NEW YORK, December 29, 2025, 16:47 ET — After-hours
Strategy Inc (MSTR) shares were last down 2.2% at $155.39 in after-hours trading on Monday after the company disclosed another bitcoin purchase funded by selling new shares.
The move matters because Strategy has positioned itself as a “Bitcoin Treasury Company,” tying its equity more tightly to bitcoin’s swings than most U.S. software stocks. Strategy
Investors have also become more sensitive to dilution — when issuing new stock reduces existing shareholders’ ownership percentage — as Strategy continues to tap capital markets to accumulate the cryptocurrency. Bitcoin was down about 0.3% at $87,248 in late trade.
A Form 8-K filing showed Strategy bought 1,229 bitcoin between Dec. 22 and Dec. 28 for $108.8 million, paying about $88,568 per coin including fees. The company said its holdings rose to 672,497 bitcoin, acquired for $50.44 billion at an average cost of $74,997.
The same filing said Strategy sold 663,450 class A common shares during the period, raising $108.8 million in net proceeds, and had about $11.7 billion still available for issuance and sale under its common-stock at-the-market program. An “at-the-market” program lets a company sell stock into the open market over time rather than in a single large offering. SEC
Strategy also reported no sales under its at-the-market programs for four series of preferred shares during the week. Preferred shares are securities that typically pay dividends and rank ahead of common stock in the capital structure.
Executive chairman Michael Saylor hinted at the update ahead of the filing, posting “Back to Orange” on X, a reference to the company’s bitcoin purchase chart. FinanceFeeds
Crypto-linked U.S. stocks also eased, with Coinbase down 1.3%, Marathon Digital off 1.1% and Riot Platforms down 1.8% in late trade.
Strategy’s shares traded between $155.00 and $162.85 during Monday’s session, underscoring the stock’s tendency to swing more than the underlying token. Traders often describe $155 as a near-term “support” level — a price area where buying sometimes emerges after a drop.
Beyond day-to-day bitcoin moves, investors are focused on how quickly Strategy continues to raise capital to keep accumulating. The company says it uses proceeds from equity and debt financings, along with cash flows from operations, to build its bitcoin position.
Index-related headlines are another swing factor heading into early 2026. MSCI has said it will decide by Jan. 15 whether to exclude companies whose digital-asset holdings represent 50% or more of total assets from some benchmarks, a review that has put “digital asset treasury” firms under scrutiny. Reuters
For now, traders are watching two moving parts: bitcoin’s next directional move and the pace of Strategy’s stock issuance to fund purchases. Weekly filings have become a regular checkpoint for investors tracking whether the company is buying, pausing, or stepping up capital raising.
