MicroStrategy shares have fallen 40% over the past month and are now down 68% from their all-time high, as renewed weakness in Bitcoin weighs heavily on the company’s balance-sheet strategy. The firm holds 649,870 BTC purchased at an average price of $74,433, making it one of the largest corporate Bitcoin holders globally.
With Bitcoin trading well below that level, analysts note that a further 15% decline would push MicroStrategy’s cumulative position into a net loss. The company’s leveraged accumulation strategy increases the sensitivity of its equity to crypto market volatility, contributing to the sharp drawdown in its stock price.
Despite the downturn, Executive Chairman Michael Saylor has reiterated his long-term conviction in Bitcoin, positioning the asset as the company’s primary treasury reserve. Investors now face heightened uncertainty as both MicroStrategy’s valuation and its Bitcoin holdings remain exposed to continued market pressure.