MicroStrategy(US:MSTR) 华尔街见闻·2025-09-26 08:51Core Viewpoint - The strategy of holding large amounts of cryptocurrency as corporate reserves is facing significant challenges as Bitcoin prices continue to decline, with recent market turmoil leading to substantial liquidations and a drop in Bitcoin below the $110,000 support level [1][4]. Group 1: Market Conditions - The cryptocurrency market has experienced a large-scale liquidation, with Bitcoin falling below $110,000 and Ethereum dropping below $3,900 [1]. - In contrast, the price of physical silver has surged, surpassing $45, marking a 14-year high [1]. Group 2: Company-Specific Concerns - Peter Schiff, a prominent critic of Bitcoin, has warned that companies holding Bitcoin as an asset are entering a "brutal bear market," raising doubts about the sustainability of their business models [4][5]. - MicroStrategy (MSTR), known for its significant Bitcoin holdings, has seen its stock price drop sharply, falling below $300 for the first time since April, effectively erasing its gains for the year [9][11]. - MSTR's stock price is highly correlated with Bitcoin prices, and the recent weakness in Bitcoin has directly impacted MSTR's stock performance [11]. Group 3: Financial Risks and Strategies - Schiff has previously indicated that many companies are emulating MSTR's founder Michael Saylor's unconventional business strategy, but few have acknowledged the significant decline in MSTR's stock price [12]. - MSTR's recent Bitcoin purchases have been partially funded by selling its own stock, which raises concerns about financial risk during a downturn in asset prices [14]. - Technical analysis suggests that MSTR's stock price outlook is bleak, with warnings that failure to maintain current support levels could lead to further declines, potentially down to $240 [15].