The stock reached $457 in July of last year. It closed at $132 this week. Measured in a straight line from peak to present, that represents a 71% decrease in about eight months. The story of Strategy Inc.’s share price in 2025 and 2026 is more about what happens when a company makes a single, massive wager and then watches the asset it bet on behave like an asset than it is about any specific quarter’s performance. The company is still known to the majority of the investing world by its former name, MicroStrategy.
In case you forgot, the wager is Bitcoin. With 762,099 BTC, Strategy owns about 76% of all Bitcoin held by public corporate treasuries worldwide. The business bought about 45,000 more in the 30 days that ended this week. Over the same time period, all other publicly traded companies that own Bitcoin as a treasury asset bought about 1,000 BTC. This approach is not diversified. It is a focused, maximalist commitment to a single asset carried out with a degree of conviction that results in both times of exceptional outperformance and times like the current one, in which the stock has dropped by almost a fifth in just three months while the larger technology industry swings around it.
| Category | Details |
|---|---|
| Company | Strategy Inc. (formerly MicroStrategy) |
| Ticker | MSTR — NASDAQ |
| Current Share Price | ~$132.96 (closed March 27, 2026) |
| Day’s Change | −$6.17 (−4.43%) |
| 52-Week Range | $104.16 — $457.22 |
| 52-Week High Date | July 16, 2025 |
| Market Cap | ~$46.65 billion |
| P/E Ratio | N/A (no GAAP earnings) |
| YTD Return | −19% |
| Decline from 52-Week High | ~71% |
| Total Bitcoin Holdings | 762,099+ BTC (~76% of all corporate Bitcoin treasury holdings) |
| BTC Purchased in Last 30 Days | ~45,000 BTC (vs. ~1,000 by all other public companies combined) |
| STRC (Stretch) Preferred Shares | Annual dividend ~11.5%; $100 anchor price; perpetual (no maturity date) |
| STRC Retail Ownership | ~80% of holders are retail investors |
| Capital Raise Plan | Up to $21B via MSTR stock + $21B via STRC at-the-market = $42B total |
| Q4 2025 Revenue | $122.99 million (+1.9% YoY) |
| CEO | Phong Le (since August 2022) |
| Executive Chairman | Michael J. Saylor (co-founder) |
| Headquarters | Virginia, United States |
| Founded | November 1989 |
| Employees | 1,539 (2025) |
| Reference Website | Strategy Inc. Official Site — MSTR Metrics |
This week at the 2026 Digital Asset Summit in New York, Michael Saylor, the company’s executive chairman and the creator of its Bitcoin strategy, gave an explanation of Strategy’s capital markets activity. The company’s Variable Rate Series A Perpetual Preferred Stock, or Stretch, or STRC, is the product in question. The structure has a somewhat unusual design and is elegant in its simplicity.
The first 10% to 11% of annual Bitcoin appreciation is stripped by STRC and distributed as yield to preferred stockholders. At the moment, this rate is around 11.5%, which looks incredibly appealing when compared to US Treasury yields, which are typically around 4%. Because STRC has no maturity date, unlike bonds, Strategy is never required to repay the principal. In order to maintain the share price anchored around $100, holders simply receive continuous dividend distributions, with the rate changing each month.
Who is purchasing STRC has been the most illuminating thing this week. About 80% of Stretch holders are retail investors, or individuals rather than organizations, according to CEO Phong Le. In contrast, retail ownership of MSTR common stock is approximately 40%. The difference is important.
Attracted by the $100 price stability, the 11.5% yield, and the promise of “Bitcoin exposure without the volatility,” retail investors are effectively giving Strategy debt-like financing at rates that institutions would normally reject. “Normally, the hardest thing in the world to do is to sell a new credit instrument to a retail investor,” Saylor said, acknowledging the uniqueness of what the company has created. The fact that it is succeeding on a large scale is either an impressive marketing accomplishment or an indication that the yield environment has caused individual investors to be unusually open to investments that they might have rejected two years ago. Maybe both.
All of this has an impressive capital plan. A strategy submitted to the SEC stated plans to raise up to $21 billion through the issuance of new MSTR common stock and an additional $21 billion through additional STRC at-the-market programs, for a total of $42 billion in fundraising. To put things in perspective, that exceeds the company’s current market capitalization.
The idea is to issue large quantities of new stock and preferred shares, use the proceeds to purchase additional Bitcoin, and rely on the idea that the acquired Bitcoin will increase in value quickly enough to cover the yields promised to STRC holders while still leaving equity upside for common shareholders. In a bull market for Bitcoin, the math makes perfect sense. The equation becomes more complex in a sideways Bitcoin market.
As you watch Strategy navigate 2026, you get the impression that the company has made such a strong commitment to its thesis that there isn’t really a way back. As a result of Bitcoin’s current price of $67,770, which is about 45% below its peak, MSTR common shares have dropped 19% so far this year. The business’s underlying business intelligence software operations generated $122.99 million in revenue in Q4 2025, a mere 1.9% increase from the previous year.
The software industry is small but genuine. The equity narrative is wholly focused on Bitcoin. As it has always been, the story of Bitcoin is still genuinely unresolved. It has the potential to produce both the kind of sustained decline that has reduced the stock’s value by almost three-quarters in just eight months and the kind of return that made MSTR one of the best-performing stocks in 2024. Investors have a choice to make if they comprehend that dynamic and price it appropriately. Those who don’t are still learning.
