Strategy (MSTR) stock climbed 4.4% in morning trading Wednesday, reaching $96.60, after fresh on-chain data showed that large Bitcoin holders accumulated about 43,000 BTC over the past 60 days.

That accumulation was valued at roughly $2.75 billion and pushed a key spot demand indicator close to its first positive reading since late February 2026. Because Strategy operates as a leveraged proxy for Bitcoin, shifts in demand signals often move the stock quickly, and investors tend to watch the company’s own buying pace as closely as its reported holdings.

CEO Phong Le also helped lift sentiment by saying publicly 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 uneasy and underscored how closely the stock can track both market positioning and corporate treasury activity.

During that period, Strategy raised about $333.7 million through stock sales and increased its USD cash reserves to $4.8 billion. That cash balance gives the company flexibility to return to the Bitcoin market when it decides to do so.

Strategy currently holds 840,447 BTC, unchanged for seven consecutive weeks. Executive Chairman Michael Saylor has also raised the possibility of repurchasing MSTR stock if it trades at a sufficiently deep discount to the company’s Bitcoin holdings.

The company also repurchased about $132 million of its STRC preferred stock, a move intended to support its preferred-securities structure.

Institutional activity

Sound Financial Strategies Group LLC opened a new position in MSTR in the second quarter, buying 51,323 shares valued at approximately $1.69 million. The stake now accounts for 1.1% of the firm’s portfolio and ranks as its 14th-largest holding.

Institutional investors collectively own 59.84% of Strategy. Several other funds also added or initiated positions in recent quarters, including Dogwood Wealth Management, which increased its stake by 280% in the fourth quarter.

Insider trading has leaned toward selling. Over the past 90 days, insiders sold 165,325 shares worth about $20.3 million, compared with purchases of 11,166 shares worth roughly $1 million.

Analyst targets

Analyst sentiment remains broadly positive, though it has softened in recent weeks. HC Wainwright has a $325 price target. TD Cowen lowered its target from $400 to $260 while maintaining a Buy rating. Cantor Fitzgerald reduced its target from $212 to $186 and kept an Overweight rating.

Weiss Ratings took a more negative view, downgrading MSTR from Hold to Sell on August 4.

Across 19 brokerages, the consensus rating is 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 is $81.81 to $365.21. The stock’s 50-day moving average is $99.64, while its 200-day moving average is $128.90.

In its most recent earnings report, the company posted a quarterly loss of $24.45 per share, well below the consensus estimate of a $2.19 loss. Revenue totaled $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.