New York, January 5, 2026, 10:55 (ET) — Regular session
- Strategy shares rose 5.5% as bitcoin rebounded in early U.S. trading.
- The company said it bought 1,283 bitcoin from Jan. 1 to Jan. 4 using proceeds from stock sales under its ATM program. 1
- A filing showed a preliminary $17.44 billion fourth-quarter unrealized loss on digital assets and a $2.25 billion USD reserve. 1
Shares of Strategy Inc were up 5.5% at $165.84 on Monday after the company disclosed fresh bitcoin purchases and a preliminary fourth-quarter mark-to-market hit on its digital assets. 1
The update matters because Strategy has become one of Wall Street’s most liquid proxies for bitcoin, with the stock often amplifying moves in the cryptocurrency. The company has regularly raised cash by selling securities to add to its bitcoin holdings, putting its financing pace and potential dilution in focus for equity investors. 1
Strategy also used the filing to preview the damage from bitcoin’s late-2025 slide. It reported an unrealized loss — a paper loss on assets it still holds — of $17.44 billion for the quarter and $5.40 billion for the full year, and said the figures have not been audited or reviewed by its independent accountant. 1
Between Jan. 1 and Jan. 4, Strategy bought 1,283 bitcoin for $116.0 million at an average price of $90,391 per coin, the filing showed. It ended Jan. 4 with 673,783 bitcoin at an average purchase price of $75,026, for an aggregate purchase price of $50.55 billion. 1
The purchases were funded by an at-the-market (ATM) offering — a program that lets a company sell newly issued shares into the market from time to time — of its Class A common stock, the filing said. Strategy sold 735,000 shares from Jan. 1 to Jan. 4 for net proceeds of $116.3 million, after selling 1,255,911 shares in the final three days of 2025 for $195.9 million. 1
Bitcoin was up 2.9% at about $93,885, helping lift other crypto-exposed stocks. Coinbase rose 7.3%, while miners Marathon Digital and Riot Platforms gained 5.4% and 3.1%, respectively.
Strategy said its “USD Reserve” stood at $2.25 billion as of Jan. 4, a cash buffer it maintains to support preferred dividends and interest payments on its debt. It also put its digital asset carrying value at $58.85 billion as of Dec. 31, alongside a related deferred tax liability of $2.42 billion. 1
But the trade cuts both ways. A renewed drop in bitcoin can quickly pressure Strategy’s reported results and its ability to sell new shares on attractive terms, while repeated equity issuance can dilute existing holders even when the stock rises.
Investors are also watching an index-risk catalyst: MSCI is due to announce by Jan. 15 whether to exclude companies whose digital asset holdings make up 50% or more of total assets, a move that could curb passive fund demand for shares such as Strategy. “The conversation already extends beyond just MSCI,” Kaasha Saini, head of index strategy at Jefferies, told Reuters. 2
