Strategy Stock Crashes 60% — But Michael Saylor Refuses To Step Aside

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Strategy’s share price has taken a beating this year, but its Bitcoin hoard remains in the black and still changes the long-term picture for investors.

Strategy Bitcoin Holdings Still In Profit

According to BitcoinTreasuries.NET and company disclosures, Strategy bought its Bitcoin at an average cost of $74,430 per coin. With Bitcoin trading around $86,000, that basket is still up roughly 16% on paper.

The firm stepped up its buys on Nov. 17, adding 8,178 BTC for $836 million. Michael Saylor, Strategy chairman, said “I won’t back down.” That move pushed its total to 649,870 BTC, a stash currently worth nearly $56 billion. Short-term swings have hit the stock hard, but the crypto holding itself is not the same as the equity price.

I Won’t ₿ack Down

— Michael Saylor (@saylor) November 23, 2025

In markets, appearance matters. Shares that once traded near $300 in October slid to about $170 at the time of recent reporting. Over the last year the stock is down close to 60%, and it has fallen by more than 40% year-to-date. Those drops have worried some, yet the balance sheet tied to Bitcoin tells a different numeric story.

Investors Use Strategy As A Hedge

Based on reports and market commentary, the stock’s weakness is partly technical. In a recent interview, BitMine chairman Tom Lee pointed out that Strategy’s options market is very liquid, making the stock an easy tool for large players to hedge Bitcoin exposure.

BTCUSD trading at $87,384 on the 24-hour chart: TradingView

Traders can buy puts or short the equity instead of wrestling with less liquid crypto derivatives. That choice can press the share price independently of whether the company’s Bitcoin position is healthy.

Analysts warned that a deep drop in BTC could force the firm to sell coins and that such a move would put extra pressure on both the stock and Bitcoin itself. He said the risk is there, even if it looks distant today. In plain terms: one day of panic could create a chain reaction. For now, it remains hypothetical rather than immediate.

Source: Bitcoin Treasuries

Stock Returns Outpace Tech Peers

Five-year returns show a stark contrast. Strategy’s shares have climbed more than 500% over that window, compared with Apple’s 130% and Microsoft’s 120%.

Over two years the firm’s stock rose about 226%, while Apple gained 43% and Microsoft gained 25% in the same period. These numbers underline why long-term investors have supported the firm’s strategy despite recent turbulence.

Featured image/photo illustration by Alice Morgan/Getty Images, chart: TradingView

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