Strategy’s stock fell 4% in a month while Bitcoin rose 3%

Strategy’s stock dropped 4% over the past month, even as Bitcoin rose 3%, raising fresh questions about Michael Saylor’s multi-billion-dollar crypto ￰0￱ 2020, the company has been buying bitcoin using a mix of borrowed money and new ￰1￱ pivot pushed the software firm into the spotlight as a bitcoin-heavy ￰2￱ stock had soared 2,800% since the bitcoin buying spree ￰3￱ now, the numbers are heading the wrong way, and confidence in the Strategy model is starting to ￰4￱ companies that copied Saylor’s approach are bleeding ￰5￱ hotel operator Metaplanet has lost 36% in the same 30-day stretch. KindlyMD, a healthcare startup now holding bitcoin, is down 87%.

Medical tech firm Semler Scientific fell 12%. Even Trump Media & Technology Group, now linked to a bitcoin treasury, lost 8%. A new crypto vehicle by Cantor Fitzgerald, tied to Twenty One Capital, dropped 17% before even going ￰6￱ One is backed by SoftBank and ￰7￱ bitcoin holders lose value as market cools All these companies had seen wild gains earlier in 2025, so the downturn is putting pressure on this whole “bitcoin treasury” ￰8￱ Galá, analyst at Monness, Crespi, Hardt & Co., said in an email that “at a certain point there are too many strategies pursuing the same promised land and a finite amount of investor demand for similar exposures.” This rush was fueled by three things: crypto prices going up, the Trump administration’s looser rules, and changes in accounting that made holding bitcoin more attractive on ￰9￱ as Kevin O’Leary, investor and TV figure, explained, “The majority of the market can’t hold bitcoin, but they can hold equities.” That’s why institutions prefer stocks that hold crypto, instead of holding the asset directly.

Norway’s Norges Bank, the world’s biggest sovereign wealth fund, owns 2.9 million shares of ￰10￱ doesn’t hold any bitcoin ETFs. State-run retirement systems like CalPERS also own Strategy stock but steer clear of direct crypto ￰11￱ far, more than 180 public companies have added bitcoin to their books. That’s 5% of all existing ￰12￱ those, 94 have followed Strategy’s ￰13￱ about 25% of those are now valued below the coins they hold, says Vetle Lunde, head researcher at K33 Research. “It’s been just a very wild ride,” Vetle said , “and now I think the bitcoin treasury space is getting quite saturated.” This price drop could lead to bigger ￰14￱ these companies stay worth less than their own bitcoin, it might lead to investor unrest — or even forced sales of the crypto ￰15￱ grows around Strategy’s future debt funding Even Strategy is feeling the ￰16￱ seller Jim Chanos, known for calling out Enron, said on Bloomberg’s Odd Lots podcast, “It makes kind of no sense” that Strategy trades higher than bitcoin itself.

Gus, the analyst, added that Strategy may be running out of ways to keep funding these massive ￰17￱ firm relies heavily on convertible debt, where bondholders can trade debt for shares if the stock ￰18￱ recent bond deals aren’t looking ￰19￱ company’s 2024 convertible note only becomes worthwhile if the stock doubles to $672, and it’s currently trading below face ￰20￱ high-grade debt isn’t easy ￰21￱ said Strategy’s profit is made of unrealized crypto gains, which makes bond markets ￰22￱ more equity would just dilute shareholders. “It all works as long as bitcoin goes up,” Gus said. “But then when bitcoin stops doing that, if it stops doing that, it stops working.” He added that smaller firms trying to mimic Strategy’s model, especially those with no real business operations, are in even worse shape.

“They are likely to struggle more,” Gus said, “to raise capital, market themselves as Michael Saylor has marketed Strategy, and drive premiums to their stocks’ multiples.” Not everyone is ￰23￱ Bitcoin, the crypto miner backed by Eric Trump, is up 16% this month. GameStop, now holding bitcoin too, gained 12%. Still, even companies losing big are digging ￰24￱ Bailey, Trump’s friend, told investors, “The entire public Bitcoin treasury space has been tested in recent months, yet this is exactly when conviction matters most.” Join Bybit now and claim a $50 bonus in minutes