Shares of Strategy ($MSTR) surged sharply Friday, lifting more than 25% at times, trading near $133, after a brutal prior session left the bitcoin‑linked stock deeply oversold.
The jump comes as markets stabilized and bitcoin rebounded from multi‑week lows to around $71,000, injecting newfound demand into equities tied to digital assets.
Friday’s rally reversed a dramatic sell‑off on Thursday, during which MSTR shares plunged to multi‑year lows on earnings losses and renewed pressure in crypto markets.
From a macro perspective, Strategy’s stock movement has tracked bitcoin’s sharp swings. As the leading corporate holder of bitcoin, MSTR’s performance is highly correlated with BTC price action.
Declines in digital assets earlier in the week sent the stock tumbling, with bears pushing Strategy prices as low as the $105 range Thursday.
Strategy’s earnings losses
Strategy posted a $12.4 billion loss for the fourth quarter of 2025, largely driven by unrealized declines in the value of its vast bitcoin holdings.
The headline loss dwarfed market expectations and weighed heavily on the share price, contributing to the Thursday slump.
Despite the earnings shortfall, executives remained committed to their long‑term bitcoin strategy.
Executive Chairman Michael Saylor said that the company is starting a Bitcoin Security Program to coordinate with global cyber and crypto communities, framing quantum computing as a long-term challenge unlikely to threaten Bitcoin for over a decade.
The company said that quantum fears are the latest form of Bitcoin “FUD,” noting ongoing global investment in quantum-resistant security and potential protocol upgrades through broad consensus.
Strategy’s leadership stressed resilience, saying the company could withstand extreme bitcoin price drops without immediate solvency concerns.
Executives, like CEO Phong Le, highlighted long-term strategy, ongoing capital raises, and confidence that Bitcoin will emerge stronger from future technological or market challenges.
Le said Bitcoin would need to fall to around $8,000 per coin and stay at that level for five to six years before the company would face serious difficulty servicing its convertible debt.
“In the extreme downside, if we were to have a 90% decline in bitcoin price, and the price was $8,000, that is the point at which our bitcoin reserve equals our net debt,” Le said. He noted that under such conditions, the company could consider restructuring or raising additional capital.
At the time of writing, the price of Bitcoin is $70,040, with a 24-hour trading volume of 157 B. BTC is 7% in the last 24 hours.
It is currently -2% from its 7-day all-time high of $71,258, and 16% from its 7-day all-time low of $60,256. BTC has a circulating supply of 19,985,218 BTC and a max supply of 21,000,000 BTC.
