Strategy Inc. stock jumps 12% as Bitcoin tops $80,000

Strategy Inc. shares climbed more than 12% on Thursday after Bitcoin passed the $80,000 mark, sending the Nasdaq-listed stock sharply higher. The broader market also advanced, with the Nasdaq Composite up about 1.5% and the S&P 500 rising roughly 0.8% on the day. Strategy holds approximately 840,447 Bitcoin, about 4% of the cryptocurrency’s total supply.

Investors moved into the stock on expectations that further Bitcoin gains would benefit the company given its large cryptocurrency treasury. Strategy is widely viewed by market participants as a leveraged equity proxy for Bitcoin because of those holdings.

Analysts gave mixed signals. Bernstein cut its price target for the shares to $350 from $450 but kept an Outperform rating, citing an updated Bitcoin cycle timeline and faster-than-expected dilution from share sales as reasons for the lower target. Bernstein’s analysts, led by Gautam Chhugani, maintained a long-term bullish forecast for Bitcoin, projecting $150,000 by mid-2027 and about $300,000 at the peak of the next cycle in 2029, with a bull case reaching $500,000 by that year. The analysts pointed to rising sovereign debt and higher interest costs as factors that could increase demand for scarce assets, and highlighted institutional and retail access, spot Bitcoin ETFs and corporate treasury purchases as supporting adoption.

Canaccord took a different stance on the stock, raising its price target to $175 from $130 while maintaining a Buy rating, saying company-specific and macroeconomic factors had improved the setup for the shares in recent weeks.

Bernstein also flagged Strategy’s balance sheet strength, estimating roughly 3.9 years of cash coverage for annual interest and preferred dividend obligations. The firm added that continued Bitcoin appreciation and a recovery in Strategy’s STRC preferred stock toward $100 could allow the company to resume more aggressive Bitcoin purchases.

Technical indicators showed a rapid short-term recovery: the stock was trading above its 20-day and 50-day simple moving averages but remained below its 200-day average. The relative strength index was near 73, putting the shares in overbought territory. The stock sat about 2.2% below its 200-day moving average of $141.60 and remained down roughly 59.5% over the past 12 months; the broader downtrend followed a death cross recorded in October 2025.

Market activity in related assets reflected renewed interest in what some market participants call the ‘debasement trade.’ Trading in spot Bitcoin and gold ETFs moved back into the most-traded ranks. Analysts also noted that about 59% of Bitcoin’s supply had not moved over the prior 12 months, and that Bitcoin had rallied about 28% over a 10-day span following an earlier roughly 50% decline from its October 2025 peak.