After Monday’s close on December 8, 2025, Strategy Inc — the company formerly known as MicroStrategy and still trading under the ticker MSTR — is back in the spotlight. The stock climbed as the firm disclosed its largest Bitcoin purchase in more than three months, buying 10,624 BTC for about $962.7 million just as Bitcoin trades around the $90,000–$92,000 zone. [1]
Below is a complete wrap‑up of what happened after the bell on December 8 and the key things to watch before the U.S. market opens on Tuesday, December 9, 2025.
Key Takeaways
- MSTR closed Monday at about $183.7, up 2.6% on the day, then slipped slightly in after‑hours trading. [2]
- Strategy bought 10,624 Bitcoin between December 1–7 for $962.7M, at an average price of $90,615 per BTC, lifting its treasury to 660,624 BTC (over 3% of total supply). [3]
- The company has also built a $1.44B USD cash reserve to cover dividends and debt service during a potential crypto downturn — funded by stock, not BTC sales. [4]
- Cantor Fitzgerald slashed its 12‑month price target from $560 to $229 (–59%) but kept an Overweight / Buy rating, arguing fears of forced Bitcoin liquidation are overdone. [5]
- TD Cowen turned more cautious, highlighting the new cash buffer and the possibility that Strategy might need to sell BTC in a deep downturn. [6]
- Despite recent cuts, Wall Street’s overall stance remains bullish: data compiled by TipRanks and others still show a Strong Buy consensus with an average 12‑month target around $500 per share, implying well over 150% upside from the low‑$180s — but with extremely high risk. [7]
- Bitcoin itself closed near $90.8K on December 8, modestly higher on the day, making Strategy’s latest BTC buys roughly break‑even so far. [8]
How Strategy Inc (MSTR) Traded on December 8, 2025
Price action and after‑hours moves
On Monday, December 8:
- Regular session close:
- MSTR finished around $183.69, up 2.63% from Friday’s close near $179. [9]
- Intraday range and volume:
- Trading range: roughly $178.00 – $185.59.
- Volume was elevated versus normal levels as the Bitcoin news hit the tape. [10]
- After‑hours:
- Post‑market quotes put MSTR just below the close, around $183–$183.4, down a few tenths of a percent as investors digested the filing. [11]
Even after Monday’s bounce, MSTR is still down roughly 40–60% from its 52‑week high near $457, reflecting how hard the stock has been hit since Bitcoin’s peak in July. [12]
At Monday’s close, Strategy’s market cap sat around $52–53 billion, based on a share price near $184 and an estimated 285–290 million shares outstanding. [13]
Inside the New $962.7 Million Bitcoin Purchase
Deal details
According to Monday’s disclosures and multiple media reports, Strategy: [14]
- Acquired 10,624 BTC between December 1–7, 2025
- Total spend: about $962.7 million
- Average acquisition price:$90,615 per Bitcoin
- Funding source:
- Roughly $928.1M came from selling about 5.1 million MSTR shares via an at‑the‑market equity program
- Another $34.9M was raised by issuing roughly 442,000 shares of STRD perpetual preferred stock
A Bankless recap notes that this move makes it Strategy’s largest weekly Bitcoin purchase since July, and that the stock has rebounded about 17–18% off its early‑December low near $155 on the back of Bitcoin’s bounce and the new disclosure. [15]
Updated Bitcoin treasury
With this latest buy, Strategy’s Bitcoin hoard now stands at: [16]
- Holdings:660,624 BTC
- Cost basis: about $49.35 billion
- Average cost: roughly $74,700 per BTC
- Current market value: around $60 billion, at Bitcoin prices near $90–92K
That means Strategy’s BTC treasury is in profit by roughly 20–25% versus its average purchase price, even though both Bitcoin and MSTR are far below their 2025 highs. [17]
The company now controls over 3% of Bitcoin’s eventual 21 million supply, making it by far the largest public‑company Bitcoin treasury. [18]
The Bigger Balance‑Sheet Story: 1.44B Cash Reserve and Dilution
The billion‑dollar BTC buy doesn’t happen in a vacuum. Over the last several weeks, Strategy has issued a massive amount of equity and preferred stock to both:
- Build a $1.44 billion USD reserve, and
- Keep buying Bitcoin without selling any of its existing coins.
Recent reporting from CryptoQuant, Cointelegraph and other outlets says Strategy’s new $1.44B cash buffer is meant to: [19]
- Cover dividends on its preferred shares for at least 12–21 months
- Help pay interest on its sizeable convertible‑bond stack
- Provide a liquidity cushion if Bitcoin enters a deeper or longer‑lasting bear phase
Importantly, this war chest was funded by stock issuance, not by selling Bitcoin. Shares outstanding have ballooned to around 280–315 million, up nearly 60% year‑on‑year, and the capital structure now includes multiple layers of convertibles and preferred shares. [20]
This strategy—issuing more equity at a premium to buy more BTC—has always been the core of the “Saylor trade.” But with the share price down sharply and the premium to net Bitcoin holdings compressed, that model is under pressure.
Premium, NAV and Why Analysts Are Nervous
Sites that track Bitcoin treasuries estimate that, depending on the metric, MSTR now trades only slightly above the value of its Bitcoin stack plus debt, with a basic “mNAV” near parity. [21]
The Financial Times reports that: [22]
- Strategy’s enterprise value is down almost 60% from a July 2025 peak
- The stock’s premium over the market value of its BTC has shrunk from roughly 2x to close to 1.1–1.2x
- A potential decision by MSCI to treat Strategy and similar companies as investment funds (and drop them from key equity indices) could wipe up to $9B off its valuation if index trackers are forced to sell
That shrinking premium is at the heart of recent analyst downgrades — and of Monday’s renewed optimism that a large, aggressive Bitcoin buy might help rebuild confidence.
Wall Street’s Latest MSTR Forecasts (as of December 8)
Cantor Fitzgerald: big cut, still bullish
On December 5, Cantor Fitzgerald issued one of the most talked‑about notes on Strategy yet: [23]
- 12‑month price target cut from $560 to $229 — a roughly 59–60% reduction
- Rating: still Overweight / Buy
- Rationale:
- The new target reflects lower assumed Bitcoin prices and the narrower premium to BTC holdings
- Cantor argues fears of an imminent forced liquidation are “not warranted”, given the new $1.44B cash reserve and access to further equity issuance
- The bank suggests Bitcoin would need to fall on the order of 90% from current levels before Strategy would be in real danger of not meeting its obligations
In other words, Cantor is saying: the stock is riskier and worth less than previously thought, but the long‑term Bitcoin thesis remains intact.
TD Cowen: more openly cautious
A Decrypt‑linked note covered by CoinLive, CoinStats and others says that TD Cowen has turned more bearish on Strategy, lowering its price target and highlighting that: [24]
- Strategy’s decision to set aside $1.44B in cash and even hint that it might sell BTC if needed marks a subtle shift away from pure “never sell” accumulation
- The firm’s ability to raise equity at a premium is no longer guaranteed now that the stock has underperformed both Bitcoin and the broader market
TD Cowen’s tone underscores that capital‑market risk — not just Bitcoin price risk — is now front and center.
Broader analyst consensus
Despite those cautionary notes, aggregated data from TipRanks and other platforms still show: [25]
- 14 Wall Street analysts following Strategy
- 12 rate the stock a Buy, 2 a Hold, and none currently list it as a Sell
- The average 12‑month price target is around the high‑$400s to low‑$500s, implying roughly 170–180% upside from Monday’s closing price in the low‑$180s
But that bullish consensus comes with a massive standard deviation in outcomes. Some houses now model much lower upside (like Cantor’s $229 target), while others still assume a renewed Bitcoin bull run that could restore Strategy’s premium and then some.
What Bitcoin Did on December 8 — and Why It Matters for MSTR
Strategy is essentially a leveraged Bitcoin proxy with a thin software business attached. Recent analysis from the Motley Fool and others shows the stock has often been more volatile than Bitcoin itself, rising faster in bull phases and falling harder in sell‑offs. [26]
On December 8, 2025: [27]
- Bitcoin traded roughly between $89.6K and $92.3K, closing near $90.8K, up around 0.5% on the day
- Over the prior couple of days, BTC had rebounded from the high‑$80Ks, with some analysts calling it a “healthy pullback” within a longer‑term uptrend
- Others, including on‑chain analysts at CryptoQuant, warned that several Bitcoin metrics look fragile, arguing that the market remains vulnerable to macro shocks or further leverage flushes
For Strategy, that means:
- Monday’s average purchase price of $90,615 per BTC is very close to where Bitcoin is trading now, so the new coins are roughly flat on a mark‑to‑market basis. [28]
- If Bitcoin breaks decisively above the $92–95K zone, analysts expect renewed optimism around MSTR.
- If BTC slides back below $85–88K, pressure on Strategy’s share price — and on its ability to maintain a premium and keep issuing stock — could intensify quickly.
Technical & Sentiment Snapshot Heading Into December 9
Pre‑market indication
Early pre‑market data for Tuesday, December 9 show MSTR: [29]
- Trading around $182 in pre‑market, roughly 0.9% below Monday’s close
- Pre‑market volume already in the hundreds of thousands of shares, highlighting ongoing trader interest
That modest pullback suggests some profit‑taking after Monday’s pop, but no dramatic reversal yet.
Key levels traders are watching
Short‑term technical commentary from TradingView, StockInvest and others highlights a few important price zones: [30]
- Support:
- $178–$180: Monday’s intraday low and a recent congestion area. Several traders see this as near‑term “line in the sand”.
- Below there, some chartists point to $173 and $167 as possible next downside targets if selling accelerates.
- Resistance:
- $185–$190: Monday’s high and a zone where sellers appeared in prior sessions.
- A more optimistic camp sees potential toward $200–$250 if Bitcoin pushes to new highs and MSTR’s premium starts to rebuild.
- Volatility:
- Over the past year, Strategy has traded between about $156 and $457, with 1‑year returns in the –40% to –50% range despite Bitcoin still being up strongly over multi‑year time frames.
The message: MSTR is deep in “high‑beta, high‑volatility” territory, and small moves in Bitcoin or crypto sentiment can translate into much larger swings in the stock.
Fundamental Risk Checklist Before Tuesday’s Open
Before the opening bell on December 9, 2025, here are the main risk and opportunity factors to keep in mind:
1. Bitcoin direction and macro headlines
- Strategy’s fate in the near term is tightly linked to Bitcoin’s next move.
- Upcoming Federal Reserve decisions and U.S. macro data are front‑of‑mind for crypto traders, with several analyses noting that BTC’s recent bounce above $90K is happening into a key central‑bank week. [31]
- Any sharp overnight move in BTC — up or down — is likely to gap MSTR at the open.
2. MSCI and index‑inclusion risk
- JPMorgan and FT reporting highlight that MSCI is weighing whether to treat Strategy and similar “Bitcoin treasury” companies more like funds than operating businesses. [32]
- A negative ruling could force index funds to dump MSTR, potentially cutting billions from its market cap regardless of Bitcoin’s price.
3. Dilution vs. balance‑sheet strength
- The $1.44B cash reserve and ongoing ATM equity program give Strategy runway to keep paying dividends and servicing debt even if Bitcoin stumbles. [33]
- But every new raise dilutes existing shareholders, and shares outstanding are already up nearly 60% year‑on‑year. [34]
- If the market stops granting Strategy a premium over its BTC holdings, this equity‑financed growth model starts to break down.
4. Analyst sentiment split
- Bullish camp:
- Points to Strategy’s massive BTC stash, long‑term conviction, and new cash buffer.
- Notes that average Street targets still imply 150%+ upside if Bitcoin resumes a strong bull market. [35]
- Bearish camp:
- Sees MSTR as more volatile than Bitcoin, with >100x price‑to‑sales and a business that now “trades more like a meme coin than a software stock.” [36]
- Warns that index risk, dilution, and a stalled premium could leave shareholders exposed even if Bitcoin eventually recovers.
5. Time horizon and risk tolerance
- For short‑term traders, Tuesday’s open will likely hinge on:
- Overnight Bitcoin moves
- Whether MSTR can hold the $178–$180 support band
- News flow around MSCI and macro data
- For long‑term investors, the core question is whether you want exposure to:
- A highly leveraged, equity‑funded Bitcoin vehicle,
- With complex convertibles and preferred equity,
- And a track record of outperformance in bull runs, but severe drawdowns in corrections.
Bottom Line
As of the close and after‑hours session on December 8, 2025, Strategy Inc (MSTR) has:
- Reasserted its role as Bitcoin’s biggest corporate bull, dropping nearly $1 billion on new BTC at around $90K each
- Shored up its balance sheet with a $1.44B cash reserve, but at the cost of significant dilution
- Triggered fresh waves of analysis and revised forecasts, with some analysts slashing targets while others continue to model outsized upside
Heading into the December 9 open, MSTR sits near $182–$184, perched above critical support, with the entire trade still revolving around Bitcoin’s next move and whether the market will reward Strategy with a premium again.
For traders and investors alike, this remains a high‑risk, high‑volatility vehicle. Understanding the interplay between Bitcoin, Strategy’s capital‑raising machine, and index‑inclusion politics is essential before making any decisions around the stock.
Disclosure & disclaimer: All prices, forecasts and data points are as of late December 8, 2025 and may change rapidly. This article is for informational and educational purposes only and does not constitute financial advice, investment recommendation, or an offer to buy or sell any securities or cryptocurrencies. Always do your own research and consider consulting a licensed financial professional.
References
1. www.bankless.com, 2. www.investing.com, 3. www.bankless.com, 4. www.tradingview.com, 5. decrypt.co, 6. coinstats.app, 7. www.tipranks.com, 8. twelvedata.com, 9. www.investing.com, 10. www.investing.com, 11. www.marketwatch.com, 12. www.investing.com, 13. stockanalysis.com, 14. www.bankless.com, 15. www.bankless.com, 16. bitcointreasuries.net, 17. twelvedata.com, 18. www.bankless.com, 19. www.tradingview.com, 20. www.macrotrends.net, 21. bitcointreasuries.net, 22. www.ft.com, 23. decrypt.co, 24. coinstats.app, 25. www.tipranks.com, 26. finviz.com, 27. twelvedata.com, 28. www.investing.com, 29. marketchameleon.com, 30. www.investing.com, 31. decrypt.co, 32. www.ft.com, 33. www.tradingview.com, 34. www.macrotrends.net, 35. www.tipranks.com, 36. finviz.com
