Strategy Inc (MSTR) Stock on November 29, 2025: CalPERS Loss, Soaring Interest Costs and Billions in Bitcoin on the Move

Strategy Inc – the company formerly known as MicroStrategy – remains one of the most controversial ways to get exposure to Bitcoin. As of late November 2025, its stock (NASDAQ: MSTR) is trading around $177 per share, close to Friday’s official close of $177.18, after a brutal drawdown that has wiped out a large chunk of this year’s gains. ^[1]

At the same time, the company still holds over 640,000 BTC, more than 3% of all Bitcoin that will ever exist, and continues to raise capital to expand that hoard. ^[2]

On November 29, 2025, several fresh headlines converged around Strategy Inc: a large paper loss at U.S. pension giant CalPERS, rising interest costs on the firm’s preferred stock, a new wave of scrutiny on “crypto-hoarding” companies, and reports that Strategy has been moving billions of dollars in Bitcoin between custodians. Together, they frame a high‑risk, high‑leverage equity that now trades far closer to its underlying Bitcoin value than during past crypto bull runs.

Where Strategy Inc stock stands as of late November 2025

Data from Strategy’s own metrics page and major financial platforms show that MSTR is deep into correction territory:

• Share price: roughly $177–178 per share as of the November 28 close and subsequent after‑hours trading. ^[3]
• Market capitalization: about $51 billion, according to the company’s investor metrics site. ^[4]
• 3‑month return: approximately –49%.
• 1‑year return: around –50%. ^[5]
• Year‑to‑date performance: down almost 39% in 2025, with a ~56% decline over the past 12 months and a 52‑week high near $457. ^[6]

That volatility reflects Strategy’s transformation into what Nasdaq and MarketScreener now describe as the “world’s largest Bitcoin Treasury Company”, with its legacy analytics software segment playing a relatively minor role in overall valuation. ^[7]

In Q3 2025, with fair‑value accounting applied to Bitcoin holdings, Strategy recorded roughly $3.9 billion in unrealized Bitcoin gains, lifting net income for the quarter to about $2.8 billion. Year to date, Zacks estimates roughly $12.9 billion in Bitcoin-related gains and a 26% “Bitcoin yield” on its holdings. ^[8]

Yet despite that eye‑catching profitability on paper, MSTR has dropped about 38.9% year to date and trades at a price‑to‑book ratio just under 1, meaning the market now values the company only slightly above its net asset value (NAV). ^[9]

New headline: CalPERS’ high‑profile MSTR bet is deeply underwater

One of the most high‑impact stories dated November 29, 2025 comes from The Economic Times, detailing how CalPERS, America’s largest public pension fund, has taken a heavy loss on its Strategy position. ^[10]

Key points from that report:

• CalPERS bought 448,157 Strategy shares in the third quarter, committing over $144 million to the trade.
• After Strategy’s steep sell‑off, that stake is now worth around $80 million, implying a loss of tens of millions of dollars in a few months.
• The article estimates Strategy’s stock is down roughly 45% this quarter, largely tracking Bitcoin’s slump and broader risk‑off sentiment in crypto‑linked equities.
• The piece also highlights index‑removal risk: JPMorgan analysts have warned that Strategy could be removed from major benchmarks such as the MSCI USA Index and the Nasdaq 100, potentially triggering forced selling of up to $2.8 billion just from MSCI‑linked funds and nearly $9 billion of total benchmark exposure. ^[11]

For institutions that used Strategy as a “Bitcoin proxy”, the CalPERS experience underlines a brutal reality: wrapping crypto exposure inside an equity ticker does not soften drawdowns when Bitcoin itself falls.

Reuters: “Crypto‑hoarding” stocks trade below NAV as risk appetite fades

In a broader market piece published November 28 and widely circulated into November 29 coverage, Reuters looked at companies that stockpile tokens on their balance sheets, including Strategy. ^[12]

Highlights from that report:

• At least 15 Bitcoin‑treasury companies now trade below the net asset value of their token holdings, according to data cited from The Block.
• Strategy’s shares are down about 36% in November, on track for their worst month since 2024.
• The sector’s stress is linked to both crypto volatility and macro concerns – including uncertainty around U.S. Federal Reserve rate cuts and worries about an AI‑driven equity bubble, which have pushed Bitcoin to its lowest level since April.

The piece places Strategy in a new, more crowded ecosystem of “digital asset treasury” (DAT) companies: equity vehicles whose primary business model is to raise capital and buy crypto. In that world, Strategy no longer stands alone – and the market is starting to treat these shares less like growth stocks and more like leveraged, fee‑free crypto funds, especially when they trade at or below NAV.

Rising interest costs: preferred stock step‑ups squeeze Strategy’s funding model

Another major November 29 headline focuses less on Bitcoin and more on how Strategy funds its Bitcoin buying.

An analysis from Investor’s Business Daily reports that Strategy’s interest costs are set to rise sharply because of step‑up features embedded in its preferred stock, particularly the STRC series. ^[13]

According to that coverage:

• The dividend rate on Strategy’s STRC preferred stock is set to jump from 9% to between 10.75% and 11%, triggered because the preferred now trades below a designated price threshold.
• Strategy has also issued newer euro‑denominated preferred shares with coupons as high as 12.5%, further raising the blended cost of capital.
• The company faces roughly $175 million in obligations due by year‑end while holding relatively modest cash balances, increasing investor focus on its reliance on capital markets.
• The article estimates Strategy’s enterprise value around $65.5 billion, versus about $56.6 billion of Bitcoin assets, suggesting only a small premium over the value of its BTC holdings.

In the short term, the piece notes that MSTR rose about 5–6% on the day of publication, supported by a 1.8% rally in Bitcoin to around $92,500. However, the takeaway is that preferred shareholders are being rewarded with higher yields, while common equity holders face a more leveraged and expensive capital structure.

Zacks: Enormous Bitcoin stash, massive capital raising – and a “Hold” rating

A detailed analysis syndicated via Nasdaq on November 28 but front‑and‑center in November 29 news flows dissects Strategy’s Bitcoin‑driven financials. ^[14]

Key data points from the Zacks report:

• As of October 26, 2025, Strategy held about 640,808 BTC, more than 3% of Bitcoin’s eventual total supply.
• Using fair‑value accounting, those holdings delivered about $3.9 billion in unrealized gains in Q3 2025, helping push quarterly net income to roughly $2.8 billion.
• Year to date, Strategy has reportedly achieved around $12.9 billion in Bitcoin‑related gains and a 26% yield on its BTC stack.
• To fuel this accumulation, Strategy has raised nearly $20 billion in 2025 alone through at‑the‑market (ATM) equity programs and multiple preferred stock offerings, including $5.1 billion raised in the third quarter.
• Despite these numbers, Zacks notes that MSTR shares have fallen 38.9% year‑to‑date, badly lagging the broader finance sector and peers like Coinbase and BlackRock.
• The stock carries a Zacks Rank #3 (Hold) and a Value Score of “F”, with a price‑to‑book near 0.97, much cheaper than the sector average but reflecting high uncertainty.

In essence, Zacks frames Strategy as extreme leverage to Bitcoin: when BTC rallies, earnings can explode; when BTC stalls or falls, the combination of debt, preferred dividends and equity dilution becomes much harder to ignore.

Billions in Bitcoin on the move: custodial diversification hits the headlines

Another widely shared story on November 29, via Yahoo Finance and TheStreet, reports that Michael Saylor’s company has been shifting billions of dollars worth of Bitcoin between custodians. ^[15]

While the full transaction details are not public, the coverage emphasises two themes:

• Custodial diversification: Strategy is no longer relying solely on Coinbase and is spreading holdings across multiple custodians. That reduces single‑counterparty risk at a time when regulators and banks are increasingly scrutinizing crypto‑related exposures.
• Operational scale: Moving this volume of BTC underscores just how large Strategy’s treasury has become, and how important operational resilience and custody security are for the investment case.

This sits against a macro backdrop where Bitcoin itself has bounced back toward the mid‑$90,000 range after a sharp sell‑off, helped by growing expectations of U.S. Federal Reserve rate cuts. ^[16]

Because Strategy’s income statement is now dominated by mark‑to‑market swings in Bitcoin, those macro shifts in BTC price remain the single biggest driver of MSTR’s daily moves.

Strategy Inc’s premium to Bitcoin has all but vanished

One thread running through multiple pieces – from The Economic Times to Reuters and earlier Financial Times analysis – is that Strategy has lost the hefty premium to its Bitcoin holdings that once defined the stock. ^[17]

A few years ago, investors were willing to pay several times the value of Strategy’s underlying BTC, effectively rewarding:

• Its aggressive accumulation strategy
• Early‑mover advantage as a “publicly traded Bitcoin vault”
• The optionality of its legacy software business

Now, with spot Bitcoin ETFs and competing “digital asset treasury” companies widely available, analysts note that:

• Strategy’s market cap and enterprise value sit only slightly above the fair value of its BTC holdings. ^[18]
• Yields on newly issued preferred shares are in the double‑digits, a sign that investors demand substantial compensation for the risks of its leveraged model. ^[19]
• Index committees (S&P previously, MSCI potentially next) have become reluctant to treat Strategy like a traditional operating company, limiting the automatic demand that index inclusion would normally bring. ^[20]

For bulls, this compressed premium is an argument that MSTR is now a “cheap” way to own Bitcoin with upside if confidence returns. For skeptics, it shows that markets are increasingly pricing Strategy as just another highly levered Bitcoin vehicle, not a differentiated growth company.

What today’s news flow means for Strategy shareholders

Putting the November 29, 2025 headlines together, a few themes stand out for anyone watching Strategy Inc stock:

1. Institutional risk tolerance is being tested.
   CalPERS’ paper loss – from ~$144 million down to around $80 million – sends a message to other large funds considering equity‑based crypto exposure. When Bitcoin falls and index‑removal risk rises, even blue‑chip institutions can be left with heavy drawdowns. ^[21]
2. Funding Strategy’s Bitcoin war chest is getting more expensive.
   Step‑up coupons on STRC preferred shares, 12%+ rates on some euro‑denominated issues, and looming obligations mean that Strategy’s ability to roll and expand its capital structure is more sensitive to market conditions than in earlier cycles. ^[22]
3. Bitcoin price remains the main lever – in both directions.
   Zacks’ analysis shows how quickly fair‑value accounting can turn Bitcoin rallies into enormous reported profits – but also how that same mechanism would work in reverse if BTC breaks lower again. ^[23]
4. Operational and custodial decisions now carry headline risk.
   Moving billions in BTC across custodians is rational risk management, but at Strategy’s scale it is also a market event, attracting regulatory, media and investor attention every time it happens. ^[24]
5. Valuation is now tightly anchored to Bitcoin NAV.
   With MSTR trading close to the value of its BTC stack, upside or downside will increasingly depend on whether investors believe Strategy deserves a premium for its leverage, capital‑raising capabilities and software operations – or a discount for its complexity and financing risk. ^[25]

For now, Strategy Inc sits at the center of the debate about how – or whether – public‑equity markets should price balance‑sheet Bitcoin bets. The November 29 news cycle doesn’t resolve that debate, but it does make one thing clear: MSTR is no longer just a story about Bitcoin going up. It’s about who funds that bet, at what cost, and how long the market is willing to play along.

References

1. www.macrotrends.net, 2. www.nasdaq.com, 3. www.macrotrends.net, 4. www.strategy.com, 5. www.strategy.com, 6. finviz.com, 7. www.marketscreener.com, 8. www.nasdaq.com, 9. www.nasdaq.com, 10. m.economictimes.com, 11. m.economictimes.com, 12. www.reuters.com, 13. www.investors.com, 14. www.nasdaq.com, 15. finance.yahoo.com, 16. financefeeds.com, 17. m.economictimes.com, 18. www.investors.com, 19. www.investors.com, 20. www.ft.com, 21. m.economictimes.com, 22. www.investors.com, 23. www.nasdaq.com, 24. finance.yahoo.com, 25. finviz.com