The Michael Saylor-led firm MicroStrategy has been one of the worst U.S. stock performers. Shares trade below $130 and are down roughly 70% from November 2024’s near-$540 high.
The drop tracks a broader retreat in Bitcoin, which fell to under $75,000. By the end of 2025, MicroStrategy fell 48% for the year, its second-worst annual result after 2022’s roughly 75% plunge.
The company continued buying Bitcoin, investing millions into the asset in 2026. Its multiple to net asset value, or mNAV, stands at about 1.09, above the level that allows at-the-market stock sales to fund bitcoin purchases, and if the stock falls further future buys would likely shrink (Ed. note: mNAV below 1 would likely halt purchases).
Analysts warn the Bitcoin-accumulation strategy raises reliance on capital markets and could erode shareholder value. Regulatory moves and recent crypto bills have helped crypto stocks like MicroStrategy and Coinbase in recent months.
If U.S. legislation favors crypto, tokens such as Bitcoin and ETH could rally and lift related equities. Some analysts remain optimistic, with targets far above the current near-$129 price, and Maxim Group leads with a $500 target.
