Strategy ($MSTR) shares rose sharply on Friday, rising more than 25% at times, trading near $133, after a brutal previous session left bitcoin-linked stocks deeply oversold.
The jump comes as markets stabilized and bitcoin rebounded from multi-week lows to around $71,000, injecting new demand into stocks linked to digital assets.
Friday’s rally reversed a dramatic sell-off on Thursday, during which MSTR shares plummeted to multi-year lows due to earnings losses and renewed pressure on crypto markets.
From a macro perspective, the movement of Strategy shares has followed the strong swings of bitcoin. As the largest corporate holder of bitcoin, MSTR’s performance is highly correlated with BTC price action.
Declines in digital assets earlier in the week sent stocks tumbling, with bears pushing the strategy’s prices into the $105 range on Thursday.
Strategy profit losses
Strategy posted a loss of $12.4 billion for the fourth quarter of 2025, driven largely by unrealized declines in the value of its vast bitcoin holdings.
The overall loss eclipsed market expectations and weighed heavily on the stock price, contributing to Thursday’s decline.
Despite the earnings shortfall, executives remained committed to their long-term bitcoin strategy.
Chief Executive Michael Saylor said the company is launching a Bitcoin security program to coordinate with the global cyber and crypto communities, framing quantum computing as a long-term challenge that is unlikely to threaten Bitcoin for more than a decade.
The company said quantum fears are the latest form of Bitcoin “FUD,” and highlighted ongoing global investment in quantum-resistant security and potential protocol upgrades through broad consensus.
Strategy leadership emphasized resilience and said the company could withstand extreme bitcoin price declines without immediate solvency concerns.
Executives, such as CEO Phong Le, highlighted the long-term strategy, continued capital raises and confidence that Bitcoin will emerge stronger from future technological or market challenges.
He told him that Bitcoin would have to fall to around $8,000 per coin and remain at that level for five or six years before the company would face serious difficulties paying off its convertible debt.
“On the negative end, if we had a 90% drop in the price of bitcoin, and the price was $8,000, that’s 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 up 7% in the last 24 hours.
It is currently -2% off its 7-day all-time high of $71,258 and 16% off its 7-day all-time low of $60,256. BTC has a circulating supply of 19,985,218 BTC and a maximum supply of 21,000,000 BTC.
