Strategy Inc. surged 10.4% in pre-market trading on Thursday, lifting shares to a high of $115.04 after Bitcoin climbed roughly 8% to near $70,000—a two-month peak.
The advance followed a cascade of forced short liquidations totaling $1.44 billion, as traders covering bearish positions on crypto-linked equities accelerated the move. Strategy’s stock had closed at $104.25 in the prior session.
The broader macro backdrop also supported risk sentiment after the U.S. Treasury announced plans to at least double its long-term bond buyback operations, targeting a minimum of $4 billion per operation for 10- to 30-year maturities. The S&P 500 slipped 0.04% while the Nasdaq edged up 0.1%.
Regulatory optimism contributed to the rally, with reports of a meeting between President Trump and cryptocurrency executives raising expectations for the proposed CLARITY Act, which aims to clarify the regulatory framework for digital assets. Strategy’s CEO, Phong Le, indicated the company plans to resume Bitcoin accumulation following a seven-week pause, reinforcing its long-term treasury strategy.
The surge in Strategy’s shares mirrored gains across the crypto equity complex, including Coinbase, MARA Holdings, and Robinhood, while the broader U.S. equity market remained largely flat.
