In the last six months, Strategy (MSTR) stock has fallen about 64% amid Bitcoin’s sell-off. Shares found a floor just above $100, which stopped steeper declines.
Bitcoin (BTC) trades just above $70,000 after about a 22% decline in one month. Because Strategy holds large Bitcoin positions, its stock moved largely with the cryptocurrency.
Bernstein analyst Gautam Chhugani said the moves reflect confidence, not broken market mechanics. “The current Bitcoin price action is a mere crisis of confidence. Nothing broke, no skeletons will show up,” “In an AI world, Bitcoin and crypto are not interesting enough,” “The Bitcoin bear case is the weakest in its history.” (Ed. note: Chhugani framed the sell-off as temporary rather than structural.)
The Michael Saylor-established firm recently bought about $264 million of Bitcoin during the market’s weak phase. It now holds 712,647 BTC, valued near $63 billion.
Analysts warn the buy-and-hold accumulation boosts reliance on capital markets and could erode shareholder value. If new U.S. crypto bills pass, BTC and ETH could rally and lift stocks like Strategy and Coinbase (COIN), but the rest of 2026 presently looks bleak.
