Strategy (MSTR) stock climbed 4.4% in morning trading Wednesday, reaching $96.60, as fresh on-chain data showed large Bitcoin holders accumulated around 43,000 BTC over the past 60 days.
That accumulation, worth roughly $2.75 billion, pushed a key spot demand metric close to its first positive reading since late February 2026. For MSTR, which operates as a leveraged proxy on Bitcoin, improved demand signals tend to move the stock quickly.
CEO Phong Le added fuel to the rally by publicly stating that Strategy expects to resume Bitcoin purchases later this year. The company had gone seven straight weeks without buying any BTC, a pause that had made some investors nervous.
During that pause, Strategy raised approximately $333.7 million through stock sales and built its USD cash reserve to $4.8 billion. That cash pile gives the company flexibility to re-enter the Bitcoin market when it chooses.
Strategy currently holds 840,447 BTC, unchanged for seven consecutive weeks. Executive Chairman Michael Saylor has also floated the idea of repurchasing MSTR stock if it trades at a deep enough discount to the company’s Bitcoin holdings.
The company also repurchased about $132 million of its STRC preferred stock, a move aimed at supporting its preferred-securities structure.
Sound Financial Strategies Group LLC bought a new stake in MSTR during Q2, picking up 51,323 shares valued at approximately $1.69 million. The position now makes up 1.1% of its portfolio and is its 14th-largest holding.
Institutional investors as a whole own 59.84% of Strategy. Several other funds also added or initiated positions in recent quarters, including Dogwood Wealth Management, which grew its stake by 280% in Q4.
Insider activity has leaned toward selling. Over the past 90 days, insiders sold 165,325 shares worth around $20.3 million, while buying just 11,166 shares worth about $1 million.
Analyst sentiment is broadly positive but has softened. HC Wainwright has a $325 price target. TD Cowen cut its target from $400 to $260 but kept a Buy rating. Cantor Fitzgerald trimmed its target from $212 to $186 with an Overweight rating.
Weiss Ratings moved against the grain, downgrading MSTR from Hold to Sell on August 4.
The consensus across 19 brokerages sits at Moderate Buy, with an average 12-month price target of $239.81, well above Wednesday’s opening price of $92.52.
MSTR’s 52-week range runs from $81.81 to $365.21. The stock’s 50-day moving average is $99.64 and its 200-day moving average is $128.90.
The company reported a quarterly loss of $24.45 per share in its most recent earnings, badly missing the consensus estimate of a $2.19 loss. Revenue came in at $122.37 million, up 6.9% year over year.
MSCI has proposed removing Strategy from certain global investable indexes, a move that could reduce passive fund demand for the stock.
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