December 17, 2025 — Strategy Inc (NASDAQ: MSTR), the company formerly known as MicroStrategy, is back at the center of the “Bitcoin proxy” trade as investors digest a sharp pullback in crypto markets and a series of capital-structure updates that directly affect the stock’s risk/reward profile. [1]
While Strategy still runs an enterprise analytics software business, the stock’s day-to-day direction continues to be dominated by (1) Bitcoin’s trend, (2) the premium (or discount) investors assign to Strategy’s Bitcoin holdings, and (3) whether the company can keep funding its strategy without stressing liquidity. [2]
Below is a detailed, publication-ready roundup of the current headlines, forecasts, and key analyses relevant as of 17.12.2025.
Strategy (MSTR) stock price on Dec. 17, 2025: steady after whiplash volatility
Strategy shares were recently indicated around $169 on December 17, following a volatile stretch that included a sharp down day on December 15 and a rebound on December 16. Investing.com’s price history shows $169.32 for Dec. 17 (up ~1.09%), after $167.50 on Dec. 16 and $162.08 on Dec. 15. [3]
That context matters because MSTR’s moves have increasingly reflected not just Bitcoin’s direction, but also how the market is repricing the “financial engineering” embedded in Strategy’s model—issuing various securities to buy more Bitcoin. [4]
The macro driver: Bitcoin is far off its peak—and Strategy has fallen even more
A major reason Strategy remains headline-worthy on Dec. 17 is the magnitude of the downturn from the fall highs.
Reuters reported that Bitcoin fell as much as 36% from a record $126,223 on Oct. 6 and remains about 30% below that peak. In the same analysis, Reuters noted that Bitcoin treasury companies—led by Strategy—have been hit harder as premiums collapsed, with Strategy’s stock down 54% from Bitcoin’s October peak and down 63% from its mid-July level. [5]
This is the core “why” behind today’s cautious tone: when the market stops assuming the premium will expand forever, MSTR can underperform Bitcoin on the way down—especially if investors worry about dilution, debt, or the cost of carry on preferred securities. [6]
The key company headline: Strategy’s latest Bitcoin purchase and how it was financed
The most concrete, company-specific development shaping MSTR’s narrative into Dec. 17 is the latest SEC filing detailing Bitcoin purchases and at-the-market (ATM) issuance.
Strategy bought 10,645 BTC in one week, taking holdings to 671,268 BTC
In a Form 8‑K dated Dec. 15, 2025, Strategy disclosed it acquired 10,645 BTC during Dec. 8–Dec. 14 for an aggregate purchase price of $980.3 million, at an average price of $92,098 per bitcoin (inclusive of fees/expenses). As of Dec. 14, Strategy reported total holdings of 671,268 BTC, purchased for $50.33 billion at an average purchase price of $74,972. [7]
Strategy also publishes a dashboard-style snapshot that aligns with those totals (671,268 BTC; average acquisition price $74,972; aggregate cost $50,326 million). [8]
The funding mechanism: ATM issuance across common and preferred securities
The same 8‑K provides a clear window into the mechanics powering Strategy’s Bitcoin accumulation:
- Net proceeds during Dec. 8–Dec. 14 totaled $989.0 million across the ATM program. [9]
- The filing breaks out issuance across several tickers (including MSTR common stock and preferred tickers such as STRF, STRK, STRD), and explicitly notes that Bitcoin purchases were made using proceeds from sales under the ATM. [10]
For equity investors, this is the heart of the debate:
- Bull case: more BTC per share over time, turning MSTR into a powerful, liquid vehicle for Bitcoin exposure. [11]
- Bear case: dilution and/or expensive capital can overwhelm the benefit—especially during Bitcoin drawdowns when investor appetite for new issuance fades. [12]
Liquidity and credit: S&P Global affirms “B-” rating with stable outlook
On the credit side, an Investing.com report citing S&P Global Ratings said S&P affirmed Strategy’s ‘B-’ issuer credit rating with a stable outlook, framing the company’s U.S. dollar reserve as a “credit positive” that can mitigate liquidity risk during periods of limited market access. [13]
The same report highlights why credit investors (and increasingly equity investors) are focused on liquidity engineering:
- The reserve is described as prefunding preferred dividends/coupon payments for 12–24 months before Strategy would need to defer payments or sell Bitcoin. [14]
- It notes Strategy has over $8 billion in notional convertible debt, with the nearest maturity just over $1 billion in Sept. 2028 and a put feature beginning Sept. 2027. [15]
- It also emphasizes Strategy’s dependence on Bitcoin appreciation for earnings power, citing negative operating cash flow for the first nine months of 2025 and that most earnings before taxes were tied to Bitcoin’s appreciation. [16]
The big takeaway for MSTR holders: the market is no longer pricing Strategy as “only a Bitcoin proxy.” It’s increasingly pricing it as a Bitcoin proxy plus a capital-markets-dependent issuer with multiple layers of obligations. [17]
Strategy’s own liquidity move: the $1.44B USD Reserve and revised FY2025 guidance
Strategy formally addressed liquidity concerns earlier this month with a dedicated announcement.
USD Reserve: $1.44B intended to cover dividends and interest
On Dec. 1, 2025, Strategy announced it established a $1.44 billion USD Reserve to support payment of dividends on preferred stock and interest on outstanding debt, funded using proceeds from sales of Class A common stock under its ATM program. [18]
The company said its intention is to maintain enough to fund at least 12 months of these payments, and to strengthen the reserve over time with a goal of 24 months or more. [19]
Notably, Strategy executives also said the reserve currently covers 21 months of dividends/interest, positioning it as a buffer against short-term volatility. [20]
FY2025 guidance now explicitly depends on year-end Bitcoin price ranges
In the same Dec. 1 release, Strategy updated its assumptions for Bitcoin’s year-end price to $85,000–$110,000, and provided corresponding ranges for FY2025 results:
- Operating income (loss): ~$(7.0)B to $9.5B
- Net income (loss): ~$(5.5)B to $6.3B
- Diluted EPS: ~$(17.0) to $19.0 per share [21]
This framing matters for readers of Google News/Discover because it’s a plain-English reminder that Strategy’s reported earnings can swing dramatically with Bitcoin due to fair-value accounting of crypto assets. [22]
Capital markets access: the “Stream” preferred (STRE) and the cost of carry
One reason Strategy’s liquidity story is unusually complex is its expanding “stack” of securities.
In November, Strategy announced pricing for a euro-denominated preferred offering called 10.00% Series A Perpetual Stream Preferred Stock (STRE):
- 7,750,000 shares priced at €80.00 per share (IPO priced Nov. 6; settlement scheduled Nov. 13) [23]
- Gross proceeds of approximately €620.0 million (about $715.1 million) and estimated net proceeds of €608.8 million (about $702.2 million) [24]
- Dividends accrue at 10.00% per annum on a stated amount of €100 per share, payable quarterly beginning Dec. 31, 2025 (when, as, and if declared). [25]
In plain terms: Strategy has been able to raise large sums even into a volatile tape—but those dollars and euros come with real ongoing obligations, which is why the USD Reserve (and S&P’s focus on it) is central to today’s narrative. [26]
Index and flow watch: Nasdaq 100 remains a tailwind—for now
Another “current” storyline as of Dec. 17 is passive fund exposure.
Reuters reported Strategy remains in the Nasdaq 100 following the annual reshuffle cycle, continuing its stint in the benchmark. Reuters also noted that Nasdaq’s broader index changes are expected to take effect Dec. 22. [27]
The same Reuters coverage pointed out that MSCI is due to decide in January whether to exclude Strategy and similar companies from its benchmarks—a decision that could matter because these indices drive real passive flows. [28]
Earlier Reuters reporting also captured the controversy: some analysts argue Strategy’s model resembles an investment fund more than an operating tech company, raising questions about index eligibility. [29]
Why this matters for MSTR’s stock price: Strategy’s model is partially reflexive—index inclusion can support demand, which can support capital-raising, which can support BTC accumulation. If index eligibility becomes a moving target, investors may apply a higher risk discount. [30]
Analyst forecasts: big upside targets, but huge disagreement
Forecasting Strategy is difficult because it blends (1) software business fundamentals, (2) Bitcoin price direction, and (3) financing conditions.
Consensus sentiment: “Moderate Buy” with aggressive targets
MarketBeat reported that 18 ratings firms covering Strategy give it an average recommendation of “Moderate Buy”, with an average 12-month price target of $475.80 (based on broker reports issued in the last year). [31]
The same MarketBeat roundup lists multiple firms that have recently reduced price targets while keeping “buy” style ratings—an important nuance for SEO readers: the Street may still see upside, but it has been recalibrating to the new volatility regime. [32]
TradingView/FactSet-style snapshot: target near $498, range $229–$705
TradingView’s compiled analyst forecast data shows a 1‑year price target of $497.71, with a stated range from $229 (low) to $705 (high). [33]
TradingView also shows:
- Next quarter EPS expected around -0.08
- Next quarter revenue expected around $118.78M [34]
How to read the dispersion: the wide target range effectively reflects different assumptions about Bitcoin’s trajectory and whether the market will again pay a large premium to Strategy’s BTC holdings (mNAV expansion) or continue compressing it (mNAV contraction). [35]
The valuation debate: mNAV compression is the story behind the story
One of the most important “analyst-grade” concepts for Strategy is the multiple investors pay relative to the company’s Bitcoin pile.
The Investing.com report citing S&P said Strategy’s enterprise value expressed as a multiple of Bitcoin holdings (“mNAV”) fell below 1.2x, down from above 1.4x a couple of months earlier. It also noted the stock had declined below $190 from over $400 earlier this year. [36]
Meanwhile, Reuters has emphasized that, historically, many investors assumed Strategy’s premium to its Bitcoin holdings would keep growing—but when Bitcoin fell, those premiums collapsed, magnifying equity declines. [37]
This is a useful lens for Dec. 17 readers: even if Bitcoin stabilizes, MSTR’s rebound depends heavily on whether investors decide the “premium” is justified again.
What investors are watching next (late December into January)
Here are the biggest near-term catalysts and risk markers shaping the Dec. 17 outlook:
- Bitcoin’s next major move
Reuters’ Dec. 17 analysis underscores that Bitcoin remains far below its October record, and Strategy has been more volatile than Bitcoin as premiums contract. [38] - Any change in Strategy’s issuance pace
The most recent 8‑K shows large ATM proceeds and continued BTC buying. If issuance accelerates during weakness, dilution concerns tend to rise; if issuance slows, BTC accumulation slows. [39] - Liquidity optics: USD Reserve sizing and durability
Strategy says it intends to keep at least 12 months of dividends/interest covered, with a goal of 24+ months; S&P commentary (via Investing.com) treats the reserve as credit positive for cushioning market-access risk. [40] - Index eligibility headlines
Nasdaq 100 inclusion remains intact, but Reuters reports MSCI will decide in January whether to exclude Strategy and similar companies. That decision could affect passive ownership and the narrative around capital access. [41] - Earnings optics tied to Bitcoin year-end price
Strategy’s FY2025 guidance now explicitly brackets outcomes based on $85K–$110K Bitcoin at year-end, illustrating how quickly reported profitability can swing. [42]
Bottom line on Strategy Inc stock as of Dec. 17, 2025
Strategy (MSTR) remains one of the market’s most liquid and widely followed “Bitcoin treasury” equities—but Dec. 17’s news flow shows the story has matured beyond a simple BTC proxy.
- Reuters highlights a market that is more cautious after the crypto crash, with investors increasingly sensitive to leverage, valuation premiums, and funding risk. [43]
- The SEC filings confirm Strategy is still actively buying Bitcoin and funding it through a multi-security ATM machine, which can be powerful in up markets and painful in down markets. [44]
- The company’s own updates—and S&P’s view as reported by Investing.com—underscore a focus on liquidity engineering (USD Reserve) as obligations from preferreds and convertibles become more central to the investment case. [45]
- Analyst forecasts still imply substantial upside, but the wide range of targets is a reminder that investors are effectively underwriting both Bitcoin’s path and Strategy’s ability to keep financing its model on acceptable terms. [46]
References
1. www.investing.com, 2. www.reuters.com, 3. www.investing.com, 4. www.reuters.com, 5. www.reuters.com, 6. www.reuters.com, 7. www.sec.gov, 8. www.strategy.com, 9. www.sec.gov, 10. www.sec.gov, 11. www.strategy.com, 12. www.reuters.com, 13. www.investing.com, 14. www.investing.com, 15. www.investing.com, 16. www.investing.com, 17. www.investing.com, 18. www.strategy.com, 19. www.strategy.com, 20. www.strategy.com, 21. www.strategy.com, 22. www.strategy.com, 23. www.strategy.com, 24. www.strategy.com, 25. www.strategy.com, 26. www.strategy.com, 27. www.reuters.com, 28. www.reuters.com, 29. www.reuters.com, 30. www.reuters.com, 31. www.marketbeat.com, 32. www.marketbeat.com, 33. www.tradingview.com, 34. www.tradingview.com, 35. www.investing.com, 36. www.investing.com, 37. www.reuters.com, 38. www.reuters.com, 39. www.sec.gov, 40. www.strategy.com, 41. www.reuters.com, 42. www.strategy.com, 43. www.reuters.com, 44. www.sec.gov, 45. www.strategy.com, 46. www.marketbeat.com
