The company says the review could result in BlackBerry forming joint ventures, strategic partnerships or a sale of BlackBerry. It didn't specifically mention going private, an idea that has gained favour recently according to recent reports.
However, the long-anticipated formal strategic review � which will seek to get the best deal for BlackBerry shareholders pushed up BlackBerry share prices.
RIMTimeline: Research in Motion's rise and fall
BlackBerry shares were rose more than 10 per cent, or $1.08, to close at $11.13 on the Toronto Stock Exchange, which is about $8 below the high in January when the stock was boosted by optimism for its BlackBerry 10 smartphones.
The rising stock is a sign of shareholder frustration, according to equity analyst Troy Crandall, of the Montreal-based investment firm MacDougall, MacDougall and MacTier.
The BlackBerry 10 has not met expectations since its debut in January and the company has long talked about turning around its sagging fortunes.
But investors "haven't really seen much come forth from management," Crandall told CBC News. "It's about time they did something."
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BlackBerry also announced Monday that Prem Watsa, the head of Canadian insurance company Fairfax Financial and one of BlackBerry's key shareholders, has resigned from the BlackBerry board due to potential conflicts.
Fairfax Financial, which owns 9.9 per cent of BlackBerry, is reported to be in talks with private equity investors to find ways to take BlackBerry private and his departure is taken as a sign of potential interest.
Others who may want to buy the company could include the Canada Pension Plan, which has previously expressed interest, and private equity firm Silver Lake Partners, which reportedly has been in talks with the company on possible collaboration.
Buyers would have been easier to find a few years ago during the company's heyday, said Crandall, when Microsoft, Oracle and other big names were thought to be interested.
"But things have changed and [those companies] are not so interested from what we can tell," he said.
Watsa joined the Blackberry board in early 2012 as part of attempts to revitalize the company, previously called Research In Motion, as its previous long-time co-CEOs stepped aside and installed Thorsten Heins as chief executive.
"I continue to be a strong supporter of the company, the board and management as they move forward during this process, and Fairfax Financial has no current intention of selling its shares," Watsa said in a statement issued by BlackBerry.
The announcement comes amid unconfirmed reports that the Waterloo, Ont.-based company may go private � a move that could result in one or more investors buying out other shareholders and delisting the stock.
Last month, the company laid off 250 employees at its new-product testing facility, and in 2012 shed 5,000 jobs as it sought to regain its footing in the highly competitive smartphone market.
Heins said there are "compelling long-term opportunities" for the company's products including a new generation of BlackBerry smartphones, the BlackBerry Enterprise Server and a new secure global data network.
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