Strategy Inc (MSTR) Stock Today, November 18, 2025: Price Action, 8,178 BTC Purchase and Fresh Analyst Warnings

Strategy Inc (NASDAQ: MSTR) — the Bitcoin‑heavy company formerly known as MicroStrategy — is back in the spotlight today after another massive Bitcoin purchase and a sharp rebound in its share price, even as crypto markets remain under heavy pressure.

Strategy Inc stock price today (18 November 2025)

As of around 12:10 p.m. ET on November 18, 2025, Strategy Inc’s Class A shares are trading near $211–212, up roughly 8% intraday compared with Monday’s close. The stock has traded today in a day range of about $196 to $212.99, with a previous close of $195.42. That gives Strategy a market capitalization in the $60–61 billion range and places it firmly among the top gainers on the Nasdaq despite a weak broader equity market. ^[1]

Even after today’s bounce, MSTR remains far below its 52‑week high around $543, reflecting the brutal drawdown that has hit crypto‑linked names over the past several months. ^[2]

For context, yesterday (Nov. 17) Strategy closed near $195.4, down about 2.2% on the day and extending a sharp multi‑week slide that had pushed the stock to seven‑month lows earlier this month. ^[3]

The big story: Strategy buys 8,178 more Bitcoin into the crash

The main catalyst for today’s renewed focus on MSTR is a new disclosure that Strategy bought another 8,178 BTC last week, aggressively “buying the dip” as Bitcoin fell to fresh multi‑month lows.

According to a regulatory filing summarized by Investing.com and CoinDesk:

Strategy purchased 8,178 Bitcoin for about $835.6 million.
The average purchase price was roughly $102,171 per BTC.
This brings total holdings to about 649,870 BTC, acquired for approximately $48.4 billion in aggregate cost. ^[4]

The company financed this latest buying spree primarily through preferred‑stock offerings rather than new common-share issuance. CoinDesk notes that Strategy raised roughly $715 million via its STRE (“Steam”) preferred series and about $131 million via its STRC (“Stretch”) preferreds, then deployed the bulk of that capital straight into Bitcoin. ^[5]

This shift toward high‑yield preferred equity comes after Strategy’s common stock price fell so far that large at‑the‑market equity offerings would risk heavy dilution. At around $200 per share earlier this week, CoinDesk estimated that Strategy’s enterprise value was barely above the value of its Bitcoin stack, leaving little buffer for common shareholders. ^[6]

Bitcoin below $90,000: macro backdrop for today’s move

Today’s MSTR rebound is happening against a very rocky macro backdrop for digital assets:

Bitcoin fell below $90,000 today for the first time in seven months, wiping out its gains for 2025 and leaving it nearly 30% below its October all‑time high above $126,000. ^[7]
About $1.2 trillion in total crypto market value has been erased over the past six weeks, driven by doubts about future U.S. rate cuts and a broader risk‑off mood in global markets. ^[8]
U.S. spot Bitcoin ETFs have seen around $1 billion in weekly net outflows, pulling a major source of demand out of the market. ^[9]

Crypto‑linked equities have been caught in the downdraft. A Coinspeaker recap of Monday’s trading notes that:

Coinbase (COIN) dropped about 7% yesterday.
Strategy/MicroStrategy (MSTR) fell 2.17% to $195.42, continuing a steep drawdown even as founder Michael Saylor “reinstated his faith” by adding 8,178 BTC. ^[10]

Reuters today groups Strategy with bitcoin miners and exchanges as part of a cohort of “crypto stockpilers” whose shares have slid as investors rapidly reduce risk exposure. ^[11]

How much Bitcoin does Strategy actually control?

Between CoinDesk, Investing.com and recent public remarks from Michael Saylor, we can sketch a current picture of Strategy’s Bitcoin balance sheet:

Total holdings: about 649,870 BTC after the latest purchase. ^[12]
Aggregate cost basis: roughly $48.3–48.4 billion, or about $74,400 per BTC. ^[13]
At Bitcoin prices in the low‑to‑mid $90,000s today, that stack is worth on the order of $60–61 billion, meaning most of Strategy’s market value is now simply its BTC holdings plus leverage and the residual software/AI business. ^[14]

In other words, MSTR continues to function as a leveraged, actively managed Bitcoin treasury vehicle with a relatively small traditional software‑analytics business attached.

Today’s analyst and media coverage: three big themes

1. Zacks: “Attracting investor attention” but rated Hold

This morning, Zacks Equity Research published a widely read note titled “Strategy Inc (MSTR) is Attracting Investor Attention: Here is What You Should Know.” ^[15]

Key takeaways:

Over the past month, Strategy shares are down about 34%, versus roughly flat performance for the S&P 500 and a roughly 10% decline in the broader Financial – Miscellaneous Services peer group. ^[16]
Zacks’ earnings model now expects:
- Q4 EPS of about $46 per share, up dramatically year‑on‑year because Bitcoin gains flow through the income statement.
- Full‑year 2025 EPS of about $78, more than 12x last year’s level, followed by a drop to around $52 in 2026 as one‑off gains normalize. ^[17]
Despite the huge headline EPS growth, Zacks assigns MSTR a Zacks Rank #3 (Hold) and a Value score of “F”, arguing that the shares still trade at a premium to peers on traditional valuation metrics. ^[18]

The Zacks piece essentially frames MSTR as high‑beta, high‑headline‑growth but richly valued, cautioning that investors should focus on earnings estimate revisions and Bitcoin sensitivity rather than short‑term buzz.

2. Standard Chartered & mNAV parity: is the sell‑off done?

In a separate CoinDesk article today, Standard Chartered’s head of digital asset research argues that Bitcoin’s sell‑off may be “nearing exhaustion” and highlights several sentiment indicators — including one for Strategy — that have reset to washout levels. ^[19]

One metric in focus is Strategy’s modified net asset value (mNAV), which compares the company’s Bitcoin holdings plus other assets to its equity value. According to the note:

Strategy’s mNAV has fallen to about 1.0, meaning the stock now trades roughly in line with the value of the Bitcoin it holds, after previously commanding a sizable premium. ^[20]

Historically, MSTR has often traded well above its underlying BTC value, as investors paid extra for Saylor’s capital‑raising engine and the potential upside from leverage. A mNAV around 1.0 suggests the market is now much more skeptical, treating Strategy almost like a plain Bitcoin tracker with little premium for management.

3. Debt, preferreds and the 2028 question

While MSTR bounces today, some of the most pointed commentary focuses not on the share price, but on the company’s capital structure:

A Barron’s column on Strategy’s 2028 convertible bond notes that the issue is now yielding close to 8% as its price has fallen into the low‑90‑cent‑on‑the‑dollar range, a sign that bond investors are demanding higher compensation for risk. ^[21]
Another Barron’s feature, summarized via Yahoo/FinViz, stresses that Strategy’s recent 12.5%‑coupon perpetual preferred stock is an expensive way to fund Bitcoin buys and adds to the company’s roughly $689 million in annual interest and preferred dividend obligations. ^[22]
A separate piece from TheStreet, syndicated on Yahoo Finance, warns that Strategy could once again miss inclusion in the S&P 500, despite its size, because of questions around its earnings quality and extreme crypto concentration. ^[23]

Add this all together and the market is clearly asking: how sustainable is Saylor’s model if Bitcoin enters a prolonged bear phase while debt and preferred yields stay elevated?

Market reaction: from bloodbath to relief rally

Monday’s tape was ugly for crypto‑linked equities, and Strategy was no exception:

Coinspeaker’s breakdown of the sell‑off shows MSTR closed Monday at $195.42, down 2.17%, extending a weeks‑long slide that has taken the stock down more than 40–50% from its 2025 highs. ^[24]

Today’s rebound appears driven by a mix of factors:

Short‑covering and beta to Bitcoin
After Bitcoin briefly plunged below $90,000, it has bounced back toward the low‑$90Ks, with some analysts calling the move a “fast but typical” cyclical drawdown that may already be largely complete. ^[25]
- When BTC stabilizes or bounces, leveraged proxies like MSTR tend to overshoot on the upside, just as they overshoot on the way down.
Narrative support from the mega‑purchase
The disclosure that Strategy bought 8,178 BTC right into the crash reinforces Saylor’s “always be buying” narrative. For committed bulls, this is seen as a sign of conviction and a potential signal that “smart money” views prices as attractive. ^[26]
Speculation about a floor near mNAV parity
With mNAV hovering around 1.0, some speculative investors see MSTR as “trading at its Bitcoin value for the first time in years,” and are betting that any stabilization in BTC could re‑inflate Strategy’s traditional premium. ^[27]

However, the market remains sharply divided. Critics like economist Peter Schiff continue to argue that Strategy’s highly leveraged Bitcoin‑only model is unsustainable and even call the business a “fraud”, pointing to the high cost of servicing debt and preferreds against a non‑yielding asset. Supporters counter that the firm still generates positive cash flow from software and has successfully rolled its liabilities through multiple cycles. ^[28]

Key numbers for Strategy Inc on November 18, 2025

For quick reference, here are the core data points shaping today’s MSTR story (figures approximate and intraday):

Share price: ≈ $211–212 (midday, +~8% vs. prior close) ^[29]
Day’s range: about $196.00 – $212.99 ^[30]
Previous close (Nov. 17):$195.42 ^[31]
52‑week range:$189.53 – $543.00 ^[32]
Market cap: around $60–61 billion ^[33]
Trailing P/E: roughly 9–10x, heavily influenced by Bitcoin accounting gains ^[34]
Bitcoin holdings: about 649,870 BTC at an average cost near $74,400 per coin ^[35]
Latest purchase:8,178 BTC for $835.6 million last week, funded mainly with high‑yield preferred stock ^[36]

What today means for investors watching MSTR

From an investor perspective, today doesn’t change what Strategy is — it just turns up the volume on both the bull and bear cases:

Bull case highlights
- MSTR offers concentrated, leveraged exposure to Bitcoin without using margin at the brokerage level.
- The company has proven it can raise billions through debt, equity and preferreds, expanding its BTC stack through multiple cycles. ^[37]
- With mNAV near parity and sentiment washed out, some see asymmetric upside if Bitcoin stabilizes and resumes its long‑term uptrend. ^[38]
Bear case highlights
- Strategy carries substantial long‑term liabilities, including convertible bonds and double‑digit‑coupon preferreds, which must be serviced regardless of where Bitcoin trades. ^[39]
- If Bitcoin remains weak or enters a prolonged bear market, the firm’s ability to roll or refinance that capital on attractive terms could be tested.
- Increasingly, the stock trades less like an innovative software company and more like a volatile Bitcoin tracker with structural leverage, as evidenced by its high beta (~3.3) to risk assets. ^[40]

For traders, MSTR today is once again a pure volatility play on Bitcoin direction and sentiment. For long‑term investors, the conversation is shifting toward balance‑sheet resilience, debt structure and the true value of the remaining software and AI analytics franchise beyond the BTC holdings.

Bottom line for November 18, 2025

On November 18, 2025, Strategy Inc stock is staging an impressive intraday rebound after weeks of punishing declines, powered by news of a fresh 8,178‑BTC purchase and hopes that Bitcoin’s violent sell‑off might be nearing exhaustion.

Yet the fundamental equation hasn’t changed:

Strategy remains the world’s largest corporate Bitcoin holder, with a balance sheet dominated by BTC and a growing stack of higher‑cost capital used to fund it. ^[41]
The stock now trades close to the value of its Bitcoin holdings, meaning investors are no longer paying much of a premium for leverage or software operations — but they are still assuming meaningful balance‑sheet and execution risk. ^[42]

For anyone following MSTR, today’s message is clear: the Strategy story is now almost entirely a call on Bitcoin plus a judgment on how far Michael Saylor can push his capital‑markets “engine” before the cost of capital catches up.

As always, this article is for informational purposes only and does not constitute investment advice. Crypto‑exposed stocks like Strategy Inc can be extremely volatile and are suitable only for investors who fully understand — and can tolerate — the risks involved.