Strategy stock (MSTR): what moves it and how it works
Strategy started as a software company. Today its biggest asset by far is bitcoin, so MSTR has become a stock-market way to feel bitcoin's swings, amplified.
This page explains how the stock tends to move. It isn't a recommendation to buy or sell it.
At a glance
| Item | Strategy (MSTR) |
|---|---|
| What it is | A US company that holds a very large amount of bitcoin and also runs a business-analytics software business |
| Name | Called MicroStrategy until February 2025, when it renamed itself Strategy |
| Where it trades | Nasdaq, ticker MSTR (Class A shares) |
| Indexes it's in | Nasdaq-100 (since December 2024). The S&P 500 committee has passed it over in past reviews, including September 2025 |
| Earnings | 4 times a year, after the close, usually late January or early February, then late April, July and October |
| What moves it most | Bitcoin's price, how it raises money, index news |
| How it tends to move | Extremely fast. It has often swung more than bitcoin itself |
| Regular hours | 9:30 am–4:00 pm ET, plus pre-market and after-hours sessions |
What the company does
In August 2020, the company began buying bitcoin with its spare cash. It kept going, and bitcoin became its main asset. The old software business still exists, but it's small next to the bitcoin.
To buy more, Strategy raises money. It sells new shares, issues convertible bonds (loans that can turn into shares) and sells several kinds of preferred stock (shares that pay fixed dividends before common shareholders get anything). That money mostly goes into more bitcoin.
What moves it
- Bitcoin's price. The biggest driver by far. Watch bitcoin first.
- The premium. MSTR's total value can be above or below the value of the bitcoin it holds. When that gap shrinks or grows, the stock can move even if bitcoin doesn't.
- New share sales. Selling more shares raises money but spreads ownership thinner. News of big sales can weigh on the stock.
- Index news. In October 2026, index provider MSCI adopted a rule that can exclude companies whose assets are mostly investments rather than operations. Strategy is on the list of possible removals, with a final list due in November 2026. Index removals can force some funds to sell.
- Earnings. Under fair-value accounting, adopted in 2025, Strategy's reported profit or loss swings with bitcoin's price each quarter. See Earnings report.
When it's busiest
- Monday mornings: weekend bitcoin moves get priced in at 9:30 am ET. A Gap is common.
- 9:30–10:30 am ET: the open.
- Fed and CPI days: bitcoin often reacts to rate news. See CPI and FOMC days.
- Index announcement dates: known in advance; check them.
US stock hours stay 9:30 am–4:00 pm ET all year. Bitcoin trades 24/7. Extended-hours times depend on your broker.
Its personality
- Bitcoin, turned up. Because of the premium and the borrowed money, MSTR has often moved more than bitcoin in both directions.
- Weekend catch-up. The stock is closed while bitcoin keeps trading.
- Very heavy trading. It's among the most traded US stocks on busy crypto days.
- Split history. It did a 10-for-1 Stock split in August 2024. Old charts are adjusted.
Reading it with our method
Use two charts. First, bitcoin's weekly chart: mark the last places price turned around and note the direction. Then MSTR's daily chart. If they disagree, that's often the premium moving. Stand aside until they line up.
On your entry chart, only a candle body closing past a level counts.
Set the stop from the chart, then size from the stop. This stock needs wide stops, so size must shrink a lot. Example: your stop is $25 below your entry and your plan risks $75. That's $75 ÷ $25 = 3 shares. The position size calculator does the math. A math example, not a promise. Any trade can lose, and gaps can skip your stop.
Common mistakes
- Treating MSTR as bitcoin. It's a company with debts, preferred shares and a premium. A spot bitcoin ETF works differently. See bitcoin ETFs explained.
- Ignoring new share sales. More shares can mean each one owns less bitcoin.
- Holding big size over the weekend. Two days of bitcoin moves can land at once on Monday.
- Sizing by conviction. Stocks this fast need fewer shares, not more. See crypto volatility explained.
Questions
Is MicroStrategy the same as Strategy?
Yes. MicroStrategy renamed itself Strategy in February 2025. The ticker is still MSTR.
Why does MSTR move more than bitcoin?
Strategy's value depends on its bitcoin plus a premium or discount the market puts on top, and it uses borrowed money and preferred shares. Those layers can make its moves bigger than bitcoin's, up and down.
Is Strategy in the S&P 500?
Not as of our last check. It meets some of the size rules, but the S&P index committee has passed it over in past reviews, including September 2025. It is in the Nasdaq-100.
Could Strategy be removed from MSCI indexes?
It's possible. In October 2026 MSCI adopted a test for companies whose assets are mostly investments. Strategy was named as a possible removal, with the final list due in November 2026.
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