Strategy Inc, together with its subsidiaries, operates as a bitcoin treasury company in the United States, Europe, the Middle East, Africa, and internationally. It offers investors varying degrees of economic exposure to Bitcoin by offering a range of securities, including equity and fixed income instruments. The company also provides AI-powered enterprise analytics software, including Strategy One, which provides non-technical users with the ability to directly access novel and actionable insights for decision-making. In addition, the company provides Strategy Mosaic, a universal intelligence layer that offers enterprises with consistent definitions and governance across data sources, regardless of where that data resides or which tools access it. The company was formerly known as MicroStrategy Incorporated and changed its name to Strategy Inc in August 2025. The company was incorporated in 1989 and is headquartered in Tysons Corner, Virginia.
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Strategy's cash nearly matches its convertible debt
Strategy (MSTR) reported that its $6.69 billion in dollar liquidity nearly matches its outstanding convertible debt obligations, effectively reducing net leverage to near zero. The Bitcoin Treasury company holds $5.1 billion in its designated USD reserve for dividends and expenses, plus $1.59 billion in flexible cash, against about $6.75 billion in convertible debt. Executive Chairman Michael Saylor appears to be shifting focus toward stockpiling cash to pay off old debt and simplify the company's financial structure, rather than using the funds primarily for Bitcoin purchases. The flexible cash can be used to buy Bitcoin, repay converts, or repurchase MSTR and preferred shares, and the company has built nearly four years of preferred dividend coverage while continuing to repurchase STRC below par. This strategy mirrors competitor Strive, which cleared all its debt and focuses solely on its Seta product for buying Bitcoin.
MSCI Weighs Removing Strategy From Indexes, Threatening Saylor's Funding
MSCI is considering new rules that could remove Michael Saylor's Strategy Inc. from its global equity indexes, reviving a threat to the company's financing model for its vast Bitcoin holdings. The proposal, part of a consultation seeking feedback through September, would exclude companies primarily engaged in accumulating assets rather than operating businesses, and applying it as of May would have removed Strategy, Metaplanet Inc., and Yellow Cake Plc. Strategy's shares have jumped over 35% in the past week as Bitcoin climbed above $80,000, but they remain down roughly 60% over the past year. The potential index removal could shrink the pool of investors required to own the stock, adding pressure to a capital structure already strained by shareholder dilution concerns. MSCI plans to announce the consultation results in October.
Strategy's Weak Point: Risk of Running Out of Working Capital More Than Bitcoin Drop
A recent analysis from Regime Intelligence indicates that Strategy's Bitcoin reserves may be more vulnerable to a prolonged loss of access to capital markets than to a drop in cryptocurrency prices. The company faces the risk of being unable to meet annual obligations of approximately $1.76 billion without selling Bitcoin, according to Cointelegraph. Strategy's hoard of 840,447 BTC backs debt and preferred stock claims worth around $22 billion, meaning its Bitcoin accumulation model depends on continuous refinancing. Stress tests show that Bitcoin would need to fall by about 96% before holdings and reserves become insufficient, but the risk lies in annual dividend and interest payments regardless of Bitcoin's price. Report author Sherif Saad said the main challenge is keeping the engine running, and investors should monitor preferred stock prices and cash reserves, which currently cover about 2.6 times annual expenses. If financial conditions worsen, the strategy could reverse and rely more on selling Bitcoin. The company has sold Bitcoin four times since May, including a recent sale of 1,690 BTC to fund dividends, share buybacks, and dollar reserves. However, CEO Phong Le said the company has accumulated about 25 times more Bitcoin than it has sold and plans to resume purchases later this year.
Crypto Stocks Rally While Bitcoin Trades Near $80K
Crypto-linked equities are outrunning the coins in Tuesday morning trade, with CleanSpark surging 7% to $12.72 and BitMine Immersion Technologies climbing 4% to $25.21. The CoinShares Bitcoin Mining and Digital Power ETF is up 4% to $46.55, while the iShares Bitcoin Trust ETF is up 0.6% to $44.92, as mining and treasury names reprice faster than Bitcoin's nearly flat 0.4% move to $79,377.30. CleanSpark's most recent earnings report showed revenue of $138.01 million, missing the $141.81 million consensus, with a GAAP loss of $0.89 per share driven by a $116.25 million loss on the fair value of Bitcoin. BitMine announced on August 24 that its ether holdings had reached 5.85 million tokens, with total crypto and cash holdings of $14.9 billion, and Chairman Tom Lee said the company could hit its 5% of all ether target before year end, generating roughly $330 million annually in staking yield. Strategy holds 846,000 Bitcoin with an $8.32 billion unrealized digital-asset loss, while Coinbase reached an all-time-high 10.3% crypto trading volume market share in Q2 2026.
Strategy Pauses Bitcoin Buys, Builds $6.69B Cash War Chest
Strategy raised about $2 billion last week but bought no additional Bitcoin, marking a shift for the company known for rapidly converting fresh capital into cryptocurrency. Michael Saylor's Bitcoin treasury firm increased its combined dollar liquidity to $6.69 billion and repurchased $136.4 million of its STRC preferred stock. As of Aug. 23, Strategy held 840,447 BTC, roughly 4% of Bitcoin's maximum supply of 21 million, acquired for $63.36 billion at an average price of $75,385 per BTC. The company raised approximately $2.01 billion by selling 18.26 million MSTR shares through its at-the-market program, allocating $300 million to its existing USD Reserve, using $136.4 million for STRC repurchases, and placing the remaining $1.59 billion into a new USD Cash pool. Strategy's USD Reserve now stands at $5.10 billion, and combined with the new cash pool, the company controls $6.69 billion in dollar liquidity, which Saylor said can be used to acquire Bitcoin, repurchase MSTR or preferred shares, repay convertible notes, cover dividends and interest, or increase the USD Reserve.
Strategy raises about $2 billion through common stock sale, no Bitcoin transactions
Bitcoin treasury company Strategy disclosed in a Form 8-K filed with the SEC on August 24 that during the week from August 17 to August 23, it sold 18,261,118 shares of common stock MSTR through its at-the-market sales program, raising $2.0065 billion after commissions. Of the proceeds, $136.4 million was used to repurchase 1,431,212 shares of preferred stock STRC, $300 million was added to its U.S. dollar reserve, the USD Reserve, and the remainder was allocated to a newly established U.S. dollar cash account, USD Cash. USD Cash is a new component of the digital credit capital framework announced on June 29 and can be used for Bitcoin acquisitions, preferred stock dividends, debt interest payments, repurchases of common and preferred stock, and redemption of convertible notes. As of August 23, the balance of the USD Reserve was $5.1 billion and USD Cash was $1.59 billion, for a combined total of $6.69 billion. There were no Bitcoin purchases or sales during the week, and holdings remained unchanged from the previous week at 84,447 BTC, with a total acquisition cost of $63.36 billion and an average acquisition price of $75,385 per Bitcoin. The company has continued to refrain from new Bitcoin acquisitions since late June, and a pattern is becoming established in which funds raised through equity issuance are directed toward maintaining liquidity and repurchasing preferred stock.
Tom Lee Ranks MicroStrategy Among 17 Top Crypto Stocks
Market analyst Tom Lee has ranked MicroStrategy among 17 top crypto-linked stocks in a new sector review. Lee highlights MicroStrategy's 78% historical correlation to Bitcoin as the company continues to concentrate on digital assets. The ranking comes as several Bitcoin miners reduce direct crypto exposure and shift parts of their business toward AI-related services. The unresolved point is how management will use roughly US$334m of fresh capital after the mid-June pause in Bitcoin purchases, with the next detailed balance sheet update expected in MicroStrategy's quarterly filings.
Strategy Stock Jumps 4.9% on $1.59 Billion Liquidity Pool and Bitcoin Surge
Strategy shares jumped 4.9% after the company disclosed a $1.59 billion liquidity pool and raised $2.01 billion through equity sales. The company created a new USD Cash account within its Digital Credit Capital Framework, funded by selling about 18.26 million Class A common shares. It allocated $1.59 billion to the new account, $300 million to expand its USD Reserve to $5.10 billion, and $136.4 million to repurchase perpetual preferred stock. The move brought total dollar liquidity to about $6.69 billion. The rally was also driven by Bitcoin surging past $78,000, above Strategy's average purchase price of $75,385 per coin for its 840,447 Bitcoin holdings, turning a paper loss into an unrealized profit of over $1.4 billion.
Strategy creates $1.59 billion cash pool to buy bitcoin
Strategy disclosed Monday the creation of a new cash reserve called USD Cash, which currently holds $1.59 billion and can be deployed to buy bitcoin, fund preferred-stock dividends and debt payments, repurchase securities, or cover other corporate expenses. The company's existing reserve, now at $5.1 billion, is restricted to covering preferred-stock dividend obligations and interest on outstanding debt, with board approval required for other uses. Strategy's last bitcoin acquisition dates to the seven-day period ending June 22, and a Monday filing confirmed no purchases or sales occurred in the week through Sunday, with total bitcoin holdings valued at roughly $70 billion. Shares climbed as much as 3% to $122.79 when markets opened Monday, though the stock remains down roughly 66% over the trailing twelve months. The new cash pool follows a difficult stretch for Strategy, which reported a net loss of $8.22 billion for the second quarter of 2026, driven by an $8.32 billion unrealized loss on its digital asset holdings as bitcoin's price declined.
Strategy Stock Climbs 6% After $2.01 Billion Stock Offering
Strategy shares climbed 6% on Monday after the company generated about $2.01 billion from a recent Class A common-stock offering. The company sold 18,261,118 shares between Aug. 17 and Aug. 23, with $300 million of the proceeds assigned to its USD Reserve and another $136.4 million used to buy back STRC preferred shares. The remaining funds were placed into a new USD Cash liquidity pool for general purposes tied to its Bitcoin treasury operations. The latest financing adds to the company's ongoing use of equity markets to raise capital for its digital-asset strategy, while the share issuance may keep dilution concerns in focus for investors.
Bitcoin posts largest weekly dollar gain ever as ETFs see record inflows
Bitcoin posted its largest weekly dollar gain in history, rising approximately 21% last week, while Ether gained 30%. Bitcoin ETFs attracted $1.92 billion in the week, the biggest weekly inflow in 10 months, and Ether ETFs added another 697 billion dollars. Strategy sold 18.26 million MSTR shares to raise $2.01 billion but did not buy any Bitcoin, instead earmarking $1.6 billion as a cash pool for treasury operations and buybacks. Standard Chartered became the first bank to distribute a Hong Kong dollar stablecoin, and crypto card spending topped $1 billion as stablecoins moved into everyday purchases.
Strive CEO Matt Cole declared the Bitcoin bear market over after Bitcoin broke out against the U.S. dollar and gold simultaneously, sending Strive stock up 5% to $19.09 and Strategy stock up 3% to $123.05 in early Monday trading. Cole cited the dual breakout as the basis for his conviction, while Strive holds 20,246 Bitcoin at an average cost of $94,345, ranking seventh among public company holders. Separately, Strategy disclosed in an 8-K that it raised over $2 billion by selling 18,261,118 shares last week at an average of $109.88 without selling any Bitcoin, with $1.57 billion of the proceeds placed into a newly created unrestricted cash account called USD Cash. SharpLink's institutional ownership rose 12 percentage points to 60%, and Bitmine Immersion Technologies, the largest corporate Ethereum holder with more than 3.73 million ETH, also rose 3% to $23.50. The CoinShares Bitcoin Mining and Digital Power ETF slid 2% to $45 and was down 20% over the past month, underscoring the divergence between treasury vehicles and miners.
Strategy Keeps Bitcoin Holdings Unchanged as Price Rises
Strategy left its Bitcoin holdings unchanged over the past week as the cryptocurrency's price rose more than 20%. The company sold 18.26 million shares of common stock, increased cash reserves to $5.1 billion U.S., and repurchased $136.4 million of preferred stock. Strategy did not buy or sell any Bitcoin as the price jumped 24% from $63,000 U.S. to above $78,000 U.S. Led by Chairman Michael Saylor, the company raised $2 billion U.S. from common stock sales and allocated much of the proceeds to a new liquidity pool called USD Cash. Strategy held $5.1 billion U.S. in cash reserves and $1.59 billion U.S. in the USD Cash account as of Aug. 23, giving total liquidity of $6.69 billion U.S. The company continues to own 840,447 Bitcoin valued at $66.4 billion U.S., acquired at an average price of $75,385 U.S. per Bitcoin.
Benchmark Cuts Strategy Target to $435, Still Sees 265% Upside
Benchmark analyst Mark Palmer cut his price target on Strategy, the bitcoin treasury company formerly known as MicroStrategy, by 24% to $435 from $570 while keeping a Buy rating, a level that still implies roughly 265% upside from the current price near $119.25. The company reported a second-quarter net loss of $8.22 billion, or $24.45 per share, driven by an $8.32 billion unrealized loss on its 846,000 bitcoin holdings, against a consensus estimate of $3.0743 per share, while revenue rose 6.9% year over year to $122.4 million. Strategy's shares are down 21.52% year to date and 64.68% over the past year, far worse than bitcoin's 11.58% decline, as the stock trades well below its 200-day moving average of $143.95 and near the low end of its 52-week range of $81.81 to $365.21. Palmer's thesis treats Strategy as an actively managed bitcoin leverage engine that can trade above its net asset value due to capital markets execution, noting the company grew bitcoin holdings 11% in the quarter while cutting convertible debt 18% to $6.7 billion and building a $3.75 billion USD Reserve to cover more than two years of preferred dividend and interest obligations. Among 15 covering analysts, 2 rate the stock Strong Buy, 12 Buy, and 1 Hold, with a consensus target of $229.07 implying about 92% upside, while peers Riot Platforms and Marathon Digital have gained 56.51% and 25.39% year to date respectively on AI data center pivots.
Strategy Inc. Executive Chairman Michael Saylor and CEO Phong Le defended the company's Bitcoin-focused capital strategy during its second investor Q&A with Natalie Brunell, arguing that near-term pain and equity issuance are necessary. Le addressed shareholder concerns after Bitcoin fell roughly 50% from its highs while MSTR suffered a rough 75% drawdown, explaining that Strategy's common shareholders remain its top priority but stressing that MSTR is deliberately designed to provide amplified Bitcoin exposure. Saylor acknowledged the frustration, noting that he personally owns more than 19 million MSTR shares, and said investors should ideally have a seven-to-10-year horizon. Le argued that issuing MSTR above 1x its net asset value to acquire Bitcoin can actually be accretive on a BTC-per-share basis, and Saylor revealed that Strategy's central objective is no longer simply accumulating as much Bitcoin as possible but building the world's best credit, particularly through STRC, while using proceeds to acquire Bitcoin, maintain dollar reserves or manage its capital structure. Saylor estimated the digital-credit market at roughly $15 billion today but believes it could eventually expand to $100 billion, $400 billion and ultimately $1 trillion, and put Strategy's current hurdle rate at roughly 10.5%.
Moderna soars on cancer vaccine data while Walmart slides
Moderna delivered one of the largest single-session moves for an S&P 500 company, closing 177% higher at $174.38 on Wednesday after reporting positive late-stage data for its personalized cancer vaccine. The stock pulled back over 23% on Thursday before adding more than 10% so far on Friday, leaving it on course for a gain of around 135% over the week. The Phase 3 trial evaluated Moderna's intismeran alongside Merck's Keytruda in advanced skin cancer, and met its primary goal of recurrence-free survival, with a key secondary endpoint on distant metastasis-free survival also met and no new safety signal reported. Crypto-exposed equities rallied hard this week after bitcoin surged on the U.S. Treasury's decision to at least double the size of its long-dated bond buyback operations, alongside supportive comments on the sector from President Donald Trump. The Treasury raised the maximum per-operation size from $2 billion to at least $4 billion for the 10-to-20-year and 20-to-30-year sectors, effective Sept. 9 through Nov. 4. Bitcoin is currently above $77,000, having hit a high of $79,461 earlier in Friday's session. As a result, Strategy has risen 25.9% over the week, with Marathon Digital up 22.5%, Coinbase 23.1% higher, Circle up 16.3%, Galaxy Digital 12.3% higher and Robinhood up 9.7%. The same Treasury announcement also lifted metals producers, with the dollar weakening and precious metal prices moving higher. Agnico Eagle leads the group so far on Friday with an 18.4% gain over the week, followed by Barrick at 15%, Freeport-McMoRan up 14% and Newmont 13.3% higher. The dollar has declined, with spot gold gaining more than 2% on Friday and over 6% in the past week. Estée Lauder jumped more than 16% on Wednesday and is set to finish the week up around 15.9% after fourth-quarter results came in ahead of expectations. Sales rose 6%, beating consensus of 4%, while adjusted earnings of $0.39 per share topped the $0.32 expected. Management pointed to share gains in mainland China and growth across all product categories except hair care, alongside continued progress on cost-cutting through its One ELC initiative and Profit Recovery and Growth Plan. Canaccord analyst Susan Anderson raised her price target for the stock to $90 from $85, maintaining a Hold rating following the release. Walmart is the week's notable loser, sinking 9.2% on Thursday and down a further 0.9% so far on Friday after second-quarter results that beat on the headline numbers but disappointed on the metric that mattered most. Comparable sales at Walmart-only U.S. stores excluding gas grew 2.6%, well short of the 3.67% consensus and the slowest U.S. sales growth in six years. Mizuho analyst David Bellinger described the outcome as a worst-case scenario, calling it a very messy print and one of the biggest misses in years from the retailer.
Bitcoin's recent price surge has given Strategy a $1.4 billion U.S. unrealized profit on its cryptocurrency holdings. Bitcoin was trading at $77,300 U.S. early on Aug. 21, up 23% from $62,800 U.S. at the start of the week, after the U.S. Treasury intervened in the bond market to lower yields and President Donald Trump called on Congress to pass the Clarity Act legislation. Strategy, the largest corporate owner of Bitcoin, holds 840,447 Bitcoin acquired at an average price of $75,385 U.S., below the current price. The company had been sitting on an unrealized loss of $13 billion U.S. when Bitcoin hit its year low of $58,000 U.S. at the end of June, and it sold nearly 7,000 Bitcoin at a loss in recent months to replenish cash reserves and cover preferred stock dividends. At the current price, Strategy's Bitcoin holdings are worth $64.97 billion U.S.
Ross Stores lifts forecast, crypto stocks rally premarket
Ross Stores raised its full-year earnings forecast and projected stronger comparable-store sales, sending its shares up nearly 9% in premarket trading. The discount retailer now expects full-year earnings per share of $8.61 to $8.77, up from its prior range of $7.50 to $7.74, and sees third-quarter comparable sales rising 6% to 7% and fourth-quarter sales up 4% to 5%, ahead of analyst expectations. Second-quarter revenue rose about 13% to $6.26 billion, beating estimates of $6.18 billion. Separately, cryptocurrency-linked stocks rallied as Bitcoin jumped 8.9% to $78,135.60, with Strategy up 10.2%, Coinbase up 6.8%, and Circle Internet Group up 6.4% in premarket trading. O-I Glass shares climbed 6.6% after Citi upgraded the stock to Buy from Neutral and raised its price target to $9 from $8, while Flowers Foods fell 4.2% after reporting weaker-than-expected second-quarter results.
BJ's Wholesale, Ross Stores, Broadcom lead premarket movers
Several companies made notable premarket moves on Friday. BJ's Wholesale shares ticked slightly higher after the retailer reported second-quarter earnings of $1.36 per share excluding items on revenue of $6.09 billion, beating FactSet estimates of $1.17 per share on $5.97 billion in revenue, and raised its full-year EPS guidance to $4.60 to $4.80 from $4.40 to $4.60. Ross Stores jumped over 8% after posting better-than-expected second-quarter results and issuing third-quarter earnings guidance above estimates. Crypto-related stocks including Robinhood, Coinbase, and Strategy rose at least 4.5% as bitcoin headed for a weekly gain of more than 20%, boosted by the White House hosting crypto leaders and urging Congress to pass the Clarity Act. Broadcom gained over 1% after Bloomberg News reported the semiconductor maker plans to raise over $60 billion in debt to support Anthropic.
Ross Stores and Strategy surge while OSI Systems and Aveanna slide
Stock futures edged slightly higher early Friday as markets attempted to rebound from Thursday's steep selloff, with gains supported by a pullback in U.S. Treasury yields. Strategy rallied 10% after the firm returned to profitability on its Bitcoin holdings, swinging to an estimated $1.4B unrealized gain as the cryptocurrency surged nearly 22% over five sessions to around $78,500. Ross Stores jumped 9% after reporting stronger-than-expected quarterly results, with sales up 14% to $6.3B, comparable store sales up 10%, and EPS of $2.66, while raising its FY2026 EPS outlook to $8.61-$8.77 from $7.50-$7.74. OSI Systems plunged 14% after Q4 revenue declined 4.1% Y/Y to $484.1M, missing estimates by $45.6M, and its FY2027 revenue guidance of $1.875B-$1.93B came in below the $1.94B consensus. Aveanna Healthcare Holdings tumbled 9% after existing stockholders priced a 15M-share secondary offering at $11.75 per share, with the company receiving no proceeds. Flowers Foods fell 5% after Q2 revenue declined 4% Y/Y to $1.19B, missing estimates by $40M, and the company cut its FY2026 outlook to $5.07B-$5.14B in sales and $0.75-$0.85 in adjusted EPS, below consensus.
Crypto stocks rally as Bitcoin extends gains on regulation push
Crypto-linked stocks rallied Friday as Bitcoin extended its climb to levels not seen since late May, after President Trump called on lawmakers to pass clear regulatory rules for digital assets. In U.S. premarket trading, Strategy was up 10.2%, Coinbase rose 6.8%, and Circle Internet Group added 6.4%, while MARA Holdings climbed 5.4%, Galaxy Digital rose 5%, Robinhood Markets gained 4.7%, Hut 8 advanced 2.4%, and Riot Platforms rose 3.7%. Bitcoin jumped 8.9% to $78,135.60, briefly touching an intraday high of $79,600.60, breaking out of the roughly $60,000-to-$70,000 range that held for most of 2026. The rally was also supported by a broader lift in risk appetite after the U.S. Treasury Department said it would double its bond buybacks in an effort to contain rising yields, following a sharp bond selloff that drove the 30-year yield to its highest level since 2007. The advance was set in motion earlier this week when Trump, speaking at a White House summit, urged Congress to advance the Clarity Act, closely watched legislation aimed at establishing a regulatory framework for the U.S. crypto industry, though it remains unclear when, or if, the bill will pass.
Bitcoin surges above $75k as Trump spurs U.S. regulatory hopes
Bitcoin surged above $75,000 on Friday, extending a rebound to levels last seen in late May after U.S. President Donald Trump called on policymakers to pass clear regulation for cryptocurrencies. The world's biggest crypto rose 8.1% to $75,113.6 by 02:24 ET, briefly touching an intraday high of $75,591.6, and was set to rise nearly 19% this week, its best weekly performance since February 2024. Gains came chiefly after Trump, during a White House summit earlier this week, urged Congress to pass the Clarity Act, a closely watched bill that aims to establish a regulatory framework for the U.S. crypto industry, though it remained unclear when the act would actually come to passage. Crypto stocks also advanced, with Strategy Inc surging 7.8% on Thursday, Coinbase Global Inc adding 7.9%, and Japanese hotelier turned Bitcoin treasury Metaplanet Inc surging over 20% in the Asian session. U.S.-listed spot exchange-traded funds clocked inflows of about $1 billion this week, their best weekly inflow since January, according to data from aggregator SoSoValue.
Binance users see first outflows in a week when QQQ fell, selling memory stocks and rotating into crypto-related names
According to a weekly flow analysis of equity-linked products published by Binance Research on the 20th, the platform recorded net outflows of 42 million dollars during the period from August 13 to 19, marking a third consecutive week of outflows. The Nasdaq 100 tracking ETF QQQ fell 1.1 percent over the period, but over the past 11 weeks, weeks in which QQQ declined had seen average inflows of about 165 million dollars. This time, however, funds flowed out in a week when QQQ fell for the first time, deviating from the previous trend. The technology sector led the outflows, with net outflows of 62.3 million dollars, more than triple the previous week's 18.7 million dollars and the largest in the past 12 weeks. Selling was particularly notable in memory-related names, with Micron, SanDisk, and memory-related ETFs ranking among the top by total trading value. Meanwhile, buying was concentrated mainly in crypto-related stocks that had been declining, with Strategy seeing the largest single-stock inflow at 7.9 million dollars, Coinbase receiving 2 million dollars, and the iShares Bitcoin ETF taking in 2.4 million dollars.
Strategy Shares Jump 8.5% as Bitcoin Climbs Above $71,000
Shares of Strategy jumped 8.5% in morning trading after Bitcoin climbed back above $71,000 amid a mix of policy and Treasury news. President Donald Trump pressed Congress to pass the stalled CLARITY Act at a White House crypto event and said the U.S. government was looking at buying Bitcoin on a sizable scale, while the Treasury Department said it would at least double the maximum size of planned buybacks of long-dated government debt. The news helped force a wave of short sellers to cover, according to CryptoSlate and CNBC. Strategy held 840,447 bitcoin as of Aug. 16, and its equity is priced as a leveraged claim on that bitcoin treasury, so the stock typically amplifies moves in the cryptocurrency.
Strategy Pauses Bitcoin Purchases After $334 Million Raise
Strategy Inc. has paused its Bitcoin acquisition program following recent stock sales, with Executive Chairman Michael Saylor urging shareholders to focus on long-term holding and patience rather than immediate new Bitcoin purchases. The company is currently holding its 840,447 Bitcoin position steady while adding cash from share sales, marking a shift from its previously aggressive Bitcoin treasury approach. The stock has raised about US$334 million with substantial dilution and recorded a net loss of US$31,367.134, keeping execution risk high. Investors are watching whether Strategy resumes buying Bitcoin, uses funds for operating needs, or shifts toward other capital decisions such as debt management.
Coinbase, Strategy Jump as Trump Pushes Crypto Clarity Act
Shares of Coinbase Global and other crypto-related equities soared after President Donald Trump called on Congress to pass legislation establishing clearer laws for digital currencies. Bitcoin gained 3.8% and traded above $70,000, with Strategy up 5.8%, Coinbase up 5.7%, Canaan up 12.5%, and Circle Internet Group up 3.8%. Trump urged senators to pass a fair version of the stalled Clarity Act, which would help define whether cryptocurrencies are securities or commodities and clarify oversight between the SEC and CFTC. The measure faces political obstacles, including debates about banning public officials from monetizing crypto projects.
Bitcoin Surge Lifts US Crypto-Related Stocks Across the Board
US crypto-related stocks surged across the board on the 19th. Bitcoin triggered a short squeeze that briefly pushed it toward the 70,000 dollar level, forcing bearish investors who had sold in anticipation of declines to buy back positions. Strategy, a major Bitcoin holder, rose 11.95 percent from the previous day to 103.58 dollars. Coinbase, a major cryptocurrency exchange, gained 9.05 percent to 159.47 dollars. Circle, which issues stablecoins, climbed 9.44 percent to 78.50 dollars. Bitmine, which holds Ethereum, advanced 9.68 percent to 20.05 dollars. Reports said more than 1 billion dollars worth of bearish positions were forcibly liquidated within one hour on the 19th. The US Treasury's plan to double the scale of long-term bond buybacks starting in September also supported buying of risk assets, and the total market capitalisation of the cryptocurrency market expanded by more than 5 percent that day. In Tokyo trading the following day, the 20th, the Nikkei Stock Average opened higher, with gains from the previous close briefly exceeding 800 yen.
Strategy has raised roughly $334 million by selling about 3.5 million shares through its at-the-market program while keeping its 840,447 bitcoin position unchanged. The company's stock trades at a price-to-book ratio of 1.2 times, well below the US software industry average of 3.1 times and the peer group average of 13.5 times, suggesting it may be undervalued relative to book value. However, Strategy continues to report a net loss of $31,367.134 and remains heavily exposed to bitcoin price movements. The share price has gained 12.68% in one day and 9.93% over seven days, but is down 36.76% over 90 days and 69.73% over one year.
Mitsubishi UFJ is increasing its exposure to Strategy, the world’s largest corporate holder of Bitcoin. The Japanese financial group is boosting its stake in the company, though specific figures were not disclosed. Strategy, formerly known as MicroStrategy, has been a major corporate investor in Bitcoin. The move signals continued institutional interest in cryptocurrency-linked equities.
Saylor in no rush to buy back shares even as Strategy holds $4.8 billion in cash
Michael Saylor is in no rush to buy back shares even though Strategy has $4.8 billion in cash. He said the company will not use that cash to repurchase shares for now, even though MSTR is trading below its net asset value, or NAV. Strategy continues to prioritize holding Bitcoin and its STRK preferred stock over share buybacks.
Over $81 Million in BTC Shorts Liquidated as Trump's Oman Strike Warning Lifts Prices
Bitcoin rose 2.5% on August 17 to $64,426, with more than $81 million in short positions liquidated amid oil market volatility following US President Trump's warning of strikes on Oman. Of the $86.8 million in total liquidations over 24 hours, short liquidations accounted for $81.3 million, or 93.4%, with over $68 million of that occurring after reports of Trump's remarks. As the 60-day negotiation deadline between the United States and Iran expired, Brent crude futures rose 2.7% to settle at $90.87 per barrel. Strategy raised $333.7 million through the sale of 3.46 million MSTR shares while maintaining its Bitcoin holdings at 84,447 BTC, and the absence of additional sales eased market concerns about selling pressure. On the technical side, Bitcoin recovered its 7-day and 30-day moving averages, but the 90-day moving average at $65,114 and the 180-day moving average at around $68,922 remain as overhead resistance.
Trump Media Slides 4% as It Abandons Its Bitcoin Treasury Bet
Trump Media & Technology Group shares fell 4% to $7.96 after the company abandoned its bitcoin treasury strategy following a reported $190 million paper loss. Interim CEO Kevin McGurn said the company has refined its capital allocation, redirecting resources toward Truth Social, Truth+, and the Truth API data feed, and it has agreed to acquire private nuclear fusion firm TAE Technologies in a deal it aims to close by year-end. Trump Media posted a second-quarter net loss of $238 million, driven almost entirely by paper losses on its crypto holdings, with trailing 12-month revenue of $4.5 million against a trailing net loss of $1.3 billion. Rumble gained 4% to $7.77 as investors rotated into the crypto-free alt-media peer, while Strategy, which holds 840,447 bitcoin at an average price of $75,482, reported a paper loss of nearly $10 billion in the past quarter and faces forced-selling risk.
Strategy made no Bitcoin purchases or sales last week, ending a run of weekly disposals that had funded its dividends and buybacks since June. The Bitcoin treasury company instead raised $333.7 million net by selling 3,458,866 MSTR shares at an average of about $96.48, down from $99.17 the week before. The filing splits the proceeds three ways: $52.4 million to pay dividends on its STRC preferred stock, $132.2 million to buy that stock back, and $149.1 million into its dollar reserve. That buyback took in 1,388,720 STRC shares and leaves $653 million of the $1 billion Digital Credit Securities Repurchase Program announced on June 29. Strategy's Bitcoin stack stands at 840,447 BTC, unchanged, at an average purchase price of $75,385, and the company has not bought Bitcoin since June.
Trump Media Pivots Away From Bitcoin After $190 Million Loss
Trump Media & Technology Group will pivot away from Bitcoin and back into its core media and advertising business after reporting a $190 million paper loss on its crypto holdings. The company, majority-owned by President Donald Trump, holds 12,062 Bitcoins worth nearly $755 million at current prices, but the position is deep under water as Bitcoin has declined for more than 10 months. The move comes amid a broader shakeout among Bitcoin treasury companies, with Strategy reporting a nearly $10 billion paper loss last quarter on its 840,447 BTC acquired at an average price of $75,482 versus Bitcoin's current price of $63,000. The article warns that forced selling by Strategy could trigger a historic market meltdown and advises crypto investors to avoid timing the market and instead buy and hold for the long term.
Strategy Shares Fall on MSCI Removal Proposal and Bitcoin Sales
Shares of Strategy fell 3.5% in afternoon trading after MSCI proposed removing the company from its Global Investable Market Indexes. The proposed removal is part of a potential rule change affecting non-operating companies with large treasury asset holdings, a category that includes Strategy due to its massive Bitcoin reserves of roughly 840,400 BTC. A final decision is expected by October with changes planned for November 2026, and could force investment funds that track MSCI benchmarks to sell their shares. Adding to investor worries, a recent regulatory filing revealed the company sold 1,690 BTC, worth roughly $109 million, below its average cost basis to meet cash obligations and fund repurchases of its preferred shares. Bitcoin's price slipped below $63,000, continuing a recent downtrend since mid July, and because Strategy operates effectively as a leveraged proxy for Bitcoin, the combination of index exclusion risks, uncharacteristic Bitcoin sales, and declining spot prices drove heavy selling pressure. After the initial drop, the shares shed some of the losses and rose to $94.58, down 2.3% from the previous close.
MSCI Reviews Dropping Strategy From Global Indexes
MSCI is reviewing whether to remove Strategy Inc and other Bitcoin treasury stocks from its global equity indexes, reopening a consultation that had been paused after a prior attempt last year. The proposal would treat Strategy more like a Bitcoin holding vehicle than a technology operating company, which could affect how index providers classify the stock. Potential exclusion from MSCI indexes may trigger forced selling by index funds that track those benchmarks and could reshape Strategy's institutional investor base. Strategy is publicly contesting the proposal, arguing that any rule change would have broad consequences for how equity markets handle Bitcoin focused corporate treasuries. The key marker to watch is MSCI's October 16, 2026 decision date, which will signal whether roughly US$2.8b of index tracking capital is likely to stay invested or start exiting Strategy over time.
Under new criteria proposed by MSCI in August, Metaplanet, which holds large amounts of Bitcoin, could be removed from the MSCI ACWI IMI global equity index. In a trial calculation applying the new criteria to data as of May 2026, three companies were flagged for exclusion: Strategy, Metaplanet, and UK-based Yellow Cake. However, no exclusion has been decided at this point. MSCI is proposing a mechanism to remove companies whose character is more about holding assets or investing than their core business, classifying them as non-operating companies. It is accepting comments until September 30 and plans to announce the results by October 16. If the company is actually removed from the index, funds tracking the index could sell the stock, potentially putting downward pressure on the share price. Metaplanet's shares closed at 221 yen on August 14, down about 65 percent from their year-to-date high of 639 yen.
Bitcoin likely to see nervous trading amid FOMC minutes and US-Iran situation
Monex Securities said Bitcoin is likely to see nervous trading next week, supported by risk-on sentiment from rising US stocks but pressured by caution over the FOMC minutes, the US-Iran situation, and corporate Bitcoin sales. As a near-term price range, it is watching an upside of 68,000 dollars per Bitcoin, or about 10.81 million yen, and a downside of 58,000 dollars, or about 9.22 million yen. It noted that if the minutes of the July FOMC meeting released on August 19 confirm a broadening of hawkish debate, selling pressure on Bitcoin could strengthen through higher US interest rates and a stronger dollar. On the US-Iran situation, it said the focus is on talks over normalizing the Strait of Hormuz, and that a breakdown in negotiations or renewed military tensions would weigh on Bitcoin through higher oil prices and inflation concerns. On corporate Bitcoin sales, it said Strategy has continued selling since July, and Empery Digital has also converted part of its Bitcoin holdings into cash, adding that if such moves spread to other holders, deteriorating supply-demand conditions could accelerate declines.
Strategy, the largest corporate holder of Bitcoin, sold another 1,690 BTC worth over $100 million in August, bringing its total sales since May to at least five separate transactions. The company, formerly known as MicroStrategy, holds 840,447 BTC, or roughly 4% of all Bitcoin in circulation, and says the sales are needed to meet cash obligations and support its stock. Strategy maintains it has sufficient dollar reserves and a new capital management plan to handle future obligations, and it still expects to be a net buyer of Bitcoin over time. Investment firm Bernstein called fears of a Bitcoin treasury implosion overblown and reiterated a $150,000 price target for Bitcoin, implying a potential 135% rally by year-end. Bitcoin is down nearly 15% since Strategy began selling in May.
OranjeBTC to Launch Monthly Dividend ETF Based on Strategy Preferred Stock
OranjeBTC, Brazil's largest Bitcoin holding company, is preparing to list a monthly income ETF called Digital Yield ETF, or DIGY11, on the B3 exchange. The fund will allocate 95% of its portfolio to Strategy's STRC preferred stock and the remainder to Strive's SATA shares, which currently offer yields of 12.5% and 13.1% respectively. The fund will trade in Brazilian reais and pay income monthly. OranjeBTC, which holds 3,950 Bitcoin worth 250 million dollars, expects annual returns equivalent to Brazil's CDI interest rate of 14.15% plus an additional 3 to 5 percentage points, after total fund costs of approximately 1.30%. Sam Callahan, Director of Strategy and Research at OranjeBTC, told CoinDesk that these estimates are based on preferred stock payouts and the interest rate differential between Brazil and the United States, and do not include changes in the price of DIGY11 shares or constitute any guarantee of returns. The fund will hedge currency risk through one-month FX forwards rolled over monthly and rebalance the portfolio quarterly, with a management fee of 0.90%. 3R Investimentos will serve as portfolio manager, while MarketVector oversees the reference index. OranjeBTC expects DIGY11 to begin trading in early September.