The world’s preeminent Bitcoin treasury isn’t looking quite as shiny suddenly.
Six months ago, Strategy looked unstoppable as Bitcoin soared to new highs. Now, the company formerly known as Microstrategy looks shaky as the stock is down 42% over that period, which has reignited debate on whether Michael Saylor’s Bitcoin-heavy treasury can weather another serious correction.
The drop has been steeper than Bitcoin’s decline itself, as Strategy’s leveraged exposure to Bitcoin (BTC) amplified the pain of a 5.84% drop in Bitcoin this month. The company’s shrinking gap between its share price and Bitcoin holdings, along with rising yearly interest costs now above $689 million, has added even more pressure on investors.
Strategy’s bold bitcoin bet tests investor confidence
Strategy pioneered corporate Bitcoin adoption in August 2020 with a $250 million purchase, becoming the first major public company to use Bitcoin as its main treasury reserve. It expanded rapidly through debt and stock sales, growing its holdings from 38,250 BTC in 2020 to more than 641,000 BTC by November 2025.
The latest 487 BTC purchase, worth $49.9 million, brought its total investment to $47.54 billion at an average cost of $74,079 per coin, now valued around $68 billion with an unrealized gain of nearly $20 billion.
Strategy’s stock started 2025 strong, climbing from $292 in January to $456 in July as Bitcoin reached new highs. Momentum faded by midyear as Bitcoin cooled and concerns grew over the firm’s $5 billion debt and costly preferred shares.
After Q3 earnings showed $3.9 billion in operating income from Bitcoin gains, shares still fell 12% as buying slowed and its net asset value premium shrank, with analysts warning that leverage makes MSTR highly sensitive to Bitcoin swings.
Interestingly, this is one of the first years where Strategy is not the only crypto treasury company. Here’s how other crypto-heavy treasuries performed compared to Strategy:
| Company | Token Holdings | Avg. Cost | Unrealized Gain/Loss (Est.) | Stock YTD 2025 | Stock over the last 6 Months |
| Strategy (MSTR) | 641,692 BTC | $74,032 | ~$20.5B gain (at ~$106K BTC) | -17.52% | -42.58% |
| Metaplanet | 30,823 BTC | $104,471 | ~$120M loss | +18.68% | -21.18% |
| BitMine (BMNR) | 3.51M ETH | $4,020 | ~$2.1B loss | +467.59% | +467.59% |
| SharpLink Gaming (SBET) | 859.40K ETH | $3,609 | ~$98.3M gain | +50.52% | +222.91% |
Key takeaways: Are other crypto treasuries down as bad?
Strategy may be down the worst, but there are certainly other crypto treasury companies that have felt some pain over the last six months.
Here are some takeaways from the data presented above:
- Metaplanet tops the list of losers, slipping 21% in six months with an estimated $120 million Bitcoin loss despite slight yearly gains.
- Strategy (MSTR) has dropped 42% but still sits on a $20.5 billion unrealized gain from its 641,000 BTC stack.
- BitMine (BMNR) stands out as the exception, soaring 467% this year even with a $2.1 billion unrealized Ethereum loss. BitMine transitioned from a mining company to an Ethereum treasury this year.
- SharpLink (SBET) stands out by rallying up to 222.91%, despite the market slowdown, while also posting a $98.3M profit.
Bottom line: Strategy’s slump is sharp, yet its rivals have also taken heavy hits.
Can Strategy still recover before the end of the year?
As of time of writing, Strategy’s stock is at $237.40, down 4.52% in 5 days and around 26% for the month as Bitcoin trades near $106,000.
Analysts remain divided. Some expect more weakness unless Bitcoin regains momentum, while others see a rebound forming around $250.
Despite rising debt costs, Strategy’s huge Bitcoin holdings could fuel a recovery if BTC pushes toward $120K.
