MSTR Stock Today, November 19, 2025: Strategy Inc (MicroStrategy) Plunges 10% as Bitcoin Crashes and Debt Jitters Mount

Strategy Inc (NASDAQ: MSTR) — the Bitcoin‑heavy company formerly known as MicroStrategy — sank sharply on Wednesday as a deepening Bitcoin correction, concerns over its convertible debt and fresh insider selling sent the stock back toward 52‑week lows.

By the close of U.S. trading on November 19, 2025, MSTR shares finished around $185, down roughly 10% on the day, after swinging between about $182 and $204 on heavy volume of more than 18 million shares. That puts the stock more than 50% below its 52‑week high near $543 and only just above its recent 52‑week low. ^[1]

Key facts about MSTR stock today (19 November 2025)

Price action: MSTR closed near $185, down about 10.4% for the session, with an intraday low around $181–182. ^[2]
Volatility & volume: More than 18 million shares traded, well above normal levels, as options markets priced in daily moves of roughly $10 per share. ^[3]
Bitcoin exposure: Strategy now holds 649,870 BTC bought for about $48.37 billion at an average $74,433 per Bitcoin, but roughly 40% of those coins are currently in unrealized loss after the latest purchases near $102,000. ^[4]
Macro driver: Bitcoin fell back below $90,000 today and is now down close to 30% from its early‑October record near $126,000, one of the steepest 40‑day drawdowns since 2017. ^[5]

MSTR stock price today: near the bottom of a brutal drawdown

Today’s sell‑off extends a violent month‑long slide in Strategy’s share price:

Today (Nov 19): Opened around $202, hit a high near $204, then slid to an intraday low around $182 before closing near $185, down more than 10%. ^[6]
Recent trend: After trading in the mid‑$300s in early October, MSTR has now lost over a third of its value year‑to‑date and more than 50% from its 12‑month high, largely in tandem with Bitcoin’s reversal. ^[7]

Crypto‑linked equities broadly mirrored Bitcoin’s renewed slide today. Bitcoin itself dropped back below $90,000, down roughly 4% on the session and nearly 30% from its early‑October peak, while CoinDesk notes that Strategy’s stock fell more than 8% to a more‑than‑one‑year low during midday trading. ^[8]

Despite the steep decline, MSTR still trades with extreme volatility: options markets now imply about $10 per day of expected price movement — roughly a 5–6% swing in either direction on any given session. ^[9]

Bitcoin crash is hammering the “ultimate BTC proxy”

Strategy’s slump is tightly linked to the latest shock in Bitcoin:

Bitcoin has fallen from record highs around $126,000 in early October to the high‑$80,000s / low‑$90,000s range this week. TechStock²+1
K33 Research calls the roughly 30% decline over 43 days one of the worst corrections since 2017, with potential downside targets around $84,000–$86,000 if the pattern matches prior drawdowns. ^[10]

At the same time, Strategy has been buying into the weakness:

The company disclosed a purchase of 8,178 BTC for about $835.6 million, at an average price near $102,171 per coin, its largest buy since July. ^[11]
Including several smaller buys earlier this month, Strategy acquired roughly 9,062 BTC for $931.1 million in November alone — coins that are now down around 10–11% on paper. ^[12]
After these purchases, Strategy’s treasury totals 649,870 BTC, representing about 3.2% of Bitcoin’s circulating supply, with a cost basis of $48.37 billion and an estimated market value near $59–60 billion at current prices. ^[13]

On paper, the company still has an overall Bitcoin profit of roughly 22–23% (about $11–12 billion), but on‑chain analytics from CryptoQuant show that around 40% of Strategy’s coins are now in unrealized loss, largely because the latest, higher‑priced tranches sit above today’s spot price. ^[14]

This mix — large long‑term gains but painful short‑term losses on new buys — explains why MSTR often falls faster than Bitcoin in downturns. Investors are repricing both the value of the underlying BTC and the risk that the firm’s leveraged strategy could amplify any deeper crypto bear market. TechStock²+1

“Never back down”: Saylor doubles down as critics invoke the dot‑com bust

Executive chairman Michael Saylor has responded to the sell‑off with characteristic defiance. In a post today, he urged followers to “Never ₿ack Down,” reiterating that Strategy can withstand an 80–90% drawdown in Bitcoin while continuing to operate. ^[15]

Saylor’s stance is under increasing scrutiny:

A detailed analysis from Matrixport, highlighted by BitcoinWorld, argues that forced liquidations of Strategy’s Bitcoin holdings are unlikely in the near term thanks to long‑dated convertible bonds, staggered maturities and flexible financing. ^[16]
However, the same research stresses that equity investors who bought MSTR near its peak around $474 now face very steep losses, as the stock’s net asset value premium and price have both compressed. ^[17]
A widely discussed piece on CCN draws parallels between Saylor’s current Bitcoin bet and MicroStrategy’s infamous dot‑com era collapse, when its shares plunged more than 60% in a single day following an accounting restatement in 2000. Analysts warning of a potential “dot‑com replay” point to the company’s high concentration in a single speculative asset and its reliance on capital markets. ^[18]

At the same time, Saylor and Strategy emphasize that today’s structure is different: debt maturities are spread over several years, interest costs are comparatively low relative to the size of the Bitcoin treasury, and the firm’s enterprise analytics software business still generates recurring revenue. ^[19]

Convertible bonds: rising yields spotlight 2028 refinancing risk

A major focus for Wall Street today is Strategy’s convertible debt stack — a key part of what critics have called its “infinite money” Bitcoin leverage machine.

Barron’s reports that Strategy’s convertible bonds maturing in 2028 now yield nearly 8%, up sharply as MSTR’s share price has tumbled, reflecting growing investor concern about the company’s ability to refinance on favorable terms if markets remain weak. ^[20]
Earlier in the year, these same convertibles traded at a hefty premium when the stock approached record highs, underlining how sensitive the debt is to the equity’s boom‑and‑bust cycle. ^[21]

Credit‑rating agency S&P Global recently assigned Strategy a “B‑” issuer rating, flagging the company’s high volatility, concentrated exposure to Bitcoin and reliance on capital markets, even as it praised management’s ability to engineer liquidity and term out debt. ^[22]

New research from Matrixport and CryptoRank echoes that near‑term forced sales of Bitcoin look unlikely, but warns that shareholders — not creditors — are currently absorbing most of the risk. If Bitcoin were to suffer a prolonged drawdown toward the levels some macro strategists forecast (with scenarios as bearish as $10,000 mentioned in recent commentary), Strategy’s equity could be heavily diluted or rerated. ^[23]

S&P 500 inclusion: still eligible, but odds are shrinking

Another storyline hanging over MSTR is the possibility of S&P 500 inclusion.

Fresh reporting from CoinCentral and Matrixport today confirms that Strategy remains eligible for the index’s December 2025 rebalance:

The stock has delivered two consecutive quarters of GAAP profitability, helped by new accounting rules that allow Bitcoin to be marked to market, including a $10 billion net profit in Q2 and a strong Q3 that beat consensus EPS and revenue expectations. ^[24]
Despite this, MSTR is now down more than 37% year‑to‑date and trades below $200, with its market net asset value (mNAV) multiple slipping below 1 — meaning the company’s market cap has fallen beneath the value of its Bitcoin holdings. ^[25]

Bloomberg ETF analyst James Seyffart estimates less than a 50% probability that Strategy is actually added in December, despite meeting the mechanical criteria. The S&P index committee has already passed on the company once this year, opting instead for more diversified firms such as Robinhood and AppLovin in a prior rebalance. ^[26]

Some commentators also note that Strategy’s profile — effectively functioning as a quasi‑Bitcoin fund with a software business attached — may sit awkwardly with the S&P 500’s traditional preference for diversified operating companies rather than single‑asset vehicles. ^[27]

Big money steps in: Canada’s CPP fund and heavy derivatives trading

Today’s weakness comes even as large institutional and speculative money continues to pile into MSTR.

Canada Pension Plan Investment Board (CPPIB) opens a large position

A new report from Coinpaper reveals that Canada’s largest pension manager has disclosed a 393,322‑share stake in MSTR — the first recorded position for the Canada Pension Plan Investment Board. ^[28]

The stake was valued at about $127 million at the end of Q3 but has since fallen to roughly $80 million at current prices. ^[29]
CPPIB’s entry adds another heavyweight long‑term holder to Strategy’s shareholder base at a time when many institutions are gradually increasing exposure to Bitcoin‑linked assets. ^[30]

Bitget data shows MSTR is a top leveraged trading vehicle

Meanwhile, crypto derivatives platform Bitget reports that its U.S. stock contract section has surpassed $5 billion in cumulative trading volume, with MSTR among the top three most traded tickers, alongside Tesla and Apple:

MSTR alone accounts for about $1.4 billion of that cumulative volume, signalling intense speculative interest from traders using leverage to bet on Strategy’s swings. ^[31]

This combination — a major pension fund building a long position while retail and crypto traders use MSTR as a high‑beta Bitcoin proxy — underscores how polarizing the name has become.

Insider selling, analyst targets, and options market signal caution

Today’s slide was amplified by news of fresh insider selling and growing caution in the derivatives market.

EVP trims stake

MarketBeat reports that Executive Vice President and General Counsel Wei‑Ming Shao sold roughly 10,534 sharesbetween November 12 and 17, raising about $2.3 million and trimming his holdings to 32,726 shares. ^[32]

While the absolute size is small relative to Strategy’s roughly $55–60 billion market capitalization, the timing — into a sharp slide and just ahead of today’s drop — has added to bearish sentiment.

Options traders turn moderately bearish

GuruFocus and TheFly highlight a distinctly more defensive tone in the options market today: ^[33]

Options volume hit around 289,000 contracts, near typical heavy‑trading levels.
Calls still outnumbered puts, but the put/call ratio rose to 0.95 versus a more normal 0.69, showing greater demand for downside protection.
Implied volatility (30‑day) jumped by nearly 11 points to about 88, well above its 52‑week median, implying an expected daily move around $10.41 per share.

Technical indicators also show the stock nearing oversold territory; GuruFocus cites an RSI around 30, even as valuation tools still flag MSTR as “significantly overvalued” relative to traditional metrics like revenue and book value, given its enormous Bitcoin premium. ^[34]

Street still officially “Moderate Buy”

Despite the turmoil, Wall Street analysts remain broadly positive:

MarketBeat data shows 1 Strong Buy, 13 Buy and 4 Hold ratings, for a “Moderate Buy” consensus, with an average 12‑month price target around $485–$500 — more than 2.5x today’s share price. ^[35]

That said, several research notes over the past 48 hours stress that these targets implicitly assume Bitcoin stabilizes and eventually revisits or exceeds its recent highs. If BTC instead settles at much lower levels — or follows the ultra‑bearish paths some macro strategists outline — those forecasts could prove too optimistic. ^[36]

What today’s MSTR move means for investors

For investors tracking MSTR on November 19, 2025, several themes stand out:

High‑conviction Bitcoin bet, now under serious stress
Strategy’s balance sheet is still deeply tied to Bitcoin’s fate. The company holds nearly 650,000 BTC, is still in aggregate profit, and has shown a consistent willingness to buy dips aggressively. But the recent 30% Bitcoin drawdown has already pushed 40% of its holdings into paper loss, highlighting how quickly numbers can flip in either direction. ^[37]
Leverage is both a feature and a risk
Convertible bonds and preferred‑stock structures have allowed Strategy to scale its Bitcoin treasury without constant common‑share issuance. Yet rising convertible yields near 8% and a “B‑” credit rating underscore that markets are re‑evaluating the cost and sustainability of this leverage, especially with a key 2028 maturity wall on the horizon. ^[38]
S&P 500 inclusion is possible but far from guaranteed
Mechanically, Strategy checks the boxes for December inclusion thanks to size and profitability. But the index committee has already passed once, and current commentary suggests that its heavy dependence on a single volatile asset may keep it on the sidelines, at least until volatility cools. ^[39]
Sentiment is split between institutional confidence and retail fear
On one hand, CPPIB’s new stake signals that some deep‑pocketed institutions view MSTR as a valid long‑term Bitcoin exposure tool. On the other, options traders are clearly hedging, short‑term speculators are active on platforms like Bitget, and critics are increasingly vocal about dot‑com era parallels. ^[40]
Volatility is likely to remain extreme
With implied volatility near 90 and daily moves in the high single digits considered “normal,” MSTR remains one of the most volatile large‑cap names in U.S. markets, tightly coupled to Bitcoin’s every swing. This can offer outsized upside if crypto recovers — and equally outsized downside if the current correction deepens. ^[41]

Bottom line on MSTR stock for November 19, 2025

On November 19, 2025, MSTR is once again behaving like a leveraged, high‑beta Bitcoin instrument rather than a typical software stock:

The 10% plunge in Strategy’s share price mirrors, and amplifies, Bitcoin’s move back below $90,000.
Convertible‑debt concerns, insider selling, and options‑market hedging are adding new layers of risk to an already aggressive capital structure.
At the same time, huge institutional holders like CPPIB, a record‑sized BTC treasury, and ongoing chatter about S&P 500 inclusion continue to attract investors who believe Saylor’s long‑term thesis will ultimately prevail.

For traders and investors, MSTR remains a high‑risk, high‑reward vehicle whose fortunes are tightly bound to Bitcoin, credit conditions, and the market’s tolerance for concentrated, leveraged bets.

As always, this overview is informational only and not financial advice. Anyone considering MSTR or other crypto‑linked equities should carefully assess their risk tolerance, time horizon and diversification, and consider speaking with a qualified financial adviser before making any investment decisions.

Is STRATEGY GOING BANKRUPT??