Strategy Inc. shares jumped 26% on Friday, closing at around $133.94, as buyers stepped back into the stock following sharp losses ahead of the company’s quarterly earnings. The rebound came alongside a recovery in Bitcoin during US trading hours, after the cryptocurrency endured its steepest selloff in years.
Strategy Rebounds as Balance Sheet, Not Earnings, Sets the Tone
6 February 2026 - 22:45 CET
By Ana Pereira
Friday’s rally suggested investors were willing to look past the near-term accounting impact and refocus on Strategy’s balance sheet positioning as Bitcoin stabilized into the market close.
The company posted a sizable loss for the fourth quarter of 2025, driven largely by unrealized markdowns on its bitcoin holdings. As of Feb. 1, Strategy held approximately 713,502 BTC, with an average purchase price of around $76,000 per coin, leaving reported results highly sensitive to bitcoin price swings.
Executive Chairman Michael Saylor said on the company's earnings call that the hit to earnings was driven by fair-value accounting on Bitcoin holdings and "is not a cash event," adding that it "doesn’t affect our liquidity or our ability to operate."
Balance sheet put to the test
Saylor also pointed to steps taken to strengthen the balance sheet, saying the company built its US dollar reserve to reinforce credit quality and ensure it can meet obligations for several years without needing to access capital markets.
Explaining Strategy’s approach during periods of market stress, Saylor said: "The nice thing about our business is we have the option to do nothing. If markets are volatile, our default is simply to hold."
Bitcoin stabilized during US trading on Friday, hovering at around $70,000 as Wall Street wound down for the day. Despite the late-session recovery, the cryptocurrency was still down roughly 17% over the past seven days, after a wave of forced liquidations of investors with market positions supported by borrowed money who were caught out by the fall.
Uncertain rebound
Some analysts cautioned that Bitcoin’s rebound after such a sharp sell-off earlier in the week may not be sustainable. John Glover, chief investment officer at Ledn, said the market has already broken through key technical support levels, weakening the broader setup and raising the risk of a deeper correction.
The move points to underlying structural weakness, he said, with bears continuing to press their advantage despite intermittent recoveries.
