New York, January 27, 2026, 18:39 (EST) — After-hours
- Shares in Strategy climbed in late trading following a filing that revealed a fresh bitcoin purchase financed by selling stock.
- The update highlighted just how tightly equity trades track bitcoin movements — and the risk of dilution.
- Next key date for investors: Strategy’s quarterly results come out in early February.
Shares of Strategy Inc edged up 0.6% to $161.58 in after-hours trading Tuesday, following a day where the stock fluctuated between $157.01 and $162.65 during regular hours.
A regulatory filing revealed that Strategy acquired 2,932 bitcoins from Jan. 20 to Jan. 25, paying an average of $90,061 per coin. This raised their total bitcoin holdings to 712,647. The purchase was funded through an at-the-market (ATM) program, which allows a company to sell shares gradually on the open market. Strategy sold about 1.57 million shares, generating $257 million in net proceeds, and still has roughly $8.17 billion left available under the common-stock program. (SEC)
The reason this matters now is straightforward: Strategy’s stock stands out as one of the market’s most liquid, straightforward methods to gain bitcoin exposure via U.S. equities. While the buying momentum can boost the bitcoin story, the way it’s funded might weigh on the shares as the number climbs.
Tuesday saw a mixed bag among crypto-linked stocks as bitcoin held steady. Bitcoin was last up roughly 0.9% around $89,292. Coinbase slipped 1.2%, while miners Marathon Digital and Riot Platforms climbed 5.4% and 8.1%, respectively.
Cantor Fitzgerald kicked off coverage on Strategy with an Overweight rating and set a $213 price target. They dubbed Strategy “the world’s first BTC operating company” and highlighted its “widely emulated” capital-markets strategy, which they say keeps obligations “quite manageable” despite bitcoin’s volatility. The target price assumes bitcoin hits roughly $108,000 by 2026 and values the software business separately. (Investing)
Strategy’s model stands out among U.S. listed markets, though the core play is familiar: when bitcoin rises, the equity usually moves up too — often with added momentum. That momentum isn’t one-sided, since the share price also needs to factor in the cost of financing the next purchase.
The downside risk is never far off. A sudden plunge in bitcoin could drag down the value of Strategy’s holdings, and if demand for the stock weakens, more equity issuance might limit any rally. Plus, a tighter capital-markets window would complicate efforts to maintain the current buying pace.
Strategy’s fourth-quarter earnings drop after the U.S. market closes on Feb. 5. Investors will be watching closely for details on the company’s funding plan and any shifts in its bitcoin strategy. (Strategy)
