Strategy | Crypto

Crypto analyst Chris Millas has highlighted an unusually persistent slump in Strategy shares, breaking with past drawdown patterns even as the firm continued accumulating bitcoin.

The Bitcoin price slump at the end of the year hasn’t discouraged Michael Saylor’s Strategy from buying over 22,000 BTC in December alone. Bitcoin’s price continued to fall as 2025 neared its end, declining 4% in December. Despite a slump in markets, Strategy capped off the year with massive Bitcoin buys. In December alone, the software company turned Bitcoin investment vehicle picked up over 22,000 Bitcoin (BTC). In the US, prediction markets are inking deals with major media outlets and scoring approvals from major federal agencies. However, in 11 states, gambling and gaming regulators are taking legal action against platforms like Kalshi and Polymarket. Watchdogs state that such markets constitute a form of gambling, a claim the companies themselves dispute. Read more

As Strategy doubles down on its Bitcoin-first treasury approach, analysts warn that debt, dilution and market volatility could test the model’s resilience heading into 2026. In early 2025, Michael Saylor’s technology company MicroStrategy officially rebranded to Strategy and adopted a Bitcoin-themed visual marketing program to reflect its core focus as the world’s largest corporate BTC holder. As of Dec. 30, Strategy has accumulated 672,497 Bitcoin (BTC), valued at nearly $59 billion and acquired at an average price of $74,997 per coin. With Bitcoin trading near $88,000, the company is sitting on an unrealized gain of roughly 17%. However, despite the paper profits, pressure has been building. Strategy must continue servicing dividends and financing costs tied to the preferred shares and debt used to fund its Bitcoin purchases, creating fixed cash obligations regardless of Bitcoin’s price moves. Read more

The purchase lifts the company’s total Bitcoin holdings to 672,497 BTC and ranks among its smaller acquisitions this year compared with earlier multibillion-dollar buys. Strategy announced its latest Bitcoin purchase of 2025, adding 1,229 BTC after a year of accelerated accumulation that saw the company disclose more acquisitions than in the previous two years combined. According to a Form 8-K filed on Monday, the coins were acquired Dec. 22-28 for an aggregate purchase price of $108.8 million, funded through at-the-market stock sales. The purchase brings Strategy’s total Bitcoin holdings to 672,497 BTC (BTC) at an average purchase price of $74,997 per coin, according to the filing. Read more

Strategy, the largest public BTC holder resumes buying, lifting holdings to 672,497 coins.

The company sold about 4.5 million common shares last week, lifting its cash reserves to $2.19 billion while pausing Bitcoin purchases. Strategy added $747.8 million in net proceeds from the sale of common stock last week to its cash reserves and paused its Bitcoin purchases, as the company rebalances its assets amid the crypto downturn. According to a post by Strategy executive chairman Michael Saylor, the company's cash reserves now stand at $2.19 billion, while its crypto stash is at 671,268 Bitcoin (BTC). A filing with regulators shows Strategy sold 4.535 million shares of its Class A common stock (MSTR) during the Dec. 15-21 period, generating $747.8 million in net proceeds through its at-the-market offering program. The company did not sell any preferred stock during the period. Read more

Strategy remains in the Nasdaq 100 as MSCI considers excluding firms whose crypto holdings exceed 50% of total assets. Strategy held on to its place in the Nasdaq 100 during this year’s rebalancing, securing its first successful test in the benchmark since joining the index in December last year. The company, previously known as MicroStrategy, has become the largest corporate holder of Bitcoin (BTC). With its latest purchase of 10,624 Bitcoin for around $962.7 million last week, Strategy’s total holdings stand at 660,624 BTC, worth nearly $60 billion. The latest Nasdaq 100 adjustment saw Biogen, CDW, GlobalFoundries, Lululemon, On Semiconductor and Trade Desk removed from the tech-heavy gauge, while Alnylam Pharmaceuticals, Ferrovial, Insmed, Monolithic Power Systems, Seagate and Western Digital entered the lineup, according to Reuters. Read more

The company argued that digital asset treasuries are operating companies and that MSCI indexes include businesses with a single-asset focus. Strategy, the largest Bitcoin treasury company, submitted feedback to index company MSCI on Wednesday about the proposed policy change that would exclude digital asset treasury companies holding 50% or more in crypto on their balance sheets from stock market index inclusion. Digital asset treasury companies are operating companies that can actively adjust their businesses, according to the letter, which cited Strategy’s Bitcoin-backed credit instruments as an example. The proposed policy change would bias the MSCI against crypto as an asset class, instead of the index company acting as a neutral arbiter, the letter said. Read more

The two largest crypto treasury companies, Bitcoin-focused Strategy (formerly MicroStrategy) and Ethereum-heavy BitMine, executed significant expansions of their digital asset treasuries this week despite their falling premium. On Dec. 8, Strategy revealed that it acquired 10,624 BTC last week for $962.7 million, its largest weekly outlay since July. This purchase effectively ignored the broader signal […] The post The “infinite money glitch” fueling Strategy and BitMine has evaporated, forcing a desperate pivot to survive appeared first on CryptoSlate.

Michael Saylor said that he pitched Bitcoin as “digital capital” to wealth funds and banks, calling it the foundation for a new yield-bearing credit asset class. Michael Saylor’s Strategy has expanded its Bitcoin treasury again, buying nearly $1 billion in BTC even as digital asset treasury inflows cool and its own stock trades sharply lower on the year. Strategy chairman Michael Saylor announced on X that the company bought 10,624 Bitcoin (BTC) for roughly $962.7 million at an average price of $90,615 per coin last week. The move brings Strategy’s total holdings to 660,624 BTC, acquired for approximately $49.35 billion at an average price of $74,696. The move comes during a rough stretch for Strategy’s equity. According to Google Finance, Strategy shares recently traded around $178.99, down 51% over the past 12 months. Read more

Strategy CEO Phong Le said his firm raised 21 months of dividend runway in just eight days to head off investor unease. Strategy CEO Phong Le said part of the reason for establishing a $1.44 billion USD reserve was to alleviate investor concerns over the company’s health amid a Bitcoin slump.  “We’re very much are a part of the crypto ecosystem and Bitcoin ecosystem. Which is why we decided a couple of weeks ago to start raising capital and putting US dollars on our balance sheet to get rid of this FUD,” said Le during CNBC’s Power Lunch on Friday. On Monday, Strategy announced the $1.44 billion US dollar reserve, funded through a stock sale. The reserve is intended to maintain an amount sufficient to cover at least 12 months of dividends, and will eventually expand to cover a runway of 24 months, the firm said. Read more

Cantor Fitzgerald slashed its Strategy price target, but remains bullish on the stock despite fears over potential exclusion by the MSCI Index and forced liquidation concerns, the FT said. US-based financial firm Cantor Fitzgerald slashed its price target on Michael Saylor’s Bitcoin-heavy company, Strategy, but kept a bullish stance on the cryptocurrency’s long-term upside, downplaying fears of forced liquidation, according to the Financial Times. Cantor Fitzgerald reportedly lowered its 12-month price target on Strategy stock by 60%, adjusted to $229 from $560, according to a Thursday analyst note seen by the FT. Despite the downgrade, Cantor’s “buy” rating reportedly remains unchanged, as the bank said that fears surrounding Strategy’s forced liquidations were “not warranted,” despite receiving significant attention. Read more

MSTR could target $200 and extend toward $280 if supportive macro conditions and bullish technical momentum hold. Strategy’s stock MSTR printed one of the rarest bullish reversal signals in technical analysis, the “Abandoned Baby,” on its daily chart, hinting that a brutal downtrend may be running out of steam. Key takeaways MSTR’s rare reversal pattern suggests rising odds of a sharp rebound. Read more

Strategy, formerly known as MicroStrategy, is considering a pivot that would fundamentally alter the risk profile of the world’s largest corporate Bitcoin treasury. For a decade, the company sold Wall Street on a singular thesis: it was a digital vault, offering unencumbered exposure to Bitcoin without the risks of custody or counterparty risk. That stand is changing […] The post Strategy’s yield hunt inadvertently helps the very hedge funds looking to short its Bitcoin premium appeared first on CryptoSlate.

Strategy is urging MSCI to retain MSTR in its indexes, despite raising its Bitcoin holdings to 650,000 BTC as it has lowered its 2025 targets. Michael Saylor’s Strategy is not giving up on efforts to keep its common A stock (MSTR) part of the MSCI indexes after the stock entered the MSCI World Index during the Bitcoin rally in 2024. Amid MSCI Global Standard Indexes holding consultations on whether to delete MSTR and other digital asset treasuries (DATs) from its indexes, Strategy’s Saylor said the company is communicating with the index provider about the issue, Reuters reported on Wednesday. “We’re engaging in that process,” the Strategy founder said, adding that he “was not sure” about the accuracy of JPMorgan’s reported estimations that a potential exclusion from the MSCI could trigger $2.8 billion of outflows. Read more

A clear look at Strategy’s Bitcoin model, the conditions that could trigger sales and how to understand future updates within the proper context. Strategy is the largest corporate Bitcoin holder, with roughly 650,000 BTC on its balance sheet. The company’s model hinges on raising capital and converting it into BTC while keeping its market-cap-to-Bitcoin value (mNAV) above 1. CEO Phong Le has described any Bitcoin sale as a “last resort” option that would be considered only if mNAV drops below 1 and access to new capital meaningfully deteriorates. Read more

Strategy Inc., the corporate Bitcoin vault formerly known as MicroStrategy, has signaled that the mechanics driving its rapid growth have hit a cyclical wall. On Dec. 1, the Tysons Corner-based firm revealed that it was prioritizing a $1.44 billion cash reserve and providing investors with detailed parameters for potential asset sales. This represents a pragmatic […] The post Strategy new ‘last resort’ to sell Bitcoin could trigger on 15% dip – sets $1.4B cash reserve contingency appeared first on CryptoSlate.

Strategy’s 649,870 BTC stash implies a value 78% above MSTR’s price, flagging a rare historical undervaluation zone.

Strategy funded a new reserve from stock sales to cover at least 12 months of dividends as it boosts its Bitcoin stash to 650,000 coins amid market volatility. Michael Saylor’s Strategy, the world’s largest public Bitcoin holder, is creating a $1.44 billion US dollar reserve to support dividend payments on its preferred stock and interest on its outstanding debt. Strategy on Monday announced the establishment of a US dollar reserve funded through proceeds from the sale of Class A common stock under its at-the-market offering program. “Strategy’s current intention is to maintain a USD Reserve in an amount sufficient to fund at least twelve months of its dividends, and Strategy intends to strengthen the USD Reserve over time, with the goal of ultimately covering 24 months or more of its dividends,” the company said. Read more

Strategy CEO Phong Le says Bitcoin would only be sold if the company’s stock falls below net asset value and funding options disappear, calling it a financial decision. Strategy would consider selling Bitcoin only if its stock falls below net asset value and the company loses access to fresh capital, CEO Phong Le said in a recent interview. Le told the What Bitcoin Did show that if Strategy’s multiple to net asset value (mNAV) were to slip under one and financing options dry up, unloading Bitcoin becomes “mathematically” justified to protect what he calls “Bitcoin yield per share.” However, he noted that the move would be a last resort, not a policy shift. “I would not want to be the company that sells Bitcoin,” he said, adding that financial discipline has to override emotion when markets turn hostile. Read more