Michael Saylor’s Strategy Shares Slide Towards Eighth Consecutive Monthly Decline
Michael Saylor’s Strategy (MSTR), the world’s largest publicly traded bitcoin holder, is facing its eighth consecutive monthly decline as February begins. The stock has dropped approximately 7% and is currently trading around $141. This marks a staggering 75% decrease from its peak of roughly $540 in November 2024.
Recent Performance Trends
The decline in Strategy’s stock has been evident since July, resulting in seven straight months of negative performance. By the end of 2025, the company’s stock experienced a 48% decline for the year, marking its second-worst annual performance. The worst year remains 2022, with a 75% drop in share value.
Bitcoin Price Impact
In comparison, bitcoin has seen a decline of about 40% from its all-time high in October. This has created a significant performance gap between MSTR and bitcoin, currently estimated at around 35%. In January, this spread reached 45%, equaling a record set in 2021, according to data from checkonchain.
Valuation and Future Implications
Strategy’s multiple to net asset value (mNAV), which is calculated by dividing the enterprise value by its bitcoin reserves, stands at 1.09. This indicates that the company can continue to sell common stock through at-the-market offerings to acquire more bitcoin. However, should the stock price continue to decline, future bitcoin purchases may be curbed.
- If mNAV drops below 1, the company may need to halt bitcoin acquisitions.
- Previously, during the 2022 bear market, Strategy raised $275 million, purchasing roughly 10,000 BTC.
For Michael Saylor and Strategy, the ongoing market conditions pose serious challenges ahead. The strategy to maintain bitcoin purchases could face significant adjustments if the stock does not recover soon.
