NEW YORK, December 29, 2025, 01:46 ET — Market closed.
- Strategy last closed up 0.1% at $158.81 on Friday.
- Bitcoin was up about 2.4% early Monday, a key driver for the stock.
- Traders are watching for fresh company disclosure on bitcoin purchases and a thin year-end U.S. data calendar.
Strategy Inc (MSTR) shares last closed up 0.1% at $158.81 on Friday, while bitcoin rose about 2.4% early Monday, keeping the stock in focus heading into the next U.S. session.
Strategy, formerly MicroStrategy, holds a large bitcoin stash and its shares often move more than the cryptocurrency itself, making it a high-beta proxy — a volatile stand-in — for bitcoin exposure. [1]
That matters now because the stock’s near-term direction has been tethered to crypto swings, with investors also tracking whether the company resumes buying bitcoin after a recent pause. [2]
Bitcoin was last at $89,829, up about 2.4% from its prior close, according to market data.
Strategy traded between $154.14 and $161.22 on Friday after opening at $159.81, with about 12.3 million shares changing hands.
The broader market was largely steady into the weekend. The SPDR S&P 500 ETF Trust slipped 0.03% and the Invesco QQQ Trust fell 0.02%.
Other crypto-linked stocks were weaker. Coinbase fell 1.2%, while bitcoin miners Marathon Digital and Riot Platforms slid about 3.6% and 3.5%, respectively.
In its latest weekly update, Strategy said in an SEC filing dated Dec. 22 that it sold 4.535 million class A shares through its at-the-market, or ATM, program — a facility that lets companies sell stock into the market over time — raising net proceeds of $747.8 million. [3]
The company reported no bitcoin purchases during the Dec. 15–21 period and said it held 671,268 bitcoin as of Dec. 21, at an aggregate purchase price of $50.33 billion, or $74,972 per coin on average. [4]
Strategy also said its U.S. dollar reserve stood at $2.19 billion as of Dec. 21. The reserve was created to cover dividends on preferred stock and interest on debt. [5]
“We intend to use this reserve to pay our Dividends and grow it over time,” Phong Le, Strategy’s president and chief executive officer, said when the reserve was announced earlier this month. [6]
Investors have been weighing that liquidity buffer against the cost of funding it. The cash build has relied heavily on issuing shares, which can dilute existing shareholders even as it strengthens the balance sheet. [7]
The company has also warned that its reported earnings can swing sharply with bitcoin’s price because accounting rules require it to mark its crypto holdings to fair value, with gains and losses flowing through net income. [8]
Before next session, traders will be watching bitcoin’s next move and any fresh disclosure on Strategy’s bitcoin purchases and financing activity. Strategy has used Form 8-K filings and its website dashboard to publish updates in recent weeks. [9]
U.S. data releases could also shape risk appetite. Pending home sales are due at 10 a.m. ET on Monday, and the Federal Reserve’s December meeting minutes are scheduled for Tuesday, according to the U.S. economic calendar. [10]
Strategy is estimated to report earnings around Feb. 4, according to Nasdaq’s earnings calendar, one of the next scheduled catalysts investors are watching after the holiday-shortened turn of the year. [11]
References
1. www.sec.gov, 2. www.sec.gov, 3. www.sec.gov, 4. www.sec.gov, 5. www.sec.gov, 6. www.strategy.com, 7. www.sec.gov, 8. www.strategy.com, 9. www.sec.gov, 10. www.marketwatch.com, 11. www.nasdaq.com
