Strategy Inc (MSTR) Stock Today, 24 November 2025: Price, $21B Capital Raise, Solvency Debate and a $5.4B Wall Street Sell‑Off

This article is for information and analysis only and is not financial advice.

Key things to know about Strategy Inc stock on 24 November 2025

Share price today: Strategy Inc (NASDAQ: MSTR) is trading around $174, up roughly 2% on the day after opening near $171.50 and trading between about $166 and $176. ^[1]
Year-to-date performance: Despite today’s bounce, the stock is still down around 40–41% year-to-date and nearly 60% over the past 12 months, even though it remains up several hundred percent over the last five years. ^[2]
Bitcoin linkage: Strategy now holds roughly 650,000 Bitcoin, about 3.2% of the eventual supply, and is widely treated as a leveraged Bitcoin proxy rather than a traditional software stock. ^[3]
New capital milestone today: A fresh report shows the company has raised $21 billion year‑to‑date in 2025 across common equity, preferred stock and convertible debt — nearly matching all of 2024 already. ^[4]
Wall Street rotation: New analyses today highlight that major institutions such as BlackRock, Vanguard and Fidelity have collectively sold about $5.4 billion of MSTR over recent quarters, even as some investors are still making seven‑figure bets on the stock. ^[5]
Solvency & index‑exclusion debate: A widely shared report today questions Strategy’s dividend burden, cash levels and MSCI index risk, while other analysts strongly dispute any short‑term solvency threat and argue the Bitcoin collateral still comfortably covers obligations. ^[6]

Strategy Inc stock price today (24 November 2025)

As of this afternoon on 24 November 2025, Strategy Inc’s Class A shares trade near $174.09, up about $3.59 (roughly 2.1%) versus the prior close. Intraday, MSTR has: ^[7]

Opened: around $171.50
Intraday range: roughly $166.05 – $176.44
Volume: about 8.6 million shares so far, indicating active trading interest

Google Finance and Investopedia both note that Strategy is participating in a broader rebound among crypto‑linked stocks today as Bitcoin bounces from last week’s lows, with MSTR up “nearly 2%” in early trade alongside crypto miners and exchanges. ^[8]

Still, context matters: multiple outlets (including TipRanks, Cointelegraph and Zacks) all emphasize that Strategy shares remain down about 40%+ in 2025 and ~60% over the past year, despite being up roughly 500% over five years and more than 1,000% since Michael Saylor began the Bitcoin strategy in 2020. ^[9]

Today’s big Strategy headlines at a glance (24 November 2025)

News flow around Strategy Inc today is unusually heavy and falls into five themes:

Capital‑raising power: Strategy says it has raised $21B in 2025 so far, nearly matching 2024’s total, across common equity, preferreds and converts. ^[10]
Stock under pressure, Saylor unshaken: Several pieces note the 60% 12‑month drawdown in the stock, but also highlight Saylor’s “won’t back down” stance and Strategy’s still‑profitable Bitcoin stack. ^[11]
Solvency math & MSCI index risk: A detailed report questions whether Strategy’s funding model can withstand the next few quarters without constant capital raises — and highlights a looming MSCI index decision that could force billions in selling — while skeptics of that report argue the balance sheet is over‑collateralized, not near collapse. ^[12]
Institutional exits & premium collapse: New coverage shows $5.4B of institutional MSTR selling and argues that the stock’s former premium to its Bitcoin holdings has largely collapsed to near 1x net asset value. ^[13]
Mixed sentiment from analysts & journalists:
- Some see Strategy as still beating Big Tech over multi‑year periods and deserving a “Strong Buy” rating with huge upside potential. ^[14]
- Others focus on the 41% YTD slide, dilution and index‑exclusion risk, asking if simply holding Bitcoin or staying away is safer. ^[15]

Let’s unpack what all of this means.

$21B raised in 2025: what Strategy’s new capital milestone really signals

A new Cryptonews report today reveals that Strategy has raised $21 billion year‑to‑date in 2025, only slightly below the $22.6 billion it raised in all of 2024. ^[16]

According to the article and Strategy’s own X (Twitter) disclosure: ^[17]

$11.9B came from common equity
$6.9B from preferred equity
$2B from convertible debt
The raises span at least seven securities, including tickers like STRF, STRC, STRE, STRK and STRD, each bringing in between roughly $700M and $2.7B

The piece argues that this continued access to capital — even amid a deep drawdown in Bitcoin and Strategy’s own share price — supports Saylor’s thesis that the company can keep leveraging public markets to grow its BTC balance sheet. ^[18]

At the same time, this capital‑raising spree is also what worries many large shareholders: Economic Times and others point out that repeated equity and preferred issuance is highly dilutive and has helped compress Strategy’s long‑standing premium to the value of its Bitcoin holdings. ^[19]

Stock keeps bleeding, but Saylor “won’t back down” from the Bitcoin bet

A widely read TipRanks analysis published today — echoed by a Cointelegraph story cross‑posted on TradingView — frames MSTR’s recent slide as one of the worst stretches in its history: ^[20]

The stock is down almost 60% in the past 12 months and more than 40% year‑to‑date.
Shares traded near $300 in October but are now closer to $170–175.
Yet, Strategy’s Bitcoin portfolio remains profitable by mid‑teens, with an average acquisition cost around $74,430 per BTC versus a current BTC price near $86,000. ^[21]

Those articles also highlight:

Over five years, Strategy stock has risen by 500%+, outpacing Apple and Microsoft several times over. ^[22]
On a two‑year view, MSTR is still up about 226%, again beating those mega‑cap tech names. ^[23]
On 17 November 2025, Strategy bought another 8,178 BTC for $835.6 million, taking its Bitcoin stash to 649,870 BTC — worth the mid‑tens of billions of dollars even after the recent crypto sell‑off. ^[24]

Despite the worsening drawdown, both pieces quote Saylor’s message on X that he “won’t back down”, and they emphasize that short sellers and hedgers appear to be a big part of the story:

Strategy’s highly liquid options chain makes it a convenient way for large funds to hedge crypto exposure, often by shorting MSTR or buying puts. ^[25]
That has turned the stock into a kind of “pressure valve” for crypto market anxiety, sometimes falling faster than Bitcoin itself when traders rush to hedge.

TipRanks data cited in the piece shows that, despite the volatility, 14 Wall Street analysts currently rate Strategy a “Strong Buy” overall — with 12 Buys, 2 Holds and no Sell ratings — and an average 12‑month price target above $500, implying triple‑digit upside from today’s levels. ^[26]

Solvency fears, MSCI index risk and the new “Bitcoin math” debate

The most contentious Strategy story of the day comes from CoinPaper, with a report titled “Strategy Faces Fierce Debate as Bitcoin Math, Solvency Claims and Stock Pressure Collide.” ^[27]

The bear case: cash squeeze, dividend burden and “accumulation loop” broken

Independent researcher Shanaka Anslem Perera argues, based on his reading of Strategy’s filings, that: ^[28]

Strategy holds 649,870 BTC at a stated cost of $48.37B (his calculation), about 3.26% of total Bitcoin supply.
The company allegedly has only about $54M of cash while owing roughly $700M a year in preferred dividends, and its legacy software business is running negative cash flow.
From January to September 2025, Strategy raised $19.5B — much of which he believes went toward servicing earlier liabilities rather than adding new Bitcoin.
He claims that, with the stock now trading near one times net Bitcoin value instead of at a premium, the prior “accumulation loop” — issuing stock at a premium to buy more BTC per share — has effectively broken.

Perera also flags a key date: 15 January 2026, when MSCI is expected to decide whether to exclude companies with more than 50% of assets in digital currencies from certain indices. With Strategy’s assets reportedly about 77% in Bitcoin, he estimates that index‑tracking funds might be forced to sell $2.8–8.8B of MSTR, or roughly 15–20% of the company’s market value, if an exclusion goes ahead. ^[29]

The rebuttal: over‑collateralized, not near collapse

CoinPaper’s own article also devotes substantial space to counterarguments from other analysts, who say Perera’s math: ^[30]

Triple counts capital and overstates Strategy’s Bitcoin cost basis — they argue the true cost basis is closer to $15B, not $48B.
Mischaracterizes the dividend burden: they say only about $105M a year is a hard cash obligation, while other preferred classes are cumulative or stock‑settled.
Ignores that with roughly $56B of Bitcoin net asset value against about $16B of debt and preferreds, Strategy has ~3.5x collateral coverage, which is inconsistent with talk of near‑term insolvency.

These critics also stress that the MSCI decision is a consultation, not a guaranteed delisting, and argue that recent Bitcoin shocks reflected leveraged liquidations and liquidity gaps, not Strategy‑specific distress.

In their view, Strategy looks like a heavily collateralized, high‑risk capital‑markets engine, but not a Ponzi scheme or an entity likely to fail in “90 days.” ^[31]

Wall Street’s $5.4B exit vs new million‑dollar bets

Even as Saylor doubles down and retail traders argue online, the institutional tape tells its own story.

$5.4B of selling from giants like BlackRock, Vanguard and Fidelity

An Economic Times report today, echoed in a Yahoo/Bitget write‑up, says that BlackRock and other major institutions have offloaded around $5.4 billion of MSTR in recent quarters. ^[32]

The coverage highlights several reasons:

Aggressive dilution: Strategy has issued large amounts of new common stock and preferred shares to buy more Bitcoin, eroding existing holders’ ownership. ^[33]
Premium collapse: Where MSTR once traded at roughly 2x the value of its underlying Bitcoin, the mNAV multiple has fallen toward 1x, meaning the stock now behaves much more like direct BTC exposure with leverage and governance risk attached. ^[34]
Index‑removal risk: Index providers are openly considering dropping “crypto treasury” names like Strategy from benchmarks such as the MSCI USA or even parts of the Nasdaq 100, which would mechanically force more selling by passive funds. ^[35]

With spot Bitcoin ETFs, futures and structured products now plentiful, many large funds no longer feel they need MSTR as their primary Bitcoin proxy.

New seven‑figure bets and earnings surprise

At the same time, a RollingOut article today (behind a paywall but summarized in search snippets) notes that Strategy’s most recent quarter produced earnings per share of about $8.42 versus expectations of a slight loss, and reports at least one major investor putting roughly $1 million into MSTR following that earnings beat. ^[36]

Meanwhile, Zacks frames the situation with a blunt headline: “Strategy Shares Slides 41% YTD: Is Holding the Best Move Now?” — capturing the dilemma for investors who entered near the highs. ^[37]

How the market is valuing Strategy vs its Bitcoin today

A Barron’s analysis updated today argues that, once you account for Strategy’s debt, the market is now valuing the stock at roughly the same level as its underlying Bitcoin holdings — a sharp contrast to earlier years, when MSTR often traded at a large premium to its BTC net asset value. ^[38]

In parallel, Forbes notes that despite the recent drawdown, Strategy shares are still up roughly 1,160% since Saylor began buying Bitcoin in August 2020 — underscoring how far the stock ran before this year’s slump. ^[39]

Taken together, today’s coverage reinforces a crucial point:

At current levels, buyers of MSTR are primarily buying exposure to Bitcoin with leverage, liquidity and corporate governance layered on top, rather than a traditional software stock with independent cash flows.

For some investors, that structure is attractive; for others, it simply adds complexity and risk versus owning BTC directly.

Volatility and options flow: today’s snapshot

Options traders continue to treat Strategy as a high‑volatility trading vehicle.

A pre‑market implied‑volatility report from Market Rebellion this morning shows: ^[40]

MSTR 30‑day implied volatility: about 89, within a 52‑week range of 44–220
MSTR call/put ratio: around 1.6 calls for every 1 put, suggesting a tilt toward upside speculation or hedging
STRC (one of Strategy’s preferreds) 30‑day IV: about 22, near the top of its 5–25 range, with a call/put ratio near 2.4

That backdrop fits with what we see in the share price: big intraday swings, heavy options activity, and a stock that trades more like a high‑beta crypto derivative than a normal tech name.

So is Strategy stock a buy, sell or just a volatility gauge right now?

Only you can decide what to do with your capital, but today’s news flow highlights the trade‑offs clearly:

Bullish arguments emphasized today

Strategy is still the largest corporate Bitcoin holder, with roughly 650,000 BTC and a treasury that remains solidly in profit even after November’s crypto crash. ^[41]
The company has demonstrated extraordinary access to capital markets, raising $21B in 2025 alone, which gives it continued firepower to accumulate BTC and service obligations. ^[42]
Over multi‑year periods, Strategy stock has crushed major tech benchmarks, and TipRanks’ surveyed analysts still see potential triple‑digit upside from current levels. ^[43]

Bearish arguments front‑and‑center today

Shares remain down ~40% YTD and ~60% over 12 months, and the stock is heavily used as a hedging tool, which may keep volatility elevated regardless of Bitcoin’s long‑term trajectory. ^[44]
Repeated issuance of common and preferred equity has diluted existing shareholders, driving the stock’s valuation closer to its raw Bitcoin net asset value and erasing the old premium. ^[45]
A negative MSCI decision, or similar moves by index providers, could force billions in mechanical selling from passive funds and intensify pressure. ^[46]

Key questions to ask yourself

If you’re evaluating Strategy stock after today’s headlines, some useful questions might be:

Am I primarily bullish on Bitcoin itself, and if so, do I want exposure through MSTR’s leveraged, high‑volatility structure or through more direct vehicles (spot BTC, ETFs, etc.)?
How comfortable am I with ongoing dilution and complex capital‑structure engineering (preferreds, converts, ATM programs) as part of the thesis?
Do I understand the implications if MSCI or other index providers exclude Strategy, and how that could impact both liquidity and valuation?
Am I investing based on multi‑year conviction, or am I really trading the short‑term volatility and sentiment around crypto and Saylor’s strategy?