New York, Jan 23, 2026, 12:39 PM EST — Regular session
- Strategy shares climbed 3.7% by midday, tracking bitcoin’s rebound.
- Michael Saylor dropped hints about more bitcoin purchases, drawing attention to the upcoming treasury update from the company.
- Investors remain focused on Strategy’s changing blend of preferred stock and convertible debt.
Strategy Inc shares climbed 3.7% on Friday, recovering some losses as bitcoin strengthened. Traders continued to view the stock as a high-octane proxy for the top cryptocurrency.
This shift is significant since the stock’s behavior has drifted from typical software patterns, resembling more a leveraged bitcoin wrapper lately, with daily volatility tied closely to crypto market moves and shifts in risk appetite.
That sensitivity works both ways. Strategy funds often use capital markets tools that may cause dilution or require fixed payouts, so even a whisper of new buying—or fresh financing—can send the shares moving fast.
Bitcoin climbed 2.2% to roughly $91,002. Crypto stocks showed a split performance: Coinbase dipped 1.3%, but bitcoin miners Marathon Digital and Riot Platforms gained 3.9% and 6.0%, respectively.
Broader markets provided a slight boost. Risk appetite firmed following the Bank of Japan’s decision to maintain rates, with cryptocurrencies also nudging up, according to a Reuters market wrap. 1
Strategy’s messaging kept the company in the crypto spotlight. Executive chairman Michael Saylor tweeted on Thursday: “Thinking about buying more bitcoin.” 2
The company has been drawing attention to changes in its balance sheet. Strategy noted this week that its “Perpetual Preferred Equity is now larger than our Convertible Debt,” signaling a move toward longer-term capital that doesn’t need principal repayment. 3
A recent Form 144 filing revealed that insider Wei-Ming Shao intends to sell 2,000 shares on Jan. 22. It’s important to note these filings indicate planned sales, not confirmed transactions. 4
Strategy, which was formerly MicroStrategy, has officially changed its operating name to “Strategy” as it doubles down on its bitcoin-treasury focus. 5
That said, the trade carries clear risks. A steep bitcoin drop would quickly weigh on Strategy’s equity, and rising capital raises along with preferred payouts could stir market concerns amid surging crypto volatility.
Investors are set to focus on Strategy’s Q4 2025 earnings, due out Feb. 5 after the U.S. market closes. A live webinar will follow at 5 p.m. Eastern. 6
