New York, Jan 16, 2026, 11:15 EST — Regular session
- Strategy shares hovered around $171, while bitcoin dipped roughly 1.6%.
- Mizuho lowered its Strategy price target to $403, while TD Cowen reduced theirs to $440. Both firms maintained positive ratings.
- Strategy scheduled for Feb. 5, following the U.S. market close, to release fourth-quarter results.
Shares of Strategy Inc ticked up 0.04% to $170.98 in late morning trading Friday, despite bitcoin slipping 1.6% to $94,878. Mizuho cut its price target on Strategy to $403 from $484 but maintained an Outperform rating.
This matters because Strategy behaves less like a typical software stock and more like a leveraged play on the crypto cycle. When bitcoin falls, the stock tends to take a quick hit; when bitcoin bounces back, that same leverage swings in the opposite direction.
Investors remain focused on how the company plans to finance new bitcoin purchases. The immediate concern: can Strategy increase its holdings without diluting per-share exposure for current shareholders?
TD Cowen’s Lance Vitanza sliced his price target to $440 from $500 but stuck with a Buy rating. He called the strategy “attractive for those looking to create bitcoin exposure,” yet pointed out the “scant BTC Yield” from purchases mainly financed by new equity. TipRanks
A filing revealed Strategy offloaded 6,827,695 shares of its class A stock along with 1,192,262 shares of its variable-rate “Stretch” preferred stock between Jan. 5 and 11, pulling in roughly $1.25 billion in net proceeds. The company said it put that money toward purchasing 13,627 bitcoin for about $1.247 billion, at an average price of $91,519 each, pushing its total bitcoin stash to 687,410. SEC
“BTC Yield” is how the Strategy tracks the change in bitcoin holdings per share. Simply put, it can drop if the company issues stock near the value of its bitcoin stash, diluting the bitcoin allocated to each share.
Crypto-related stocks showed a mixed bag. Coinbase Global slipped 0.34%, but miners Marathon Digital and Riot Platforms climbed 4.9% and 10.6%, respectively.
Strategy holders face risk as the stock’s leverage works against them if bitcoin drops more or if capital markets sour on repeated equity sales. TD Cowen puts the stock’s beta at 3.43, highlighting its volatility compared to the broader market.
Strategy announced Thursday it plans to release its fourth-quarter 2025 results after U.S. markets close on Feb. 5, followed by a live video webinar at 5 p.m. Eastern. Investors will be watching closely for updates on purchase activity, funding strategies, and any changes in the company’s approach to balancing common stock sales against preferred issuance.
At the moment, the stock is tracking bitcoin’s direction closely, along with how swiftly analysts think Strategy can boost per-share exposure without relying too much on dilution. The next key event is the Feb. 5 report and earnings call.
Related articles: NASDAQ:MSTR
