NEW YORK, March 13, 2026, 17:24 (EDT)
Strategy Inc climbed roughly 1.7% to $139.67 on Friday, after earlier peaking at $147.24, with bitcoin’s jump past $73,000 once again lighting a fire under crypto-related stocks. Traders zeroed in on the company after it revealed a fresh $1.28 billion bitcoin purchase just four days ago.
It’s significant at this stage: Strategy holds 738,731 bitcoin, making MSTR perhaps the most obvious listed vehicle for exposure to the token. When new money flows into bitcoin, MSTR shares can feel it fast—particularly while the market is still working through the latest stock- and preferred-share backed acquisition.
Bitcoin hovered at $71,467, having earlier surged to $73,897. Coinbase shares picked up roughly 1.2%. Marathon Digital outperformed, jumping 6.3%—buying wasn’t just limited to Strategy. “Oil’s rally and the inflation concerns it raises have put Bitcoin’s hedge credentials back in focus,” said Jake Ostrovskis, head of over-the-counter trading at Wintermute, earlier this week. Bloomberg.com
Strategy disclosed in a March 9 filing that it picked up 17,994 bitcoin between March 2 and March 8, paying an average of $70,946 apiece. The company tapped $899.5 million from common-stock offerings, plus $377.1 million from sales of STRC—its variable-dividend preferred shares—to cover the purchase. With this, total bitcoin holdings reached 738,731, accumulated at a cost of $56.04 billion.
The financing angle is drawing scrutiny. Strategy announced on March 11 that Strive—a smaller player also known for holding bitcoin—has allocated $50 million from its corporate treasury into STRC. This adds to the evidence that demand for the preferred-share complex is out there. According to Matt Cole, who chairs Strive and serves as CEO, instruments like STRC may appeal to institutions looking for yield and price stability as a partial substitute for cash reserves.
Wall Street’s starting to circle back, too. On March 10, B. Riley came out with a Buy on the stock and slapped on a $175 price target. Analyst Fedor Shabalin pointed to Strategy and its smaller rival Strive, calling them “well positioned to navigate the current environment.” His take: firms that can tap a wider range of funding might weather things better than those mostly relying on new common-share offerings. Investing.com
Optimism, sure, but the backdrop is ugly. Strategy (previously MicroStrategy) logged a staggering $12.4 billion net loss in the fourth quarter, hurt by a massive $17.4 billion unrealized loss on its digital assets. Yet Chief Financial Officer Andrew Kang maintained the capital structure is “stronger and more resilient today than ever before,” pointing to a $2.25 billion pile of cash built up to cover preferred dividends and interest for roughly two and a half years. Reuters
Still, there’s risk on both sides. Strategy is raising money with stock and preferreds to take on a volatile asset—if bitcoin drops again, or if demand for new shares dries up, it could squeeze both the capital pipeline and the share price. Shares already tumbled from a July high of $457 to just $111.27 at one point during the previous crypto slide, Reuters noted in February.
Despite the Nasdaq slipping and Wall Street logging another week in the red, Strategy managed a gain Friday—showing once again how its moves remain closely tied to bitcoin, not the wider tech sector.
