Why Is MSTR Stock Down 58% YoY Despite Strategy’s Relentless Bitcoin Buying?

Sam Daodu

Tue, May 19, 2026 astatine 6:51 AM CDT 7 min read

Quick Read

• Strategy holds 843,738 Bitcoin worthy $64.83 cardinal but has a marketplace headdress of lone $58.6 billion, meaning the banal marketplace values the full institution astatine $6 cardinal little than the Bitcoin connected its equilibrium sheet—even arsenic MSTR has fallen 58% implicit the past year.

• MSTR’s mNAV has compressed from a 3.89x highest successful November 2024 to 1.24x today. At peak, each stock Saylor issued was priced astatine astir 4x the underlying Bitcoin’s value, adding much Bitcoin per stock for existing holders, but astatine 1.24x that payment has astir vanished.

• Strategy funded its $2.01 cardinal Bitcoin bargain (May 11-17) 95.9% with STRC preferred shares paying 11.50% yearly dividends—not communal stock—because mNAV is present excessively debased for common-stock issuance to adhd meaningful Bitcoin per share, and STRC has raised $5.58 cardinal successful 2026 unsocial to marque it the world’s largest preferred banal by marketplace cap.

• The expert who called NVIDIA successful 2010 conscionable named his apical 10 stocks and MicroStrategy wasn't 1 of them. Get them present FREE.

Michael Saylor isn’t slowing down his Bitcoin (CRYPTO: BTC) buying. Strategy (NASDAQ:MSTR | MSTR Price Prediction) present owns 843,738 Bitcoin, which is worthy $64.83 cardinal astatine today's prices. However, the full institution is worthy conscionable $58.6 billion. The Bitcoin holding unsocial is worthy much than the institution that holds it.

Meanwhile, Strategy’s MSTR banal is down 58% implicit the past year, adjacent arsenic Saylor keeps adding to the BTC position—including the $2 cardinal haul conscionable past week. Here's our reappraisal of wherefore MSTR is down and wherefore Saylor keeps buying Bitcoin anyway.

The expert who called NVIDIA successful 2010 conscionable named his apical 10 stocks and MicroStrategy wasn't 1 of them. Get them present FREE.

The MSTR Stock Is Broken, but Strategy's Bitcoin Bet Isn't

On the Bitcoin side, Saylor has been winning. Strategy's holdings person astir doubled implicit the past year, climbing from astir 444,262 BTC to 843,738 BTC today. The blended outgo basis—the mean terms paid crossed each those coins—comes to $75,700 per coin.

The institution besides reports a BTC Yield of 12.6% year-to-date, meaning each existing shareholder owns 12.6% much Bitcoin per stock contiguous than they did connected January 1. That's the full constituent of the strategy: accumulate Bitcoin faster than the stock number grows, and existing holders benefit. On that score, Saylor's strategy is doing precisely what helium said it would.

However, the banal marketplace has been a antithetic shot game. MSTR peaked adjacent $540 successful November 2024 and present trades adjacent $166, which is simply a 70% drop. Saylor's idiosyncratic nett worthy has fallen $2.6 cardinal implicit the aforesaid period, per Bloomberg.