"Strategy ( NASDAQ:MSTR ) has bet everything on Bitcoin ( ), transforming from a software firm into the world's largest corporate holder of the digital asset. But 2025's crypto winter has frozen that strategy, with bitcoin prices sliding amid interest rate uncertainty and macroeconomic headwinds. A $1,000 investment in Strategy at the start of the year would now be worth about $637, a 37% drop, while the S&P 500 has climbed 16% on tech and AI gains."
"Online defenders on X and in chat rooms hail chairman Michael Saylor as a 4D chess master, outmaneuvering a market that is playing checkers. This sentiment intensified after Saylor's recent pivot: After years of vowing to "never sell Bitcoin," he admitted Strategy might offload the crypto to cover dividends if its market net asset value (mNAV) - a ratio of market cap to Bitcoin holdings - dips below 1 for an extended period."
Strategy (NASDAQ:MSTR) transformed from a software firm into the world's largest corporate holder of Bitcoin, concentrating company risk in the digital asset. Bitcoin fell during 2025 amid interest-rate uncertainty and macroeconomic headwinds, leaving a $1,000 investment in Strategy worth about $637 while the S&P 500 gained 16%. Chairman Michael Saylor signaled possible bitcoin sales if market net asset value (mNAV) falls below 1, prompting debate over a sell-and-rebuy tactic. That tactic depends on perfect timing, risks deepening a crypto rout, could force liquidations, erode confidence, and compound losses alongside heavy shareholder dilution from at-the-market offerings.
Read at 24/7 Wall St.
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