MSTR strategy experiences 66% decline compared to Bitcoin’s resilience: Is leverage catching up?

MicroStrategy has seen a significant decline of 66% in the past six months, approximately losing 90 billion USD in market capitalization by December 26, 2025.

Bitcoin’s consistent performance highlighted a disconnect with MSTR, which is now viewed less as a direct Bitcoin investment and more as a leveraged structure.

Investor confidence in MSTR has waned due to increasing leverage concerns and asset dilution from aggressive share issuance, despite the introduction of a high-yield cash-dividend strategy.

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