MSTR Stock Today, November 17, 2025: MicroStrategy Slides Toward New Lows as Saylor Buys 8,178 More Bitcoin

Strategy Inc — the company formerly known as MicroStrategy (NASDAQ: MSTR) — doubled down on its Bitcoin bet this week, announcing an $835.6 million BTC purchase even as its share price trades near 52‑week lows and the broader crypto market sells off hard. ^[1]

MSTR stock price today: deep red as volatility spikes

As of late trading on Monday, November 17, MSTR was changing hands around $195.42, down roughly 2.1% on the day (about $4.25 lower than Friday’s close). Intraday, the stock swung between the low $190s and just above $200 on heavy volume of nearly 19 million shares, reflecting intense short‑term speculation.

European and German‑language coverage highlighted that the stock has been under “stark selling pressure” today, with MSTR down about 4.6% in local‑market trading and continuing a sharp multi‑week slide. ^[2]

Data from Wallstreet‑online show how brutal the recent stretch has been for shareholders:

‑19.5% over the past week
‑29.1% over the past month
‑45.0% over the past three months
Around ‑46–47% over the last year ^[3]

An Investing.com report earlier in the session noted that MSTR touched a new 52‑week low near $194.54, underlining just how fast sentiment has flipped from euphoria to fear. ^[4]

Bitcoin wipeout is hammering the “ultimate BTC proxy”

The pressure on MSTR is directly tied to a violent pullback in Bitcoin:

Bitcoin has fallen to the low–mid $90,000s, with several outlets citing fresh six‑month lows below $93,000. ^[5]
The drop leaves BTC around 25–30% below its early October all‑time high near $126,000, according to analyst commentary. ^[6]

Coindesk and other crypto desks describe the move as a sharp correction that has erased Bitcoin’s 2025 gains, even as some strategists still frame it as a “short‑term reset” rather than the start of a new bear market. ^[7]

Because Strategy has transformed itself into a leveraged Bitcoin holding company, MSTR typically trades like “Bitcoin on steroids.” When BTC slides, MSTR tends to fall even faster — exactly what has played out over the past few weeks. Academic work on “Bitcoin treasuries” this year found Strategy among a small group of listed firms with BTC betas greater than 1, meaning their stocks move more than Bitcoin itself. ^[8]

New SEC filing: $835.6M Bitcoin purchase funded by high‑yield preferred stock

The biggest catalyst for today’s news flow is a fresh Form 8‑K that Strategy filed with the U.S. Securities and Exchange Commission this morning. ^[9]

Key takeaways from the filing:

8,178 BTC bought in one week
- Purchased between November 10 and 16, 2025
- Total cost:$835.6 million
- Average price:$102,171 per Bitcoin (including fees) ^[10]
Total corporate Bitcoin stack
- 649,870 BTC held as of November 16
- Aggregate cost basis:$48.37 billion
- Average purchase price:$74,433 per BTC ^[11]

Strategy financed this buying spree by selling more of its complex preferred‑stock lineup:

$136.1 million of net proceeds raised via its at‑the‑market (ATM) program across three listed preferred tickers (STRF, STRC, STRK) in the week of November 10–16. ^[12]
Completion of a previously announced offering of 7,750,000 shares of 10.00% Series A Perpetual Stream Preferred Stock (“STRE”) at €80 per share, raising about €620 million gross and €608.8 million net (roughly $704 million after fees). ^[13]

A summary from StockTitan’s automated filing analysis notes that the company has now raised over $800 million via this mix of high‑coupon and variable‑rate preferred shares, then redirected virtually all of it into Bitcoin. Analysts there flag the obvious trade‑off: Strategy is increasing its BTC exposure but also layering on significant fixed dividend obligations and more complex equity overhang. ^[14]

Market value vs Bitcoin holdings: MSTR trades at a rare discount

With Bitcoin still near the mid‑$90,000 range, multiple outlets estimate Strategy’s hoard to be worth about $61–62 billion at current prices — comfortably above the $48.37 billion cumulative cost disclosed in today’s 8‑K. ^[15]

Meanwhile, Strategy’s own dashboard and independent data providers put MSTR’s equity market capitalization around $57 billion, based on a stock price just under $200 and roughly 287 million shares outstanding. ^[16]

That means:

MSTR is now trading at a modest discount to the market value of its Bitcoin holdings (its “market net asset value” or mNAV has slipped to about 0.94, according to Crypto.news). ^[17]
Just a few months ago, the same metric sat well above 1, implying a sizable premium as investors paid up for Saylor’s aggressive Bitcoin strategy. ^[18]

The Canada Pension Plan Investment Board (CPPIB) article summarizing its new stake explicitly points out that Strategy’s market cap has fallen below the value of its Bitcoin, framing the stock as a way to buy BTC at a discount — but only by accepting the company’s leverage and preferred‑stock risks. ^[19]

Big buyer on the dip: Canada Pension Plan adds $80M of MSTR

In a separate news item dated today, the Canada Pension Plan Investment Board disclosed that it acquired 393,322 MSTR shares in the third quarter, an investment worth roughly $80 million at current prices. ^[20]

According to CoinCentral’s write‑up:

CPPIB’s stake was valued at $127 million at the end of Q3 but has since fallen back to about $80 million as MSTR slumped.
The pension fund’s move is framed as a high‑profile institutional bet on a Bitcoin‑centric equity, even as concerns about Strategy’s debt load and ongoing share dilution persist. ^[21]

For bulls, CPPIB’s presence offers validation that some traditional institutions are willing to treat MSTR as a long‑term, high‑risk Bitcoin proxy. For bears, it doesn’t change the math of rising obligations and volatility.

Saylor vs. the skeptics: “₿ig Week” and “death spiral” warnings

Today’s 8‑K and buying update land in the middle of a very loud public debate around Michael Saylor’s playbook.

Saylor’s message: keep buying

Over the weekend, Saylor circulated a dashboard screenshot showing Strategy’s Bitcoin portfolio at more than $61 billion in value as of November 16, captioning it “₿ig Week.” ^[22]
In a new post cited by Crypto.news, he reiterated that Strategy had acquired 8,178 BTC for about $835.6 million, emphasizing that the company’s BTC yield for 2025 is nearly 28% and that he remains convinced Bitcoin will outperform traditional assets over time. ^[23]
In a recent CNBC appearance, Saylor argued that the current pullback is driven by deleveraging in futures markets, not a breakdown in fundamentals, and that institutional adoption and supply dynamics still favor higher prices over the long run. ^[24]

Critics’ message: leverage, dilution, and a potential “death spiral”

On the other side:

Veteran gold advocate Peter Schiff used the latest moves to renew his long‑running criticism, warning that Strategy’s model depends on income funds continuing to buy its high‑yield preferreds — and arguing that those coupons may ultimately be unsustainable. ^[25]
He suggested that if demand for new preferred issues dries up, the company could struggle to roll its funding and might be forced into unattractive Bitcoin sales at the worst possible time — a scenario he labeled a potential “death spiral.” ^[26]
Earlier this month, The Block reported that S&P Global Ratings assigned a B‑ “junk” rating to Strategy’s preferred securities, placing them firmly in speculative territory and highlighting the company’s exposure to both market volatility and funding risk. ^[27]

A detailed note from VanEck’s digital‑assets team earlier this year described Strategy’s capital structure as essentially a leveraged BTC vehicle, where the ability to keep issuing new securities is tightly intertwined with market perceptions of its premium (or discount) to Bitcoin net asset value. ^[28]

Technical picture: key support around $190–$200, resistance near $230

Technical traders are watching MSTR’s chart as closely as its SEC filings:

Coinpaper reports that MSTR has now fallen more than 50% from its recent highs above $360, sliding into a broad support zone in the $190–$200 area that acted as heavy resistance in 2024. ^[29]
One trader, “BullishBritt,” highlighted that zone as a “top watch” for the week, arguing that if it holds, the stock could see a “relief bounce” back toward roughly $250–$280 — still well below this year’s peak but a sizable move off the lows. ^[30]
Crypto.news’ technical analysis paints a more cautious picture:
- It sees a double‑top formation near $455 with a neckline close to $231.
- MSTR has already broken below a key 61.8% Fibonacci retracement level near $214.
- As long as price stays below the $230 resistance area, their analysts warn the downtrend could continue, with a bearish target near $125 in an extended sell‑off. ^[31]

Crucially, these technical levels are not predictions, but they do show where many short‑term traders are lining up their risk‑reward calculations.

Saylor’s net worth shrinks with MSTR

The human dimension of this volatility is also drawing headlines. A new analysis from Protos estimates that Michael Saylor’s personal wealth has fallen by more than $4 billion in the past six months, driven largely by the collapse in MSTR’s share price and the pullback in Bitcoin. ^[32]

Protos points out that:

Saylor controls more than 19.6 million Class B “supervoting” shares, which remain his largest single asset and give him over 40% voting power at Strategy.
He also disclosed personal holdings of roughly 17,732 BTC last year, meaning his own net worth moves almost in tandem with the company’s leveraged Bitcoin bet. ^[33]

In other words, Saylor is very much “all‑in” alongside shareholders — for better or worse.

Underlying software business remains in the background

Today’s headlines are almost entirely about Bitcoin and capital markets, but Strategy still has a traditional business‑intelligence software segment.

The company’s most recent 10‑Q filing for the quarter ended September 30, 2025 showed:

A small year‑over‑year decline in product license revenue (down about $1.5 million for the first nine months of 2025 vs. 2024). ^[34]
Ongoing strong gross margins but results that are dwarfed by the scale and volatility of its Bitcoin holdings.

For most investors, that software business has effectively become a side note; MSTR trades overwhelmingly on Bitcoin and capital‑structure headlines rather than on enterprise analytics demand.

What today means for MSTR investors

Putting it all together, here’s how the picture looks on November 17, 2025:

Price action: MSTR is hovering near fresh 52‑week lows around $195, after a steep multi‑month slide that has wiped out nearly half the stock’s value in three months. ^[35]
BTC leverage: Strategy has just executed one of its largest Bitcoin buys of 2025, adding 8,178 BTC at over $102,000 each in the middle of a sharp crypto correction. ^[36]
Balance sheet risk: To fund those purchases, the company continues to rely heavily on high‑yield and variable‑rate preferred stock, rated in the junk category and carrying sizeable dividend obligations. ^[37]
Valuation vs BTC: For now, MSTR is trading at a small discount to the market value of its Bitcoin, a rare inversion of the premium it enjoyed during earlier bull runs. ^[38]
Sentiment split:
- Bulls point to CPPIB’s new stake, the mNAV discount, and Saylor’s relentless accumulation as reasons to view MSTR as a leveraged way to buy BTC below spot. ^[39]
- Bears emphasize the junk‑rated preferred stack, dilution, and the risk that further BTC weakness could pressure both Strategy’s funding model and its ability to avoid forced sales. ^[40]

Key things to watch next

Over the coming days and weeks, traders and longer‑term investors alike are likely to focus on:

Bitcoin’s next move
If BTC stabilises above the low‑$90,000s or rebounds, it could relieve some pressure on MSTR. A deeper leg down would magnify the company’s drawdown and intensify debates over its leverage. ^[41]
Demand for Strategy’s preferreds
The company is relying on continued appetite for its 8–10% perpetual preferred offerings and ATM programs. Weak demand or higher required yields could constrain future BTC purchases and tighten liquidity. ^[42]
MSTR’s discount or premium to BTC NAV
If the current discount persists or deepens, value‑oriented funds may step in — but persistent discounts can also signal broader market skepticism about governance and risk. ^[43]
Regulatory and ratings developments
Any further action from credit‑rating agencies or regulators around leveraged Bitcoin balance‑sheet strategies would be highly relevant to Strategy’s cost of capital. ^[44]

A final word

MSTR remains one of the most volatile large‑cap stocks in the market, effectively functioning as a leveraged Bitcoin instrument wrapped in a software company. Today’s combination of new lows in the share price and another blockbuster Bitcoin buy encapsulates that tension perfectly.

This article is for information and news purposes only and should not be taken as investment, tax, or legal advice. Anyone considering exposure to MSTR or Bitcoin should carefully evaluate their risk tolerance and, where appropriate, consult a qualified financial professional.

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