Strategy Inc (NASDAQ: MSTR) – the company formerly known as MicroStrategy – is back in focus after another giant Bitcoin purchase, a sharp earnings beat and a bruising year that has turned the stock into one of Wall Street’s most hotly debated crypto proxies.
As of the morning of December 10, 2025, Strategy Inc stock is trading around $189 per share, after gaining about 2.9% on Tuesday to close at $188.99 on heavy volume. [1] That rally comes even though the shares are still almost 60% below their 52‑week high of $457.22, and only about 20% above their 52‑week low near $156, underlining just how punishing 2025’s “crypto winter” has been for this name. [2]
At the same time, Strategy has doubled down on its defining bet: the company now controls more than 660,000 Bitcoin, roughly 3% of the total eventual supply, making it the world’s largest corporate holder of the asset. [3]
This article is for information and education only and does not constitute investment advice or a recommendation to buy or sell any security.
Strategy Inc stock price today (December 10, 2025)
- Last close (Dec 9, 2025): $188.99, up $5.30 (+2.9%) on the day
- Approx. current level (early Dec 10): around $189 per share
- 52‑week range: $155.61 – $457.22 [4]
- Market capitalization: about $53–54 billion [5]
- P/E ratio: roughly 8.8 on a trailing basis [6]
- Beta: around 3–3.5, meaning the stock tends to move several times more than the broader market. [7]
Tuesday’s move was driven by a combination of factors: a recently disclosed, nearly $1 billion Bitcoin purchase, follow‑through from a strong earnings report, and a modest rebound in Bitcoin itself after a steep pullback. [8]
Despite that short‑term bounce, 2025 has been rough. A 24/7 Wall St. analysis estimates that a $1,000 investment in MSTR at the start of 2025 would now be worth about $637, a drop of 37%, while the S&P 500 is up roughly 16% over the same period. [9]
Latest headline: Strategy just bought another 10,624 Bitcoin
The biggest fresh catalyst for Strategy stock this week is a new, large Bitcoin purchase disclosed in an SEC filing and highlighted across crypto and equity news outlets.
According to Benzinga and TradingView summaries, Strategy bought 10,624 Bitcoin between December 1 and 7 for about $962.7 million, funded by selling additional common stock. [10]
Key details from the filing and coverage:
- New purchase: 10,624 BTC
- Dollar amount: ~$962.7 million
- Funding: proceeds from stock sales (i.e., further equity dilution)
- Total holdings after the buy: around 660,000+ BTC
- Implied share of total Bitcoin supply: roughly 3.1% of the 21 million Bitcoin that will ever exist. [11]
Benzinga estimates that at current Bitcoin prices near $90,000 per coin, Strategy’s stack is worth around $49 billion. [12]
The move marks a return to “big ticket” accumulation after a quieter period, something Coindesk notes is reminiscent of the company’s earlier, more aggressive buying sprees. [13] The renewed appetite helped lift MSTR by roughly 3% on Tuesday and has been a major talking point in Wednesday’s pre‑market coverage. [14]
What exactly is Strategy Inc now?
Strategy began life as MicroStrategy, an enterprise analytics and business‑intelligence software company, and officially rebranded as Strategy Inc in 2025. [15]
Today, according to the company’s own investor‑relations material and third‑party profiles, Strategy:
- Describes itself as the “world’s first and largest Bitcoin Treasury Company”
- Has Bitcoin as its primary treasury reserve asset
- Uses proceeds from equity offerings, preferred stock, convertible debt and operating cash flow to accumulate more BTC
- Still runs a software and analytics business, but that segment is now small relative to the balance sheet impact of Bitcoin. [16]
In effect, MSTR has become a leveraged, actively managed Bitcoin holding vehicle that happens to own a software business on the side. This is why both the company and many commentators routinely compare it to a leveraged Bitcoin spot ETF, even though it is legally a traditional operating company. [17]
2025 so far: crypto winter, new lows and a shrinking premium
Several recent articles paint a consistent picture: 2025 has tested the Strategy model hard.
- Bitcoin has suffered a “crypto winter” of its own, sliding from six‑figure highs and trading in the high‑$80,000 to low‑$90,000 range recently. TechStock²+2The Cryptonomist+2
- Strategy’s stock has fallen far faster than Bitcoin, compressing what used to be a large premium of MSTR’s market value over the mark‑to‑market value of its BTC. TechStock²+2Financial Times+2
- An Investing.com piece noted that the stock hit a new 52‑week low near $165.92 on December 1, while some data providers now list the 12‑month low closer to $155.61, underscoring how deep the decline has been. [18]
MarketWatch reported last month that Strategy’s stock had already dropped almost 48% from its November 2024 record high even before the latest leg down, as investors became more skeptical of Michael Saylor’s aggressively leveraged accumulation strategy. [19]
The Financial Times went further this week, warning that the premium between Strategy’s market value and its Bitcoin holdings has sunk to a five‑year low, eroding the company’s ability to issue new shares at elevated valuations and raising questions about how long it can rely on the “never sell Bitcoin” mantra. [20]
Earnings snapshot: huge EPS beat, crypto‑driven accounting
Beyond the Bitcoin headlines, Strategy has also reported striking headline earnings numbers.
In its most recent quarter, MarketBeat notes that Strategy delivered: [21]
- Earnings per share (EPS): $8.42 vs. a consensus estimate of –$0.10
- Revenue: about $128.7 million (roughly 11% year‑on‑year growth)
- Full‑year 2025 EPS guidance: around $80 per share
The company’s GAAP net margin clocks in at an eye‑popping four‑figure percentage, but that figure is heavily distorted by mark‑to‑market gains and losses on Bitcoin holdings, rather than reflecting a high‑margin software business. [22]
On the balance‑sheet side, 24/7 Wall St. and other analyses highlight that Strategy is now carrying around $8.2 billion of convertible debt alongside a large and growing equity base, much of which has been issued in 2025 to fund Bitcoin purchases and shore up U.S. dollar reserves. [23]
The new $1.44 billion USD reserve and “digital credit” push
A notable shift in Strategy’s approach this year is the creation of a sizeable cash buffer alongside its BTC hoard.
- Strategy has established a $1.44 billion U.S. dollar reserve, raised largely via new stock sales.
- Management says this reserve is earmarked to cover preferred dividends and interest on outstanding debt, providing roughly 21 months of runway for obligations even if Bitcoin remains under pressure. [24]
Michael Saylor has framed this as a next step in turning Strategy into a “digital credit” issuer – a company whose balance sheet can support Bitcoin‑secured yield and structured products rather than only software licenses. [25]
This move reassures some analysts, who see lower short‑term default risk, but it also confirms that the business can no longer rely on “never selling” BTC alone; it needs conventional liquidity too. [26]
Analyst ratings and 12‑month price targets for MSTR
Despite the violent drawdown, Wall Street remains surprisingly bullish on Strategy Inc stock, at least on paper. Different data providers show slightly different numbers, but they cluster in a similar range:
- StockAnalysis.com:
- Average rating: “Strong Buy”
- 12‑month price target: ~$497.29 – about 160% upside from the latest price [27]
- MarketBeat:
- Consensus rating: “Moderate Buy”
- Average target: ~$475.80
- High target: $705
- Low target: $54 (a very bearish outlier) [28]
- TipRanks / TradingView / Investing.com:
- Average targets in the high‑$400s to low‑$500s
- High estimate: $705
- Low estimate: usually $200–$229 [29]
- Other aggregators (Public.com, StocksGuide):
- Similar average targets around $490–$500
- Rating: Buy/Strong Buy from roughly 14–22 analysts, with very few outright “Sell” calls. [30]
A fresh Yahoo Finance piece on December 10 notes that even after a roughly 60% collapse from the highs, the most conservative bullish target on the Street sits around $425, while Benchmark’s Mark Palmer still sees potential up to $705, implying the stock could nearly quadruple if those assumptions prove right. [31]
However, that optimism is far from unanimous. Several high‑profile target cuts landed this month:
- Cantor Fitzgerald slashed its Strategy target from $560 to $229 (a ~60% reduction) but kept an Overweight/Buy rating, arguing that the business still offers “positive convexity” to Bitcoin thanks to its leveraged structure. TechStock²+2TechStock²+2
- Bernstein’s Gautam Chhugani trimmed his target from $600 to $450 while maintaining an Outperform rating, citing the new USD reserve and evolving risk profile. [32]
In short, most analysts still rate MSTR a buy, but their price targets are migrating lower and diverging more widely, reflecting growing uncertainty about Bitcoin, dilution, and index‑inclusion risks. [33]
Technical and algorithmic forecasts: cautious to outright bearish
While fundamental analysts lean bullish, several technical and algorithmic models are far less enthusiastic:
- StockInvest.us describes MSTR as trading in a “very wide and falling trend,” projecting that the stock could decline around 47% over the next three months, with a possible trading range between roughly $72 and $116 in a bearish scenario. [34]
- The same model notes extreme daily volatility (around 6–10% average daily moves) and labels the stock “high risk.” [35]
- Intellectia.ai’s moving‑average analysis shows three negative and one positive signal as of December 10, categorizing the overall trend as bearish. [36]
- CoinCodex’s statistical forecast is more benign: it projects MSTR trading somewhere between the high‑$180s and around $280 over the next year, and a wide range between roughly $297 and $803 by 2030, underscoring the huge uncertainty embedded in any long‑term crypto‑linked model. [37]
These tools should be treated as models, not predictions, but they highlight a key point for traders: even many quant systems see more downside risk than upside in the near term, despite the bullish sell‑side targets. [38]
Today’s big themes in Strategy Inc coverage
Putting together the most recent analyses and news from December 9–10, several themes stand out.
1. Return to large Bitcoin buys – and what that signals
Coverage from Benzinga, TradingView, TS2.Tech and Coindesk emphasizes that Strategy’s 10,624‑BTC purchase is its largest in some time and signals that management is still committed to aggressive accumulation, even after a brutal year. [39]
Bulls argue that:
- If Bitcoin resumes its uptrend, each new coin bought near $90,000 could look cheap in hindsight.
- Strategy’s effective leverage (via equity and convertible debt) could amplify gains in a renewed bull market. TechStock²+2TechStock²+2
Skeptics counter that:
- Every new share sale dilutes existing investors, and 2025 has already seen double‑digit percentage dilution according to several breakdowns. [40]
- Buying more Bitcoin when the stock trades near its BTC net‑asset value per share leaves little buffer if sentiment sours further. [41]
2. Premium compression and index‑removal risk
A major focus of recent FT and TS2.Tech coverage is the shrinking premium of MSTR’s market cap over its underlying Bitcoin holdings (sometimes called “mNAV”).
- That premium has fallen from roughly 2x to around 1.1–1.2x, according to TS2’s synthesis of Street models. TechStock²+1
- JPMorgan and others warn that if MSCI decides to treat Strategy and similar firms as investment funds rather than operating companies, MSTR could be kicked out of key indices, triggering forced selling estimated between $2.8 billion and as high as $8.8 billion in worst‑case scenarios. TechStock²+1
This “index risk” is one reason some analysts have slashed price targets even while keeping bullish ratings: they see structural flow risk on top of Bitcoin’s usual volatility. TechStock²+1
3. Dilution, debt and the path to sustainability
Multiple recent pieces – from TheStreet to 24/7 Wall St., TS2.Tech and others – focus on two financial pressure points:
- Dilution: Strategy has issued millions of new shares in 2025 through at‑the‑market offerings and other equity raises. 24/7 Wall St. estimates cumulative dilution above 20% this year, and warns that this undermines per‑share value even if the balance sheet looks stronger. [42]
- Debt: The company carries roughly $8.2 billion in convertible debt; S&P recently assigned it a B‑ credit rating, explicitly noting its heavy Bitcoin concentration and reliance on capital markets. [43]
The new $1.44 billion USD reserve is designed to offset these concerns, but it also highlights how far Strategy has moved from the early “pure Bitcoin HODL” narrative into a more complex, leveraged capital‑markets story. [44]
4. Diverging narratives: “4D chess” vs. over‑leveraged speculation
Coverage is increasingly polarized:
- Bullish commentators point to Strategy’s position as the largest corporate Bitcoin holder, the still‑bullish analyst consensus, and the possibility that Bitcoin’s current downturn is a pause in a longer‑term uptrend. [45]
- Bearish or skeptical analysts – including a high‑profile Seeking Alpha piece titled “Strategy: Don’t Buy The Dip” – argue that MSTR still trades at a premium to its BTC net‑asset value per share and could fall further if that premium compresses or flips to a discount. [46]
24/7 Wall St. encapsulates this debate with the framing that shareholders must decide whether Michael Saylor is playing “4D chess or just high‑stakes speculation”, noting that the stock’s 37% YTD loss contrasts sharply with the S&P 500’s 16% gain. [47]
Key numbers for Strategy Inc (MSTR) on December 10, 2025
To summarize the most important data points investors are watching today:
- Ticker: MSTR (NASDAQ) [48]
- Share price: around $189, after a 2.9% gain on Tuesday’s close at $188.99 [49]
- 52‑week range:$155.61 – $457.22 [50]
- Market cap: roughly $53–54 billion [51]
- Bitcoin holdings: about 660,000+ BTC, worth roughly $49–60 billion at recent BTC prices in the low‑$90,000s [52]
- Convertible debt: around $8.2 billion [53]
- USD reserve:$1.44 billion, set aside for dividends and interest [54]
- Analyst consensus: Buy/Strong Buy
- Average 12‑month target generally in the $475–$500 range
- High estimate $705, low estimates ranging from $54 to ~$229 [55]
Is Strategy Inc stock a buy, sell or hold right now?
From today’s perspective – December 10, 2025 – Strategy Inc stock sits at the crossroads of three overlapping stories:
- Bitcoin macro: If Bitcoin resumes a strong uptrend, Strategy’s massive holdings and embedded leverage could turn today’s prices into a deep discount. If Bitcoin breaks lower or flat‑lines for years, MSTR could struggle to service obligations without more dilution or even selling BTC. The Economist+3TechStock²+324/7 Wall St.+3
- Capital‑markets access: The whole model depends on Strategy’s ability to issue equity and debt at attractive terms. A loss of index inclusion, rising interest rates, or investor fatigue with new share sales could sharply limit that flexibility. TechStock²+2Financial Times+2
- Premium vs. NAV: The stock’s premium to its Bitcoin net‑asset value is both the upside engine and the central risk. If investors are willing to pay a large premium for a leveraged, actively managed Bitcoin proxy, analyst targets in the high‑$400s may be achievable. If the premium collapses to zero or becomes a discount, even a stable Bitcoin price could mean further downside for the equity. [56]
For investors and traders, the practical takeaway is this:
- MSTR is effectively a high‑octane, equity‑based way to express a view on Bitcoin, not a diversified technology stock.
- Volatility is extreme, with double‑digit intraday swings increasingly common. [57]
- Professional analysts mostly model substantial upside, but their assumptions lean heavily on Bitcoin prices climbing again and Strategy maintaining its premium and capital‑markets access. [58]
- Several independent and technical analyses flag meaningful downside risks, especially over the next few months, and highlight dilution as a structural drag on existing shareholders. [59]
References
1. finviz.com, 2. www.macrotrends.net, 3. www.benzinga.com, 4. www.macrotrends.net, 5. www.macrotrends.net, 6. hellostake.com, 7. www.marketbeat.com, 8. www.benzinga.com, 9. 247wallst.com, 10. www.benzinga.com, 11. www.benzinga.com, 12. www.benzinga.com, 13. www.coindesk.com, 14. www.tradingview.com, 15. en.wikipedia.org, 16. www.strategy.com, 17. en.wikipedia.org, 18. www.investing.com, 19. www.marketwatch.com, 20. www.ft.com, 21. www.marketbeat.com, 22. www.marketbeat.com, 23. 247wallst.com, 24. www.benzinga.com, 25. www.benzinga.com, 26. 247wallst.com, 27. stockanalysis.com, 28. www.marketbeat.com, 29. www.tipranks.com, 30. public.com, 31. finance.yahoo.com, 32. www.benzinga.com, 33. stockanalysis.com, 34. stockinvest.us, 35. stockinvest.us, 36. intellectia.ai, 37. coincodex.com, 38. intellectia.ai, 39. www.benzinga.com, 40. 247wallst.com, 41. seekingalpha.com, 42. 247wallst.com, 43. 247wallst.com, 44. www.benzinga.com, 45. 247wallst.com, 46. seekingalpha.com, 47. 247wallst.com, 48. www.tradingview.com, 49. finviz.com, 50. www.macrotrends.net, 51. www.macrotrends.net, 52. www.benzinga.com, 53. 247wallst.com, 54. www.benzinga.com, 55. www.marketbeat.com, 56. seekingalpha.com, 57. stockinvest.us, 58. stockanalysis.com, 59. 247wallst.com
