Strategy Inc (NASDAQ:MSTR) shares are trading higher on Wednesday alongside other crypto-linked stocks after Bitcoin (CRYPTO: BTC) rose back above $92,000.
- MSTR is demonstrating bullish strength. Review the technical setup here.
What Happened: Strategy saw renewed attention on Wednesday after executive chair Michael Saylor claimed the asset now consumes more energy than the U.S. Navy, and even the combined infrastructure of Microsoft and Alphabet.
While presenting at a Binance Blockchain Week event, Saylor stated that the transformation of Bitcoin from a speculative asset to “digital capital” in his terms was greatly accelerated when President Donald Trump took on the role of the “Bitcoin president” and made the appointments of crypto-friendly officials throughout the government.
He mentioned the likes of Treasury Secretary Scott Bessent and SEC chair Paul Atkins as the some officials influencing a regulatory framework that is welcoming to digital assets.
Saylor said the most surprising transformation came from the banking industry, which he described as historically “hostile” toward crypto. Within the past 12 months, firms including BNY Mellon, Citigroup, JPMorgan Chase, Wells Fargo, Charles Schwab and Bank of America shifted from restrictive policies to active custody and lending services.
“Eight of the top ten banks now engage in crypto lending,” he said, noting that the move is a complete reversal in tone from previous views of regulators and supervisors.
Saylor likened the Bitcoin infrastructure to that of large states and corporations, asserting that the network at present uses 24 gigawatts of power -- about the same as 24 nuclear reactors.
Moreover, the CEO of Strategy, Fong Lee, once again confirmed the company's unwavering support for Bitcoin in the long run. In an interview with Yahoo Finance, Lee stressed that selling Bitcoin is a last resort.
“We don't trade Bitcoin. We accumulate it. Price agnostic. Strategy is an investor, not a trader,” Lee said.
From a technical perspective, Strategy stock is currently trading approximately 30% below its 50-day moving average and about 44.1% below its 200-day moving average. This significant distance from both moving averages indicates a bearish trend in the longer term, as the stock has struggled to maintain upward momentum.
Volume on Wednesday is notable, with 16.7 million shares traded, suggesting increased interest from investors. High trading volume can often precede significant price movements, and in this case, it may indicate a potential shift in sentiment as the stock attempts to recover from its recent lows.
MSTR Price Action: Strategy shares were up 2.01% at $185.02 at the time of publication on Wednesday, according to Benzinga Pro.
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- Michael Saylor’s Company Will Be Forced To Sell Bitcoin Before Year-End? Crypto Punters On Polymarket Have This To Say
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