Strategy, the Bitcoin treasury company formerly known as MicroStrategy, has emerged as one of the top-performing stocks in the Nasdaq-100 over the past month, with shares climbing approximately 48% as crypto markets rebounded and investor sentiment toward leveraged Bitcoin exposure improved.
The rally coincides with a broader recovery in Bitcoin, which has traded back toward the high-$70,000 range in recent sessions, lifting crypto-linked equities including Coinbase and Robinhood. Strategy’s stock has historically traded as a high-beta proxy for Bitcoin, amplifying both upside and downside moves due to the company’s large BTC holdings and capital structure. The firm holds more than 800,000 BTC, making it the largest corporate holder of Bitcoin globally, and its equity performance is closely tied to changes in the cryptocurrency’s price.
Bitcoin Exposure and Capital Strategy Drive Rally
The latest surge reflects a combination of Bitcoin price momentum and company-specific financial actions. Strategy has recently shifted its capital-allocation approach, balancing Bitcoin accumulation with efforts to support its balance sheet and preferred securities. The company has repurchased significant amounts of its STRC preferred stock in recent weeks, a move aimed at stabilising its capital structure and improving investor confidence. At the same time, the company paused Bitcoin purchases for two consecutive weeks, redirecting capital toward share buybacks rather than adding to its already substantial holdings. That shift suggests management is becoming more flexible in how it deploys capital, rather than maintaining a strict accumulation strategy.
Investors appear to have responded positively to that approach. By reducing pressure on its balance sheet while maintaining large Bitcoin exposure, Strategy has positioned itself as a leveraged vehicle for BTC upside with somewhat improved financial stability compared with earlier in 2026. The magnitude of the rally is also notable given the company’s volatility. Strategy shares have previously experienced sharp drawdowns during periods of Bitcoin weakness, including a significant decline earlier this year as crypto prices fell and concerns emerged over its debt obligations and preferred stock structure.
Outperformance Highlights Crypto Equity Sensitivity
Strategy’s recent gains stand out even within a volatile broader market. U.S. equities have faced pressure from rising Treasury yields, oil prices and inflation concerns, with the Nasdaq experiencing mixed performance in recent sessions. Against that backdrop, Strategy’s 48% monthly gain places it among the strongest performers in the Nasdaq-100, outperforming many large-cap technology names that have driven the index’s overall returns. The rally also underscores the continued role of crypto-linked equities as a leveraged play on digital assets. Unlike spot Bitcoin, Strategy’s stock reflects both the value of its BTC holdings and investor perceptions of its capital structure, management decisions and risk profile.
That dynamic can amplify returns during bullish periods. When Bitcoin rises, Strategy’s equity often increases by a larger percentage due to embedded leverage and market expectations around future accumulation. However, the same mechanism can work in reverse. Analysts have repeatedly noted that Strategy’s valuation is highly sensitive to Bitcoin volatility, raising questions about the sustainability of its model during prolonged downturns. The company’s recent outperformance therefore reflects not only improving crypto market conditions but also renewed investor willingness to take on that risk. As Bitcoin continues to trade near recent highs, Strategy’s stock is likely to remain closely tied to crypto market direction. Its 48% monthly gain highlights how quickly sentiment can shift in crypto-linked equities — and how strongly capital markets still respond to Bitcoin’s price movements.