New York, January 21, 2026, 11:08 AM ET — Regular session
- Strategy shares climb in late-morning trading, despite bitcoin falling below $90,000 again
- A recent SEC filing revealed a $2.13 billion bitcoin buy, financed through stock sales
- Investors are eyeing the Feb. 5 results and any fresh buy updates as the next trigger
Strategy Inc (MSTR.O) shares climbed roughly 1.8%, hitting $163.18 by late morning Wednesday. Bitcoin slipped about 1% to $89,762 during the same period.
The bitcoin-focused company revealed it bought 22,305 bitcoin between Jan. 12 and Jan. 19 for $2.13 billion, pushing total holdings to 709,715. The purchase was funded via an at-the-market program, which allows selling stock at current market prices. This included roughly 10.4 million common shares. According to the filing, about $8.43 billion of common stock remains available for sale under that program. SEC
It’s relevant now as the trade gets jittery once more. Volatility measures surged Tuesday following fresh tariff threats that shook stocks, Treasuries, and the dollar. That kind of environment usually weighs more on high-beta crypto proxies than on the main tokens. Reuters
Strategy shares dropped 7.8% Tuesday, ending the day at $160.23. Yahoo Finance
“Strategy remains to keep buying bitcoin, since halting now would send just as strong a message to the market as adding more,” said Nic Puckrin, analyst and co-founder of Coin Bureau. He warned a pause might suggest the balance sheet isn’t equipped to handle further losses. Reuters
Strategy, once a software outfit, has pivoted to become a bitcoin treasury play under chairman Michael Saylor. Traders frequently use the stock as a leveraged proxy to bet on bitcoin without owning the cryptocurrency itself.
The math works both ways: issuing stock can fund more acquisitions but risks diluting current shareholders, particularly when the stock is weak. Investors are also keeping an eye on whether recent buys near market highs quickly become paper losses as bitcoin falls.
Crypto-related stocks edged higher on Wednesday. Coinbase climbed roughly 1.2%, Riot Platforms, a bitcoin miner, advanced around 1.4%, and Marathon Digital jumped about 6.7%.
Strategy revealed a $17.44 billion unrealized loss on its digital assets for Q4, highlighting how volatile bitcoin can quickly weigh on reported results and sentiment. This paper loss was disclosed earlier this month. Reuters
Strategy plans to release its fourth-quarter results on Feb. 5, right after U.S. markets close, followed by a webinar at 5 p.m. ET. Strategy
For now, traders are focused on whether bitcoin stays under the $90,000 mark and if Strategy’s upcoming updates reveal increased buying alongside more stock being sold to fund those purchases.
