NEW YORK, Jan 28, 2026, 12:19 EST — Regular session
Strategy Inc shares fell Wednesday, despite bitcoin edging higher. Traders mulled the company’s recent crypto purchases alongside the stock sales used to bankroll them. By midday, Strategy was down 0.6% at $160.57, while bitcoin climbed roughly 2.1% to around $89,492. Other crypto-related stocks showed a mixed picture: Coinbase slipped about 1%, Marathon Digital dropped 0.9%, and Riot Platforms gained 0.8%.
This matters since Strategy has placed bitcoin at the heart of its treasury, frequently raising equity and debt to expand its holdings. As a result, the stock acts as a high-beta stand-in for bitcoin itself. That setup leaves shares vulnerable not only to bitcoin’s price swings but also to the expense of future fundraising rounds. (Strategy)
Cantor Fitzgerald kicked off coverage on Tuesday with an Overweight rating, signaling they expect the stock to outperform, and set a $213 price target. Analyst Ramsey El-Assal highlighted ongoing institutional adoption of bitcoin as a key driver for Strategy’s long-term outlook, despite the software segment taking a backseat in the investment thesis. (TipRanks)
A filing on Monday revealed Strategy sold roughly 1.57 million shares of common stock, generating $257 million in net proceeds during the week ending Jan. 25. It used that cash to acquire 2,932 bitcoin at a total cost of $264.1 million, averaging $90,061 per coin. The company said these sales occurred via an at-the-market program, allowing shares to be gradually sold into the open market. By the end of the period, it held 712,647 bitcoin. (SEC)
This setup holds up when shares trade with a steep premium over the underlying bitcoin, as issuing stock boosts bitcoin per share. But once that premium shrinks, the calculations get tricky and dilution becomes more obvious.
Investors are working to define what “normal” trading means for Strategy, given the company’s bitcoin purchases have settled into a regular pattern. Each new disclosure tends to act as a signal for crypto markets and a cue on the company’s financing strategy.
But the trade isn’t one-sided. A steep bitcoin plunge can slam Strategy shares from two angles — initially dragging down sentiment, then squeezing cheap capital access — potentially forcing the company to either slow its purchases or shell out more for funding.
Strategy plans to release its fourth-quarter results after U.S. markets close on Feb. 5, followed by a webcast at 5 p.m. Eastern. Investors will be watching closely for shifts in funding strategy and any new details on its bitcoin holdings. (Strategy)
