Strategy Inc (NASDAQ: MSTR) — the Bitcoin‑heavy company formerly known as MicroStrategy — is back in the spotlight today as its stock trades near yearly lows while a wave of fresh headlines hits the tape. From a new “credit gauge” meant to calm debt fears to data showing more than half of its Bitcoin stash is underwater, November 26, 2025 is turning into another pivotal day for MSTR investors.
Strategy Inc (MSTR) Stock Price Today – November 26, 2025
By late morning U.S. trading on Wednesday, Strategy Inc Class A shares were changing hands around $171.36, slightly below yesterday’s close of $172.19. The stock has traded in a day range of roughly $169.70 to $175.25 so far today. [1]
Key snapshot from market data providers:
- Market cap: about $51 billion
- 52‑week range:$166.01 – $457.22
- Trailing P/E ratio: roughly 8x earnings
- Average 30‑day volume: just under 15 million shares
- Beta: well above 3, underscoring extreme volatility versus the broader market [2]
Performance has been brutal:
- Down ~39–40% in November alone, on track for its worst month since April 2024 [3]
- Down around 60% over the past year, with shares now more than 60% below their 52‑week high above $450 [4]
In other words, even though MSTR is slightly red today, the real story is the violent drawdown of the last several months — and today’s news is all about whether that downside is stabilizing or just getting started.
From MicroStrategy to Strategy: A Pure‑Play Bitcoin Treasury Company
Strategy Inc is, essentially, Wall Street’s most leveraged way to bet on Bitcoin in stock form.
- The company rebranded from MicroStrategy to Strategy in early 2025, then completed a legal name change to Strategy Inc effective August 11, 2025. [5]
- Management now describes Strategy as the “world’s first and largest Bitcoin Treasury Company”, using equity, preferred stock, and convertible debt to continually acquire more BTC. [6]
- As of recent disclosures, Strategy holds hundreds of thousands of Bitcoin — roughly 3% of total supply — financed with more than $8 billion of debt and various high‑yield perpetual preferred shares. [7]
Fundamentally, the operating software business is still there:
- Q3 2025 revenue was about $128.7 million, up roughly 11% year over year, while net income surged thanks to Bitcoin‑related gains, producing diluted EPS of $8.42. [8]
- Over the last twelve months, Strategy generated around $475 million in sales but several billions of dollars in net income, pushing net margins over 1,000% — a sign that Bitcoin mark‑to‑market gains, not software, dominate the financials. [9]
That backdrop matters for today’s news: virtually every major headline on November 26 is about the sustainability of this Bitcoin‑first capital structure and how the market should value it.
Key Strategy Inc Headlines on November 26, 2025
Based on public sources as of mid‑day Wednesday, these are the major Strategy‑related stories dated November 26, 2025 and directly influencing MSTR sentiment today.
1. New Credit Gauge and 70‑Year Dividend Runway
What happened:
Michael Saylor’s Strategy has launched a new “credit rating dashboard” designed to convince investors its balance sheet can withstand a prolonged Bitcoin slump. [10]
Across coverage from Cointelegraph (via TradingView) and CoinCentral, the company makes several bold claims:
- A “BTC Rating” framework that compares Bitcoin assets vs. convertible debt.
- At its $74,000 average Bitcoin cost basis, Strategy says it has about 5.9x BTC assets to convertible debt.
- Even in a scenario where Bitcoin drops to $25,000, the company still claims 2x asset coverage relative to that debt.
- Strategy asserts it has around 70 years of dividend‑paying capacity for its preferred shares, even if Bitcoin prices simply stay flat from here. [11]
Why it matters:
- This dashboard is clearly aimed at easing fears around the firm’s $8+ billion in debt and multiple preferred share classes, which rating agency S&P currently pegs at “B‑” (high‑yield). [12]
- It also speaks directly to concerns from banks and index providers that Strategy’s capital structure might not be robust in a deep and extended Bitcoin bear market. [13]
Investors should treat the 70‑year runway as a model‑based claim, not a guarantee. It assumes Strategy maintains today’s capital market access and that Bitcoin does not fall and stay far below current levels for decades.
2. Over Half of Strategy’s Bitcoin Stash Is Now Underwater
Another widely‑shared article highlights a painful statistic: more than 51% of Strategy’s Bitcoin holdings were purchased at prices above today’s BTC level. [14]
According to analysis cited from CryptoQuant:
- Strategy built much of its huge BTC position during the expensive phases of 2021, 2024, and early 2025, when Bitcoin traded much higher than it does now. [15]
- After Bitcoin’s slide from record highs above $120,000 in October to levels in the high $80,000s, those later‑cycle buys are now sitting at a loss.
- Earlier purchases from the 2020–2021 “deep cycle” below $20,000 remain deeply profitable, but the margin of safety has shrunk. [16]
Takeaway:
This metric doesn’t mean Strategy is close to insolvency — but it does mean that the cushion provided by low‑cost Bitcoin is thinner than many bulls assumed. It also helps explain why equity investors are now demanding a discount to the headline value of the BTC stash.
3. $5+ Billion of Bitcoin Moved From Coinbase to Fidelity
Arkham Intelligence data, reported today by The Crypto Basic, shows that Strategy has moved roughly 58,390 BTC — about $5.1 billion worth — off Coinbase and into Fidelity custody over the last two months. [17]
Key details:
- Fidelity reportedly uses an omnibus system that pools client assets, so some of Strategy’s Bitcoin now appears under Fidelity’s label in Arkham’s dashboards rather than under the company’s own address cluster. [18]
- The transfers involve custody migration, not selling — the BTC remains part of Strategy’s balance sheet.
Why it matters:
- Moving coins from a centralized exchange hot wallet into a large institutional custodian can be seen as a security and counterparty‑risk upgrade, especially after a turbulent period in crypto markets.
- It also highlights Strategy’s ongoing efforts to optimize custody arrangements as the position scales into the tens of billions.
4. MSCI Index Risk and “Overhang” in the Spotlight
Index‑related risk is one of the biggest clouds over MSTR today, and several articles published on November 26 revisit that theme.
A Simply Wall St note flags mounting concerns that MSCI and other index providers may reclassify or exclude companies whose balance sheets are dominated by digital assets, Strategy included. [19]
This builds on earlier reporting from Barron’s and others:
- MSCI is currently consulting on whether companies with 50%+ of assets in crypto belong in traditional equity indexes at all.
- JP Morgan estimates that a full removal from MSCI and similar indexes could trigger forced selling of between $2.8 billion and $8.8 billion across passive funds. [20]
On the other hand, TD Cowen’s Lance Vitanza reiterated a Buy rating on Strategy today, with a $535 price target, even as he acknowledges the “sustained MSCI overhang” that may keep a lid on the stock in the near term. [21]
Net result:
Index risk is now central to the MSTR story. Even if Bitcoin stabilizes, a negative MSCI decision in early 2026 could mean large, non‑fundamental selling pressure — and investors know it.
5. Worst Month Since 2024 and Market Cap Below Bitcoin Holdings
A Stocktwits Markets piece notes that Strategy’s shares have fallen more than 36% in November, marking their worst monthly performance since April 2024 and extending a run of seven straight weeks of declines. [22]
Crucially, the article highlights that Strategy’s equity market cap has now dipped below the estimated market value of its Bitcoin holdings:
- At today’s prices, that implies investors are assigning negative value to the combination of the software business, future capital‑raising ability, and the cost of debt and preferreds. [23]
Some bulls see this as a “Bitcoin at a discount” opportunity. Bears counter that the discount merely reflects leverage, index‑removal risk, and execution risk finally being priced in.
6. Institutional Investors Are Still Adding to MSTR
Not all big money is running away. Two fresh 13F‑driven stories today show institutional investors increasing their Strategy positions:
- CreativeOne Wealth LLC boosted its MSTR holdings by 47.5% in Q2, taking its stake to 5,671 shares. [24]
- Hel Ved Capital Management Ltd increased its position by an eye‑catching 588%, to 12,075 shares, making Strategy its 17th‑largest holding. [25]
MarketBeat’s summary of ownership and analyst sentiment adds:
- Roughly 60% of Strategy’s stock is owned by hedge funds and other institutions. [26]
- Across Wall Street coverage, MSTR carries a “Moderate Buy” consensus rating, with an average target price near $485–$525, far above today’s ~$170 level. [27]
Insiders have also been buying on weakness, with board members purchasing tens of thousands of shares in recent weeks at prices below current levels. [28]
Interpretation:
While price action screams “risk off,” the ownership data shows at least some long‑term capital is using the drawdown to build positions, betting that Strategy survives the current storm.
7. High‑Yield Products Tied to MSTR Under Scrutiny
An in‑depth analysis on Investing.com today looks at both MSTR and the YieldMax MSTR Option Income Strategy ETF (MSTY), calling out the dangers of chasing headline yields in this ecosystem. [29]
Key points:
- MSTY’s distribution yield appears enormous (over 200% annualized at one point), but over 98% of payouts have come from capital gains and return of capital, not sustainable income.
- MSTR has fallen from $543 at its 2024 high to around the low $170s today, while Bitcoin has dropped from above $115,000 to the mid‑$80,000s. [30]
- The piece emphasizes a triple‑leveraged chain:
→ Bitcoin volatility → Strategy’s equity → MSTY’s covered‑call structure.
When BTC falls, MSTR can drop 20–25% for a 10% BTC move, and MSTY can lose even more. [31]
Bottom line:
Today’s coverage reinforces the view that MSTR is not a typical software stock — it’s a highly leveraged Bitcoin proxy whose volatility can bleed into exotic income products.
8. “Stock Crashes 60% — But Saylor Won’t Step Aside”
Crypto outlet Bitcoinist runs with a dramatic headline today: “Strategy Stock Crashes 60% — But Michael Saylor Refuses To Step Aside.” [32]
The article notes:
- Strategy’s share price has fallen around 60% from recent peaks, but its Bitcoin holdings are still in aggregate profit, thanks to early low‑cost purchases.
- Saylor shows no sign of backing away from the “Bitcoin forever” thesis, even in the face of index risk, rising criticism from traditional finance, and heavy drawdowns for equity holders. [33]
For long‑term bulls, Saylor’s unwavering stance is part of the appeal. For skeptics, it’s a sign that risk management is taking a back seat to ideology.
9. Macro Backdrop: Bitcoin Bounces, But Volatility Stays High
Finally, a broader piece from Investopedia today notes that Bitcoin has “regained some ground,” climbing back toward $88,000 after dropping into the low $80,000s, as risk appetite improves and traders price in a possible Fed rate cut in December. [34]
For Strategy, this is a double‑edged sword:
- A stronger BTC price improves the mark‑to‑market value of its balance sheet and helps support those 5.9x coverage ratios touted in today’s credit‑dashboard rollout. [35]
- But the recent crash from all‑time highs above $120,000 has reminded everyone just how quickly Bitcoin — and therefore MSTR — can swing. [36]
Fundamentals vs. Market Mood: Where Does Strategy Stand After Today?
Putting it all together, November 26, 2025 paints a complex picture for Strategy Inc stock:
- Balance sheet messaging has shifted from offense to defense.
The new credit dashboard and 70‑year dividend runway narrative are clearly about reassurance, not celebration. Management is signaling that even with BTC well below its highs, they believe they can honor obligations for decades — but this relies on assumptions about future Bitcoin prices and capital markets that no one can guarantee. [37] - The “Bitcoin at a discount” thesis is now explicit.
With the company’s market cap dipping below the estimated value of its BTC holdings, the market is implying that debt, preferreds, index risk, and operating uncertainties more than offset the software and optionality value. [38] - Index decisions could be a make‑or‑break catalyst.
If MSCI and other index providers decide to eject Strategy from key benchmarks, forced selling could hammer the stock further, regardless of Bitcoin’s short‑term moves. Conversely, a decision to keep it in could remove a major overhang. [39] - Institutional and insider buying shows some deep‑value conviction.
The fact that hedge funds, wealth managers, and board members are adding to MSTR, even amid extreme volatility, suggests a camp of investors believes the current discount is overdone. [40] - For most investors, risk remains extreme.
Between high beta, complex capital structure, and heavy dependence on Bitcoin’s path, Strategy remains a high‑risk, high‑reward speculation, not a conservative “value stock.” Articles today on MSTY and MSTR make it clear that even products built around the stock can suffer rapid capital erosion if volatility stays high and BTC weak. [41]
What to Watch After November 26, 2025
If you follow Strategy Inc stock, the key signposts coming out of today’s news cycle are:
- Bitcoin’s next move — especially whether BTC stabilizes above the company’s ~$74k cost basis or revisits lower levels. [42]
- MSCI’s January 15, 2026 decision and any earlier signals from index committees. [43]
- Further updates to the credit dashboard, including how Strategy responds if Bitcoin stays in the $80k range or falls further. [44]
- New 13F filings and insider transactions that show whether institutional and insider buying continues at these prices. [45]
For now, today’s action confirms one thing: Strategy Inc stock is still trading far more like a leveraged Bitcoin instrument than a traditional software company. Anyone considering MSTR should be comfortable with crypto‑level volatility, the real risk of further index‑driven selling, and the possibility that today’s “discount to BTC” reflects genuine structural risk, not just a mispricing.
References
1. www.google.com, 2. www.google.com, 3. stocktwits.com, 4. finviz.com, 5. www.strategy.com, 6. www.strategy.com, 7. en.wikipedia.org, 8. www.strategy.com, 9. simplywall.st, 10. www.tradingview.com, 11. www.tradingview.com, 12. www.spglobal.com, 13. www.ft.com, 14. www.tradingview.com, 15. www.tradingview.com, 16. www.tradingview.com, 17. thecryptobasic.com, 18. thecryptobasic.com, 19. simplywall.st, 20. www.barrons.com, 21. www.tipranks.com, 22. stocktwits.com, 23. stocktwits.com, 24. www.marketbeat.com, 25. www.marketbeat.com, 26. www.marketbeat.com, 27. www.marketbeat.com, 28. www.marketbeat.com, 29. www.investing.com, 30. www.investing.com, 31. www.investing.com, 32. bitcoinist.com, 33. bitcoinist.com, 34. www.investopedia.com, 35. www.tradingview.com, 36. www.investopedia.com, 37. www.tradingview.com, 38. stocktwits.com, 39. www.barrons.com, 40. www.marketbeat.com, 41. www.investing.com, 42. www.investopedia.com, 43. www.barrons.com, 44. www.tradingview.com, 45. www.marketbeat.com
