mid‑30s, meaning volatility is elevated but not at year‑high extremes,
- Options volume is hefty, with hundreds of thousands of contracts traded and activity concentrated in near‑term calls and puts around the $180–$220 strikes.
High IV and active options markets underline that traders expect large price swings as the Fed decision, Bitcoin price path, and index‑provider headlines all converge.
9. Key Things to Watch Before the Market Opens on December 10, 2025
Heading into Wednesday’s U.S. session, here’s what matters most for Strategy Inc stock:
9.1 Overnight Bitcoin action
- Strategy is effectively a leveraged BTC vehicle; Bitcoin’s move between now and the opening bell will likely dictate MSTR’s pre‑market direction. TechStock²+2Barchart.com+2
- Watch whether BTC holds above the $90k–$94k zone or fades back toward the high‑$80k range highlighted in recent December commentary. A firm BTC close to the Fed decision could support further upside in MSTR; a sharp reversal would be a warning sign. TechStock²+1
9.2 Fed decision expectations
- The FOMC concludes its meeting on Wednesday, with a widely expected 25 bp rate cut and a potentially hawkish message. [23]
- A more dovish tone or hints of faster cuts could fuel another leg higher in Bitcoin and MSTR.
- A surprisingly hawkish stance or any sign the Fed might slow or pause cuts could spark risk‑off selling, hitting crypto and leveraged plays like Strategy hardest.
Even though the announcement hits mid‑afternoon, markets will price expectations into pre‑market and early‑session trading.
9.3 Index and fund‑flow chatter
- Any new headlines around MSCI’s review — even rumours or sell‑side commentary — could move MSTR sharply, given the potential for forced selling by index funds if the company is reclassified as ineligible. [24]
9.4 Capital raises, preferreds and dilution
- Barchart notes that Strategy has raised over $20 billion in 2025 via a mix of equity and preferred offerings, with four preferred securities raising about $6.7 billion and annual preferred dividends estimated at $750–800 million. [25]
- Any announcement of new equity or preferred deals, or hints about shifting the balance between them, will influence how investors think about future dilution and leverage.
9.5 Technical levels on the open
Short‑term traders may focus on:
- Support:
- Near $180 (Tuesday’s intraday low)
- Deeper support around the $155–$160 zone (recent 52‑week low) [26]
- Resistance:
- Psychological and technical resistance around $200,
- Followed by recent recovery highs in the low‑$200s.
A gap up above $200 on strong Bitcoin and dovish Fed expectations could trigger momentum buying, while a gap down below $180 would confirm that today’s bounce was no more than a relief rally.
10. Bottom Line: A Classic High‑Risk, High‑Beta Bitcoin Play
As of the close on December 9, 2025, Strategy Inc remains:
- The largest corporate holder of Bitcoin on the planet, now with about 660,000+ BTC on its balance sheet,
- A company that has doubled down yet again with a nearly $1 billion BTC purchase funded by fresh equity,
- Backed by a $1.44 billion USD reserve designed to keep it from being forced to sell Bitcoin in a downturn,
- Under intense scrutiny from index providers, regulators and risk‑averse investors worried about leverage, dilution and classification,
- And viewed by many on Wall Street as a leveraged, high‑beta Bitcoin proxy with enormous upside and enormous downside. [27]
For traders and investors going into the December 10 open, the key is to recognise that MSTR is not a typical software stock. Its short‑term trajectory will be driven overwhelmingly by:
- Bitcoin’s price,
- The Fed’s tone and path of rates, and
- Capital‑markets and index decisions that affect its ability to keep funding its BTC accumulation.
This article is for informational and news purposes only and does not constitute financial advice. Anyone considering exposure to Strategy Inc stock should carefully assess their risk tolerance, time horizon and diversification, and treat MSTR as a speculative, high‑volatility position, not a low‑risk core holding.
References
1. stockanalysis.com, 2. stockanalysis.com, 3. finviz.com, 4. www.barchart.com, 5. www.barchart.com, 6. finviz.com, 7. www.ccn.com, 8. www.ccn.com, 9. www.barchart.com, 10. www.strategy.com, 11. www.strategy.com, 12. www.reuters.com, 13. www.reuters.com, 14. www.benzinga.com, 15. www.barchart.com, 16. www.tipranks.com, 17. www.barchart.com, 18. www.tradingview.com, 19. www.ccn.com, 20. www.investing.com, 21. www.benzinga.com, 22. optioncharts.io, 23. www.benzinga.com, 24. www.reuters.com, 25. www.barchart.com, 26. www.investing.com, 27. www.barchart.com
