TYSONS, Virginia, August 27, 2026, 12:15 (ET)
- Strategy shares climbed 12.0% to $137.95 as of 11:53 ET.
- Bitcoin rose 2.9% to $80,367, with MSTR delivering approximately quadruple the daily return of the token.
- At that price, Strategy’s 840,447 bitcoin had a value of roughly $67.5 billion.
Strategy stock surged 12% on Thursday after bitcoin topped $80,000. The equity posted a gain nearly four times higher than the cryptocurrency’s daily return.
The gap points to renewed leverage in the bitcoin-treasury trade. Strategy’s bitcoin holdings saw a marked value rise of approximately $1.9 billion in the session, while its common-stock market capitalization went up by around $5.2 billion.
Strategy (NASDAQ:MSTR) was at $137.95 as of 11:53 ET. Shares moved between $124.61 and $138.61, with 22.7 million changing hands.
Bitcoin was last at $80,367, rising 2.9%. The current crypto rally has been driven by declining yields, a weaker dollar, and renewed demand for exchange-traded funds market report.
| Measure | Current reading | Investor signal |
|---|---|---|
| MSTR session return | +12.0% | Roughly 4.1 times the increase in bitcoin |
| Bitcoin session return | +2.9% | Change in the underlying asset |
| MSTR market-value change | About +$5.2 billion | Equity valuation adjustment |
| Bitcoin-reserve value change | About +$1.9 billion | 840,447 BTC multiplied by $2,262 |
| Gross bitcoin-reserve value | About $67.5 billion | Excludes debt and preferred shares |
A $1,000 shift in bitcoin price alters the value of the gross reserve by roughly $840 million. This degree of sensitivity applies in both directions. Debt, preferred equity, and other obligations also have priority over common stockholders.
As of August 23, Strategy’s bitcoin holdings totaled 840,447. The total purchase value stood at $63.36 billion, averaging $75,385 per bitcoin. Based on Thursday’s price, the unrealized gross profit was approximately $4.2 billion.
The company did not buy or sell any bitcoin in the past week. Alternatively, it sold 18.26 million MSTR shares, generating $2.01 billion in net proceeds August 24 Form 8-K.
That amounts to approximately $109.88 for each share issued. The present price is around 26% above that level. Although issuing shares led to dilution, the increased share price boosts potential for future fundraising.
Strategy allocated $300 million in proceeds to its USD Reserve. It spent $136.4 million buying back STRC preferred shares. The balance created a new flexible cash pool.
The USD Reserve stood at $5.10 billion as of August 23. USD Cash increased by $1.59 billion. The second pool gives management the option to buy bitcoin, conduct security repurchases, or cover financing obligations Reuters.
Strategy posted a net loss of $8.22 billion for the second quarter, weighed by an unrealized bitcoin loss of $8.32 billion. Revenue increased by 6.9% to $122.4 million company results.
Analyst price targets vary considerably. Canaccord maintains a Buy rating on MSTR, setting its target at $175. Bernstein lowered its price target from $450 to $350, reiterating an Outperform rating and pointing to dilution along with a changed bitcoin forecast analyst update.
Risks: A downturn in bitcoin could reduce reserve value and lower MSTR’s equity multiple. Further issuance of common stock may dilute existing shareholders. Preferred dividend obligations, debt repayment requirements, and regulatory factors apply further pressure.
Thursday’s surge brings back financing options. The challenge ahead is for Strategy to convert an increased share price into additional bitcoin per common share, rather than just accumulating more bitcoin overall.
Related articles: NASDAQ:MSTR
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