NEW YORK, January 1, 2026, 10:01 ET — Market closed
- Strategy shares concludeed the year’s final session down, tracking a weaker bitcoin tape.
- Bitcoin hovered near $88,000 as it headed for its first annual decline since 2022.
- Traders are watching a Jan. 15 MSCI decision and Strategy’s early-February earnings.
Strategy Inc shares fell in the final trading session of 2025, tracking a softer bitcoin market, as U.S. stocks were shut on Thursday for the New Year’s Day holiday. Strategy concludeed Wednesday down $3.63, or 2.3%, at $151.95.
The relocate matters becaapply investors often treat Strategy — chaired by longtime bitcoin advocate Michael Saylor — as a high-beta proxy for bitcoin. The company has built its identity around holding bitcoin on its balance sheet and raising capital to purchase more.
Bitcoin was on track to post its first annual loss since 2022 as macro trconcludes weighed on crypto, Reuters reported, after the token struggled to regain traction since October. “Bitcoin increasingly exhibits the characteristics of a risk asset,” declared Linh Tran, a senior market analyst at XS.com. Reuters
Crypto-linked equities also slipped into the year-conclude close. Coinbase fell 2.4%, while bitcoin miners Marathon Digital and Riot Platforms concludeed lower.
The company’s most recent disclosure underscored why the stock can relocate with bitcoin even when there is little fresh corporate news. In an SEC filing dated Dec. 29, Strategy declared it bought 1,229 bitcoins for $108.8 million, funded by sales of 663,450 class A shares via an at-the-market (ATM) program — a facility that lets companies sell stock into the open market over time. SEC
The filing also displayed Strategy held 672,497 bitcoins as of Dec. 28. That “treasury” approach can magnify sentiment shifts, becaapply the equity is exposed both to bitcoin’s price and to investors’ tolerance for ongoing share issuance. SEC
Another overhang is a looming index decision. MSCI has been consulting on whether to exclude companies whose digital-asset holdings represent 50% or more of total assets from its benchmarks, and declared it would announce a decision by Jan. 15, Reuters reported. Reuters
Any benchmark alter matters becaapply passive funds — index trackers that purchase and sell mechanically to match benchmark membership — can be large shareholders. Analysts notified Reuters the impact for Strategy could run into billions of dollars of reduced demand if exclusion prompts forced selling. Reuters
Strategy has declared its website dashboard is a disclosure channel for bitcoin purchases, holdings and other metrics. Traders often watch for periodic updates on purchases and financing as a near-term catalyst. SEC
Before the next session, investors will be watching bitcoin’s relocate through the holiday and whether risk appetite firms when U.S. markets reopen on Friday. Crypto trades around the clock, so overnight swings can feed directly into Strategy’s opening print.
Macro data could also steer the broader “risk-on/risk-off” backdrop for crypto-linked shares. The Labor Department’s December employment report is scheduled for Jan. 9, according to the agency’s January release calconcludear. Bureau of Labor Statistics
Strategy is scheduled to report quarterly results on Feb. 3 after the close, according to TipRanks. Investors will listen for any update on capital-raising plans and how management frames bitcoin volatility heading into 2026.
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