Shares of MicroStrategy surged +4.1% to $185.40 Thursday morning as the Senate Banking Committee began marking up the CLARITY Act — a sweeping bill that would formally classify Bitcoin as a commodity and place it under the jurisdiction of the Commodity Futures Trading Commission. Bitcoin jumped above $81,000 as the hearing got underway, lifting MicroStrategy's fortunes in tandem.
• Washington Is Close to Settling a Decade-Old Debate — and MicroStrategy Stands to Benefit Most
The bill defines which digital assets are subject to securities laws and which are to be treated as commodities. For MicroStrategy, which owns 818,869 bitcoins acquired at an average price of $66,384.56 , commodity classification would reduce the threat of SEC enforcement actions against Bitcoin and open the door to deeper institutional participation. The bill has a good chance of making it to the Senate floor, though a successful markup does not mean the bill becomes law — a full Senate vote, reconciliation with the House version, and a presidential signature would all still need to follow.
• An $8.5 Billion Preferred Stock Machine Needs Regulatory Calm to Keep Running MicroStrategy's Bitcoin buying binge depends on its ability to continuously raise capital. Its preferred stock instrument, STRC, has scaled to $8.5 billion in market capitalization in just nine months.
In March 2026, the company filed dual $21 billion stock-sale programs totaling $42 billion in capital-raising capacity. Clear commodity rules make these offerings easier to sell to risk-conscious institutional buyers who need legal certainty before writing checks.
• The Stock Is Up, but Q1 Losses Remind Investors This Is a Leveraged Bet
MicroStrategy posted a $12.54 billion net loss in Q1 2026, driven by a $14.46 billion unrealized markdown on its Bitcoin holdings. With a cost basis around $66,385 and Bitcoin now near $80,875, the treasury sits on substantial unrealized gains — but that advantage can evaporate quickly if Bitcoin reverses.
• The Bill Still Faces Real Political Hurdles
Members have filed over 130 proposed amendments, with 44 coming from Senator Elizabeth Warren alone.
Lawmakers still need to resolve a sticky conflict-of-interest provision before a final version is likely available for a vote from the overall Senate, where 60 yes votes will be needed. A stall would deflate the regulatory premium now baked into both Bitcoin and MSTR. Investors are buying a future that Congress hasn't finished writing.