Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Jim Cramer's newest critique centers on a familiar theme: investors expecting Michael Saylor to openly reveal what Strategy (NASDAQ:MSTR) plans to do next. What Happened: In an X post on Dec. 2, Cramer argued that Saylor operates more like a "master poker player" — someone who's survived enough crises to earn "nine lives," and who understands the power of misdirection. Don’t Miss: If there was a new fund bac ...

Market Trend & Bear Market Preparation - CryptoQuant research indicates a bear market started in early November [1] - The research expects BTC to trade in the $70 thousand–$55 thousand range next year if the bear market persists [1] Liquidity & Risk Management - MicroStrategy (MSTR) established a ~$1.44 billion USD reserve this week [1] - The reserve is intended to cover preferred dividends and debt interest, signaling bear-market preparation [1] - The USD reserve serves as a liquidity risk-management tool, built up when mNAV>1 [1] - At ~$92.7 thousand BTC, MicroStrategy can sustain operations and dividends for 3+ years [1] - BTC sales are considered only as a last resort [1]

Group 1 - Renowned investor Ross Gerber criticized Strategy Inc.'s model of holding Bitcoin, suggesting a similar model for gold purchasing [1][2] - Gerber proposed a public company that would buy gold, allowing investors to purchase shares at a "1.5x premium" to the gold's value, paralleling Strategy's shares trading at a premium to its Bitcoin value [2][3] - Gerber expressed skepticism about the sustainability of leveraged exposure in both gold and Bitcoin, indicating that the business model may not be viable [4][5] Group 2 - Strategy Inc., led by Michael Saylor, announced a $1.44 billion buffer to cover dividends and interest without relying on Bitcoin sales during downturns, reflecting concerns about its business model [5][6] - The company currently holds 650,000 BTC at an average price of $74,436, with Saylor admitting the possibility of selling Bitcoin if shares trade at a discount to its underlying holdings [6] - Market expert Jim Cramer suggested that Saylor might be attempting to "engineer a squeeze of a lifetime," countering his own claims about the company's resilience during significant drawdowns [7]

Market Overview - The cryptocurrency market is experiencing a significant sell-off, with Bitcoin trading 26% below its October all-time high and Ethereum down 38% [2] - Bitcoin's current price is $92,962.55, reflecting a 13.47% decline over the past 30 days, while Ethereum is priced at $3,059.35, down 17.57% in the same period [3] Notable Investors - Michael Saylor's Strategy Inc. has purchased 8,795 BTC in the last 30 days, totaling $817 million, and holds 650,000 BTC valued at $60.45 billion, making it the largest corporate holder of Bitcoin [4] - El Salvador has acquired 1,122.19 BTC worth $104.24 million for its national reserves, including a notable purchase of 1,090 BTC in one day [5] - Strive Inc., founded by Vivek Ramaswamy, has bought 1,567 BTC in the last month, increasing its total to 7,525 BTC valued at nearly $700 million [6] Ethereum Accumulation - Bitmine Immersion Technologies Inc. has aggressively increased its Ethereum holdings, purchasing 331,064 ETH in the last 30 days, bringing its total to 3.72 million ETH valued at almost $11 billion [8] Legislative Interest - Senator David McCormick disclosed purchasing shares of the Bitwise Bitcoin ETF ahead of Thanksgiving, indicating growing interest from lawmakers in cryptocurrency investments [9]

MSTR just printed a once in 5-20 year Abandoned Baby pattern and you’re bearish??matthew sigel, recovering CFA (@matthew_sigel):The Abandoned Baby candlestick pattern is one of the rarest reliable reversal patterns in TA.Generally one occurrence every 5-20 years for a single stock. https://t.co/W4UnFMD9hh ...

Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Michael Saylor just said something he's avoided for five years: MicroStrategy Inc (NASDAQ:MSTR) might sell Bitcoin (CRYPTO: BTC) "in the interest of shareholders." The comment stunned a market conditioned to believe the company would hold forever—and instantly ignited a fresh wave of speculation about what the move really means. And if you ask Jim Cramer, this might not be capitulation. It might be the setu ...

RT Emmett Gallic (@emmettgallic)Strategy $MSTR transferred another 11,642 BTC ($1B) to Fidelity in the last 48hrs.Total transferred: 177,351 BTC ($16.5B).Fidelity's omnibus custody combines it with other client funds, so 27% of their BTC is no longer trackable onchain https://t.co/x8ioeqxVlg ...

Core Insights - MicroStrategy, now referred to as Strategy, has faced criticism after revealing a $27 million deposit for a corporate aircraft, raising concerns about its spending priorities amid Bitcoin's volatility [1][5]. Financial Disclosures - The company's Form 10Q, filed on November 3, indicated a significant increase in net cash used for investing activities year-over-year, with a $27 million deposit for a corporate aircraft and $19.38 billion in Bitcoin purchases funded through various financing methods [2]. Investor Sentiment - Investors have expressed skepticism regarding the alignment of the aircraft purchase with the company's Bitcoin-first strategy, especially as the stock price (MSTR) has declined by approximately 30% over the past month [4][5]. - Critics argue that shareholder capital should prioritize Bitcoin accumulation rather than enhancing executive travel privileges, particularly given the context of recent equity issuances [5]. Supporter Arguments - Supporters of the company contend that corporate aircraft are standard for firms with extensive global operations and that the $27 million deposit is a minor portion of the total capital allocated for Bitcoin investments during the same period [6]. Market Sentiment and Company Strategy - The situation underscores how closely the decisions made by the company's leadership are linked to market sentiment, particularly during volatile periods for Bitcoin [7]. - The debate illustrates the shifting expectations of investors when a company is heavily focused on a single macro-sensitive asset like Bitcoin [8].

Core Viewpoint - Concerns have risen regarding the potential collapse of Bitcoin treasury strategy due to bearish news, including possible removal from stock indices and the acknowledgment by Michael Saylor that the firm may need to sell Bitcoin for the first time [1] Group 1: Company Performance - The company holds 650,000 Bitcoin valued at approximately $60 billion, representing 3.1% of the total Bitcoin supply [1] - The stock price of Strategy (MSTR) has decreased by 30% to $185.88 over the past month, influenced by a 13% decline in Bitcoin during the same period [2] - MSTR has fallen 65% from its all-time high reached in November 2024, while Bitcoin has decreased by 6% in that timeframe [2] Group 2: Historical Context and Comparisons - Historical examples of public companies collapsing include Enron and Lehman Brothers, with recent bankruptcies of banks like Silicon Valley Bank, Silvergate, and Signature, which resulted in equity holders losing their investments [2][3] - Enron, once the seventh-largest U.S. company, saw its stock plummet from $90 to $0.26 due to fraudulent accounting practices [3] - The concept of "too big to fail" emerged from the 2008 financial crisis, where major financial firms collapsed, challenging the belief that some companies were immune to failure [3] Group 3: Perspectives on Company Stability - Some observers argue that the Bitcoin treasury firm cannot collapse due to its public trading status, suggesting that a bailout would occur to prevent disastrous consequences [4] - The company is ranked as the 433rd largest by market capitalization, which some believe would attract support in the event of financial distress [4] - Others, like Mitchell "Nom" Rudy, express that failure is unlikely for the firm [5]

Core Insights - Strategy's stock price is highly correlated with Bitcoin's performance, leading to significant losses for shareholders when Bitcoin declines [1][8] - The company, formerly known as MicroStrategy, positions itself as a Bitcoin Treasury Company, aggressively increasing its Bitcoin holdings through loans and stock sales [2][9] - Strategy's stock has historically amplified Bitcoin's price movements, nearly doubling Bitcoin's gains over the past three years [3] Company Strategy - Strategy is not designed to function like a traditional Bitcoin ETF, as it actively seeks to increase shareholder exposure to Bitcoin rather than merely reflecting Bitcoin's price [5][6] - The company's focus on Bitcoin has led to a neglect of traditional revenue generation, with Saylor prioritizing Bitcoin acquisitions over dollar-based profits [9] Market Performance - In November 2025, Bitcoin fell by 16.1%, while Strategy's stock plummeted by 34.3%, illustrating the amplified risk associated with the company's strategy [1][8] - The stock's volatility is expected to continue, particularly in risk-averse market conditions, where declines in Bitcoin prices lead to even steeper drops in Strategy's stock [10] Financial Metrics - Strategy's current market capitalization stands at $52 billion, with a gross margin of 75.93% [7]