Strategy Inc (NASDAQ: MSTR), the company formerly known as MicroStrategy, is trading at around $140 per share today on the Nasdaq. That number sits more than 55% below its 52-week high of $457.22 reached in July 2025. The stock hit a 52-week low of $104.17 on February 5 of this year before recovering modestly alongside Bitcoin’s partial rebound.
The company disclosed last week that it purchased 13,927 Bitcoin for approximately $1 billion, at an average price of $71,902 per coin. That purchase was funded entirely through sales of its preferred stock instrument, known as Stretch (STRC). Total holdings now stand at 780,897 BTC, acquired for a cumulative $59.02 billion at an average cost of $75,577 per coin.
Bitcoin is currently trading around $74,500, meaning Strategy’s entire treasury remains underwater relative to its average cost basis. The gap represents a paper loss of roughly $900 million on the whole position at current prices, though that figure shifts daily with Bitcoin’s volatile price action.
Michael Saylor, the company’s executive chairman, has consistently stated that Strategy will buy Bitcoin every quarter “forever.” The firm has not deviated from that commitment despite Bitcoin trading below the company’s cost basis for a sustained stretch. Demand for Bitcoin as a corporate treasury asset has otherwise almost entirely dried up among all but Strategy, according to data from crypto analytics provider CryptoQuant.
The share count has grown from approximately 76 million in 2020 to over 353 million today. That expansion reflects an aggressive at-the-market equity issuance programme that raised $25.3 billion in 2025 alone. Each share sold dilutes existing holders’ claim on the underlying Bitcoin held per share.
Preferred stock dividends add another layer of financial pressure. Payments on the STRK preferred series are projected to reach $904 million in 2026, up sharply from $217 million in 2025. Strategy retains the option to pay those dividends in common shares rather than cash, which would further dilute existing stockholders.
The stock carries a beta of approximately 3.6 versus the broader market, amplifying both Bitcoin’s gains and its losses. When Bitcoin rallied toward $76,000 on April 14 amid Iran ceasefire optimism, MSTR surged 8.3% in a single session. When Bitcoin fell back toward $70,000 earlier in the year, MSTR dropped significantly harder.
Analyst price targets vary widely, reflecting the difficulty of valuing a company whose fortunes rest almost entirely on a single volatile asset. The median target across ten analysts who have covered the stock in the past six months sits at $290, with individual targets ranging from $175 at B. Riley Securities to $320 at Mizuho. Some longer-term models suggest an intrinsic value closer to $663 per share, though those figures are built on specific Bitcoin price assumptions and treasury growth targets that are deeply uncertain.
One notable headline emerged on April 15. A news outlet reported that Strategy’s latest $1 billion Bitcoin purchase at $71,902 per coin technically pushed Michael Saylor back into personal profit on his own holdings, given the timing of his personal cost basis on certain tranches. Bitcoin touching $75,000 briefly on April 15 also pushed the company’s aggregate position closer to breakeven on paper.
The company’s legacy enterprise analytics business continues to generate modest revenue. Quarterly revenue came in at approximately $123 million for the most recent reported period, above the $119 million estimate. However, the net loss for that quarter was a staggering $12.44 billion, driven by Bitcoin impairment charges under accounting rules that require unrealised losses to be recognised but do not allow unrealised gains to offset them symmetrically. That accounting asymmetry has produced dramatic swings in reported net income across quarters.
Strategy’s next earnings report is scheduled for May 5, 2026. The market will be watching whether Saylor’s conviction-driven accumulation strategy starts to pay off as Bitcoin pushes toward and potentially above the $75,577 average cost basis. For now, the bet remains open and the leverage remains real.
