Michael Saylor's Strategy jumps as the company says it bought more bitcoin

What happened: Strategy (MSTR) stock rose more than 7% pre-market Monday after the bitcoin holding company disclosed it bought more of the token and repurchased preferred stock last week.

The move pushed Strategy stock back into positive territory for the year—up about 1% since January—underscoring a major reversal after a number of tough months for the bitcoin holding giant.

What's behind the move: Strategy (MSTR) bought 950 bitcoin and repurchased about 1.77 million of its preferred stock (STRC) last week, it said in a Monday 8-K filing.

The bitcoin juggernaut also used another $57.4 million to fund dividends on preferred stock and outstanding interest payments. After those purchases, Strategy said its USD and cash reserves were $1.05 billion and $5.04 billion, respectively. 

The disclosure came as other crypto stocks rallied, and bitcoin's price jumped more than 6% to trade above $85,000, its highest level since January.  It followed a cryptic yet suggestive Sunday post on X from founder Michael Saylor, which read "a little more orange."

What else you need to know: Pressure on Strategy began mounting earlier this year as bitcoin and the wider crypto market descended into a prolonged winter.