Strategy stock jumped over 10% in pre-market trading on Friday, August 21, moving from a prior close of $112.39 to trade at $124.60, as Bitcoin blew past the $70,000 mark overnight for the first time since early June 2026.
Bitcoin climbed roughly 8% in a single session, its best weekly performance in more than two years. That move triggered approximately $1.44 billion in forced short liquidations across crypto markets.
Two events drove the Bitcoin breakout. The U.S. Treasury said it would at least double its long-term bond buyback operations to a minimum of $4 billion per operation. President Trump also held a White House meeting with cryptocurrency executives and called on Congress to pass the Clarity Act.
Strategy trades as one of the most leveraged proxies for Bitcoin in the public markets, so a sharp move in the token tends to amplify in the stock.
By early trading on Friday, the stock was up 9.1% to $122.64. That put MSTR on track for a 32% gain since Tuesday’s close, which would be its best three-day stretch since November 2024.
Strategy owned 840,447 Bitcoin as of Sunday. The company paid $63.36 billion to build that position. With Bitcoin trading around $77,391 on Friday, that holding was valued at $65.04 billion, putting the bet back into profitable territory.
That is a milestone for the company after a rough first half of 2026, where the stock had fallen far from its 52-week high of $365.21.
On the capital structure side, Strategy has been buying back approximately 288,930 units of its variable-rate Series A preferred stock at an average price of around $86.52. The company has signaled it wants that preferred to trade near $100, and maintains a 12% dividend on it.
The preferred stock, which trades under the ticker STRC, ticked up 0.5% to $95.76 on Friday. It had dropped as low as $70 earlier in the year.
Analysts at Clear Street, Benchmark, and B. Riley each trimmed their price targets following Q2 results. However, all three maintained Buy ratings, with consensus targets remaining well above current price levels.
The broader crypto equity sector moved with Strategy. Coinbase rose 10%, MARA Holdings gained over 9%, and Robinhood jumped more than 14% in pre-market trading.
The major indices also pushed higher, with the S&P 500 up 0.3%, the Dow Jones up 0.6%, and the Nasdaq up 0.5%, reflecting a broadly risk-on tone.
Bitcoin’s break above its 200-day moving average added a technical dimension to the rally, reinforcing momentum buying across crypto-linked names.
As of Friday morning, MSTR was trading at $122.64, still well below its 52-week high of $365.21.
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