Emre Yumlu 
As one of the companies with the highest institutional exposure to Bitcoin, Strategy main share MSTR has been going through a sharp value loss process in recent months. With approximately 720,000 BTC on the company’s balance sheet, the stock’s performance is directly sensitive to Bitcoin price movements. However, the recent picture shows an even weaker performance than Bitcoin itself.
Bitcoin Fell, MSTR Declined Even More Sharply
While Bitcoin closed five consecutive months in negative territory, this streak has reached eight months for MSTR stock. During the summer months, the stock reached its all-time high above the $450 level along with Bitcoin’s rally. However, as Bitcoin pulled back from the $126,000 level in October, selling pressure on MSTR accelerated even further.
As of today, MSTR is trading around the $129 level. In the last six months, while Bitcoin lost approximately 50% of its value, the decline in MSTR exceeded 60%. Looking solely at February’s performance, Bitcoin declined by 14%, while MSTR recorded a loss of around 20%. This picture once again demonstrates why the stock is referred to as “leveraged Bitcoin”: sharper premiums during rises and deeper losses during declines.
Geopolitical Risk and Market Opening
The fact that U.S. markets will open for the first time since the Iran war began over the weekend also increases short-term risks. If geopolitical tension remains high, selling pressure is likely to continue in risky assets, including MSTR.
That said, Bitcoin beginning to test the $70,000 level again does not make the scenario entirely one-sided. A potential recovery move could bring a sharp “short squeeze” rally in MSTR as well.
Expectation of New Bitcoin Purchase
Another item on the market’s agenda is the expectation that Strategy could announce a new Bitcoin purchase. The recent post by the company’s founder Michael Saylor indicates that a new BTC acquisition for the past week could be announced.
Due to its high Bitcoin position, MSTR stock continues to behave more like a high-beta derivative of the crypto market rather than a classic technology stock. In the coming days, both Bitcoin’s price and macroeconomic developments will be decisive for the stock’s direction.
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