Strategy Inc. Shares Trade Nearly 4 Times JPMorgan Chase’s Volume

Strategy Inc. shares traded nearly four times JPMorgan Chase’s volume on Friday, Oct. 16, as MSTR fell 9.6%, showing heavy activity in the Bitcoin-linked stock during a steep decline.

MSTR traded about 31.7 million shares during the U.S. session, compared with about 8.4 million for JPMorgan Chase, a roughly 3.8-to-1 ratio. By the 4 p.m. ET close (20:00 UTC), MSTR was down 9.6% and JPMorgan Chase was up about 1.2%.

The volume comparison counts shares exchanged during the session. It does not measure the dollar value of those trades or show whether investors were net buyers or sellers. The figures describe trading activity in the two stocks, not a comparison of their market values.

At the Oct. 11 update, the company’s balance stood at 848,250 BTC, with an aggregate acquisition cost of $63.995 billion. Its latest purchase was 250 BTC during the week through Oct. 11.

The purchase used $21 million in proceeds from MSTR stock sales and $500,000 in cash. That funding mix ties part of Strategy’s Bitcoin buying to its access to capital markets.

Strategy combines Bitcoin-focused capital management with enterprise analytics software. MSTR’s share price can move independently of the fair value assigned to its Bitcoin, so share volume and the holdings’ dollar value measure different things.