New York, January 6, 2026, 15:06 EST — Regular session
- Strategy shares fell about 5% in afternoon trade as bitcoin slid.
- A Monday filing showed a $17.44 billion fourth-quarter unrealized loss on digital assets and fresh bitcoin buys.
- Traders are watching bitcoin’s next move and Strategy’s expected February 4 results.
Strategy Inc shares fell about 5% to $156.41 in afternoon trading on Tuesday, after swinging between $154.14 and $167.05. Bitcoin was down about 2.2% at around $92,362.
The moves matter because investors often treat Strategy — formerly MicroStrategy — as a leveraged proxy for bitcoin. When the coin swings, the stock can move harder, and the accounting swings can dominate what the software business earns.
A regulatory filing on Monday showed Strategy booked a $17.44 billion unrealized loss on digital assets in the fourth quarter and a $5.40 billion unrealized loss for 2025 — a paper hit that reflects price changes, not sales. The company said it bought 1,283 bitcoin from January 1 through January 4 for $116.0 million, lifting holdings to 673,783 as of January 4, funded by sales through its at-the-market program, which lets firms sell stock into the open market over time. Strategy also said its U.S. dollar reserve — cash set aside to support preferred-stock dividends and interest on debt — stood at $2.25 billion, and noted the update was prepared by management and not reviewed by its auditor. SEC
The stock fell about 47.5% in 2025 as crypto volatility battered firms that keep tokens on their balance sheets. In December, the company cut its 2025 earnings forecast, citing a weak stretch in bitcoin. Reuters
Bernstein analysts struck a more supportive tone in a note on Tuesday, arguing Strategy’s premium to its net asset value — the value of its bitcoin holdings per share — should recover as liquidation fears fade. They said the cash reserve was “a fortress,” and reiterated an “Overweight” rating and a $450 price target. Decrypt
Other crypto-linked stocks were also lower, with Coinbase Global down about 2.4% and Marathon Digital down about 2.8% in afternoon trade.
Still, the downside case is straightforward: a deeper bitcoin drop would widen the paper losses, and any squeeze in the stock’s premium could make share issuance more dilutive and new bitcoin buys less attractive per share. The company also said it can adjust the size of its cash reserve at its discretion, adding another variable for investors to track.
