Bitcoin Tops $97K, Strategy Hits 2025 High Ahead of Earnings Amid Capital Raise Speculation

The panic that ensued following President Trump’s Liberation Day tariff announcements continues to fade, with bitcoin (BTC) and major U.S. stock averages surging anew.

Bitcoin at press time was trading just above $97,000 for the first time in nearly ten weeks, up 3.3% over the past 24 hours and ahead 14% since Liberation Day. With a 2% gain today, the Nasdaq is now higher by about 1% since then. Ahead 1% today, the S&P 500 has returned to its level just prior to that early April event.

“You know there’s a guy out there living a life of zen-like contemplation in a cabin somewhere, refusing to check the news, who assesses his portfolio on a monthly basis and has no reason to believe that anything happened in April,” Mike Bird, Wall Street editor at The Economist, posted on X.

After plunging about 55% from its November record high to as low as $235 in mid-April, Strategy (MSTR) is particularly enjoying the rebound, hitting a new year-to-date high just above $400 minutes ago.

Some are urging caution. “They don’t usually ring a bell at the top,” wrote Lekker Capital founder Quinn Thompson in response to Bitwise’s Jeff Park’s post celebrating MSTR’s longest winning streak since November 2023.

Strategy posts first quarter results after the market close on Thursday and the company notably used up the last of its $21 billion at-the-market common share sale program with its most recent bitcoin purchases last week.

Might the company announce a fresh mammoth equity offering to add even more to its $53 billion bitcoin stack? Executive Chairman Michael Saylor has hinted at maybe something in the works, urging his X followers to tune into the earnings call. Thompson has mulled the same, expecting Saylor to “one up” the company’s earlier offerings.