MicroStrategy Shares Fall Another 5% as Confidence Wanes in Saylor’s Bitcoin Playbook

Core Insights - Strategy (formerly MicroStrategy) continues to face declining stock performance despite recent Bitcoin purchases, raising concerns about investor confidence in its aggressive accumulation strategy [1][2][3] Group 1: Company Performance - Strategy acquired an additional 1,287 Bitcoin, bringing its total reserve to 673,783 Bitcoin [2] - The stock price peaked at $167.24 but fell to a low of $155, indicating a lack of sustained momentum in favorable market conditions [3] - The company reported a $17.44 billion unrealized loss in Q4 of the previous year, with stock declining nearly 50% throughout 2025 [4] Group 2: Investor Sentiment - Investors are increasingly concerned that Strategy may need to sell some of its Bitcoin holdings if prices decline further, a significant shift from the founder's previous stance of "never sell" [5] - CEO Phon Le acknowledged the possibility of selling Bitcoin under specific crisis conditions, which has further eroded investor confidence [5] Group 3: Market Conditions - The MSCI's decision not to exclude digital asset treasuries from its index provided temporary relief, but the future of Bitcoin's price remains uncertain [6] - Continued increases in Bitcoin exposure could amplify the impact of any downturns, further affecting investor confidence [6]