Strategy Inc (MSTR) Stock Today, November 26, 2025: Short Seller Exit, MSCI Index Risk and a $5.1B Bitcoin Move

This article is for information and education only and does not constitute investment advice.

Snapshot: Strategy Inc stock price today (MSTR)

As of mid‑afternoon U.S. trading on November 26, 2025, Strategy Inc’s Class A shares (NASDAQ: MSTR) were trading around $178 per share, up roughly 3–4% on the day. Real‑time quote feeds show Strategy at about $177.7–$177.9, with an intraday gain just above 3% and volume already over 15 million shares. ^[1]

Key trading metrics today:

Last price: ~$177.7–$177.9 (intraday, delayed quotes) ^[2]
Daily move:+3.1% to +3.3% vs. yesterday’s close around $172.2 ^[3]
Day’s range:$169.70 – $180.63 ^[4]
52‑week range:$166.01 – $457.22 ^[5]
Market cap: about $51.0 billion ^[6]
Analyst 12‑month target: average near $469 per share, implying well over 100% upside from current levels (consensus “Strong Buy”). ^[7]

Despite today’s bounce, Strategy is still having a brutal autumn:

Shares are down roughly 36% in November alone, on track for their worst month since 2024. ^[8]
Year‑to‑date, multiple data providers show declines of about 40–42%. ^[9]
One piece of coverage notes the stock is now about 50–60% below its 2025 peak – the “ugly 51% stat” making the rounds today. ^[10]

All of this is happening while Bitcoin itself has slid from record highs above $120,000 to the high‑$80,000s. ^[11]

Company context: Strategy Inc, formerly MicroStrategy

Strategy Inc – known as MicroStrategy until an August 2025 legal name change – is a Bitcoin‑treasury‑focused company and AI/BI software vendor headquartered in Tysons Corner, Virginia. ^[12]

The business now effectively has two pillars:

Bitcoin treasury: Strategy is the largest corporate holder of Bitcoin in the world, with roughly 650,000 BTC on its balance sheet, according to recent filings and on‑chain tracking. ^[13]
Software & analytics: It still sells analytics and AI‑driven BI products (Strategy One, Strategy Mosaic, etc.), but the stock trades primarily as a leveraged Bitcoin proxy. ^[14]

That structure means MSTR tends to move more violently than Bitcoin itself, with a beta above 3.3 over the past year. ^[15]

The big Strategy Inc stories today (26 November 2025)

A cluster of fresh headlines hit MSTR on November 26. Here are the key developments and why investors care.

1. Jim Chanos closes his high‑profile Strategy short

Legendary short seller Jim Chanos – long a critic of Strategy’s Bitcoin‑heavy capital structure – has now closed his MSTR trade, according to a detailed recap published at midday. ^[16]

What the article and Chanos’ own commentary highlight:

His firm shorted Strategy while remaining long Bitcoin, betting that MSTR’s share price would fall faster than the value of its BTC holdings as the premium compressed. ^[17]
When the trade was first recommended in late 2024, Strategy traded at about 2–2.5× its “market NAV” (mNAV) – essentially the value of its Bitcoin plus operating business. ^[18]
After a steep 2025 sell‑off, MSTR recently changed hands near $170, roughly 63% below its 2025 high, with the mNAV multiple down to around 1.2×. ^[19]
Chanos says the thesis has “largely played out”: the premium he targeted has shrunk from tens of billions of dollars to closer to the mid‑teens. ^[20]

Why it matters:

The exit of such a prominent bear could reduce some short‑side pressure and fuel short‑covering rallies, especially in a name as volatile as MSTR.
At the same time, Chanos’ reasoning underscores how dependent Strategy’s model is on maintaining a valuation premium above the value of its Bitcoin stack.

2. Interest and dividend costs are “about to rise” sharply

A new Investor’s Business Daily analysis today zeroes in on Strategy’s financing costs and looming debt milestones. ^[21]

Key points from that piece:

The dividend on Strategy’s largest preferred series STRC is stepping up from 9% to 11% because the shares are trading below par – making already‑expensive capital even costlier. ^[22]
Combining preferred stock dividends and interest on its convertible notes, Strategy now has around $800 million a year in fixed interest and dividend obligations. ^[23]
The company carries roughly $8.2 billion in debt and about $7.8 billion in preferred stock, versus an estimated $56–57 billion value for its Bitcoin holdings at recent prices. ^[24]
The article warns that Strategy could face a liquidity squeeze by September 2027, when $1 billion of convertible debt may need to be redeemed if it isn’t refinanced or converted. ^[25]

In short: financing the Bitcoin war chest isn’t cheap, and those costs are rising as preferred yields tick up and the common stock trades far below past levels.

3. MSCI index exclusion risk dominates the strategic debate

Several pieces of research and commentary today continue to hammer on the MSCI index risk that first surfaced last week.

AInvest published a detailed note titled “Is MicroStrategy’s Bitcoin Strategy Still Viable Amid MSCI Index Exclusion Risks?” early this morning. It estimates:
- Strategy’s Bitcoin holdings at 640,808 BTC, worth about $70.9B as of Q3,
- Convertible debt of $8.2B and preferreds of $6.6B,
- Annual interest + dividend burden of roughly $689M, under 1% of BTC NAV. ^[26]
The same piece cites JPMorgan analysis suggesting that if MSCI drops “Bitcoin treasury” firms from its indexes, passive funds could be forced to sell up to $2.8B of MSTR, rising to $8.8B if other index families like Russell follow. ^[27]
A forthcoming MSCI decision date of 15 January 2026 is highlighted, with potential removal by February 2026 if the change goes ahead. ^[28]
Simply Wall St echoes the theme in a narrative published today, stressing that index removal could flip passive funds from a structural source of demand into a wave of forced sellers, reshaping Strategy’s role as an institutional Bitcoin proxy. ^[29]
A separate note from TD Cowen, summarized in Bitcoin Magazine coverage, likewise assumes all MSCI indices will eject Strategy and similar “PBTC” names, contributing to today’s “sell‑pressure” framing around the stock. ^[30]

Why it matters:

For years, bulls argued that index inclusion (Nasdaq‑100, MSCI USA, MSCI World) would keep drawing new money into MSTR. The new risk is that the index tailwind flips into a structural headwind, precisely when the company is still heavily reliant on equity issuance and preferred stock to fund new BTC purchases.

4. Strategy moves $5.1B in Bitcoin from Coinbase to Fidelity

Perhaps the most concrete operational news today: on‑chain analysts at Arkham Intelligence flagged that Strategy has been quietly moving tens of thousands of BTC off Coinbase over the past two months.

According to Daily Hodl’s report: ^[31]

Strategy has transferred about 58,390 BTC – worth $5.1B at recent prices – from Coinbase to Fidelity’s custody platform.
Fidelity is now shown as custodian for 165,709 BTC on behalf of Strategy, around a quarter of the firm’s total BTC stash, which Arkham now pegs at 649,870 BTC worth more than $57B.
The firm’s coins are increasingly held in omnibus custody arrangements, meaning on‑chain data may under‑count Strategy’s exposure if some deposits are labeled under custodians rather than the company itself.

This doesn’t change total holdings, but it does change where the coins sit. It looks like a deliberate custody diversification move, spreading counterparty risk across multiple large custodians at a time when every aspect of the strategy is under the microscope.

5. Worst month since 2024 and a rare “discount to Bitcoin”

A widely shared Stocktwits News article this morning framed November as Strategy’s worst month since 2024 and noted a rare valuation twist:

MSTR has fallen over 36% this month and has logged seven straight down weeks before this week’s modest rebound. ^[32]
The piece estimates that Strategy now holds about 649,870 BTC valued at over $56B, while its equity market cap has slipped to roughly $49.5B. The stock is therefore trading at a discount to the value of its Bitcoin holdings alone – before considering debt, preferreds or the software business. ^[33]
It also recaps JPMorgan’s warning on potential $2.8–8.8B in forced selling if MSCI and others follow through on index removals. ^[34]

For years, Strategy bulls justified a premium to Bitcoin, arguing the firm’s leverage, financial engineering and software business created extra upside. The fact that shares now at times trade below BTC NAV is a striking reversal – and part of why some value‑oriented investors are starting to re‑examine the name.

6. “Bitcoin crash to $25,000 wouldn’t break us,” says Strategy‑aligned analysis

A separate article today argues that Strategy’s balance sheet can withstand a much deeper Bitcoin drawdown than the market is currently pricing in:

An analysis syndicated via Yellow.com / BeInCrypto contends that even if Bitcoin fell to $25,000, Strategy’s assets would still cover its roughly $8.2B in debt and $6.6B in preferreds, leaving a coverage ratio of around 2×. ^[35]
The piece highlights that annual interest and dividend obligations remain well below 1% of BTC holdings at current levels. ^[36]

This is essentially the bullish counter‑narrative: while equity holders are clearly suffering, the company still looks asset‑rich relative to its liabilities, so long as Bitcoin doesn’t experience a multi‑year collapse well below average acquisition cost.

7. The “ugly 51% stat” and underperformance vs. Bitcoin

A short U.Today / TradingView item making waves this morning points out that Strategy’s share price is down about 51% from its 2025 highs, even though Bitcoin is off by much less from its own peak. ^[37]

Other recent coverage from MarketWatch, Barron’s and Motley Fool has underscored a similar theme:

As Bitcoin has slid from ~$126k to the high‑$80k range, MSTR has fallen far more in percentage terms. ^[38]
The once‑large premium to Bitcoin NAV has compressed sharply, in some windows flipping to a discount. ^[39]

For holders who treated MSTR as a high‑octane Bitcoin proxy, this divergence is painful – but it’s also what short sellers like Chanos were betting on from the start.

8. Institutional activity: Hel Ved Capital boosts its stake

On the institutional side, a MarketBeat write‑up today notes that Hel Ved Capital Management Ltd significantly increased its MSTR position in a recent 13F filing:

The fund reportedly boosted its holdings in Strategy by several hundred percent, adding tens of thousands of shares in the latest quarter. ^[40]
The article places Hel Ved alongside other large funds that have been opportunistically trading the name through this year’s volatility. ^[41]

While 13F data is inherently backward‑looking and doesn’t guarantee current holdings, it does show that some sophisticated investors are still willing to own the risk at much lower prices than the highs seen earlier in 2025.

Fundamentals in the background: earnings, BTC stack and capital structure

Behind today’s headlines is a balance sheet and P&L that are unusually tied to a single asset class.

Record Q3 earnings driven by Bitcoin

In its Q3 2025 earnings release on October 30, Strategy reported: ^[42]

Net income of about $2.8 billion
Diluted EPS of $8.42
Continued expansion of its Bitcoin holdings, with BTC gains driving the bulk of reported profit under fair‑value accounting rules.

Traditional software metrics (revenue, operating income) matter far less today than the mark‑to‑market swings in BTC.

Size of the Bitcoin war chest

Recent disclosures and independent analysis suggest:

Strategy holds around 640–650k BTC, depending on the exact cut‑off date and source.
- CoinCentral’s October update cited 640,418 BTC, worth about $71.1B, with $23.7B in unrealized gains at that time. ^[43]
- AInvest and Daily Hodl now reference 640,808–649,870 BTC, with values shifting in line with Bitcoin’s move into the high‑$80k range. ^[44]
Average purchase price across the stack is roughly $70k–$75k per BTC, depending on methodology. ^[45]

At today’s BTC prices around the high $80,000s, the firm is ahead on its aggregate Bitcoin bet, but the margin of safety vs. average cost has narrowed significantly compared with earlier this year. ^[46]

Debt and preferred stock tower

The financing stack currently includes:

About $8.2B of convertible debt,
Around $6.6–7.8B of perpetual preferred stock across tickers STRK, STRF, STRD and STRC, all trading below par with double‑digit yields,
Annual interest + preferred dividends in the $690–800M range. ^[47]

Rating agencies like S&P rate Strategy B‑, underscoring that this is decidedly speculative‑grade debt tied to a volatile asset. ^[48]

What today’s move tells us about market sentiment

Pulling these threads together, here’s how the market seems to be reading Strategy Inc on November 26, 2025:

Bullish narrative (what optimists focus on)

Massive Bitcoin exposure at a relative discount
- MSTR at times trades below the value of its BTC holdings, offering a way to access a huge Bitcoin stack at what looks like a discount, albeit with leverage and company‑specific risk attached. ^[49]
Balance sheet still looks solvent even in severe BTC stress tests
- Several analyses argue that even at $25k BTC, Strategy’s assets would still exceed its debt and preferred obligations. ^[50]
Short‑side fuel may be diminishing
- The closing of Chanos’ trade and signs of emerging bullish retail sentiment (e.g., Stocktwits commentary) suggest potential for short squeezes if Bitcoin stabilizes or rallies. ^[51]
Analyst price targets remain lofty
- Consensus 12‑month targets still sit in the $450–$470 range, far above today’s price. ^[52]

Bearish narrative (what skeptics emphasize)

MSCI and index risk is existential to the equity story
- If MSCI and others eject MSTR, billions in forced index outflows could hit a stock that already trades wildly and depends on equity issuance for its Bitcoin strategy. ^[53]
Rising interest and preferred dividends compress flexibility
- Stepping coupon rates, higher yields and a looming 2027 maturity wall make the capital structure more fragile if BTC or the share price fall further. ^[54]
Competition from Bitcoin ETFs
- Spot BTC ETFs offer clean exposure without corporate leverage or governance risk, making it harder to justify paying any premium for MSTR versus just buying Bitcoin or an ETF directly. ^[55]
Regulatory and sentiment overhang
- Today’s Financial Times coverage of “crypto hoarders” under pressure, and broader commentary about digital‑asset treasuries, reinforce the view that the entire model may be entering a more skeptical regulatory and investor regime. ^[56]

Key dates and catalysts to watch after today

For anyone tracking Strategy Inc stock beyond November 26, a few calendar markers stand out:

MSCI decision window:
- Preliminary ruling on index treatment of Bitcoin‑treasury companies around January 15, 2026, with potential implementation in February 2026. ^[57]
Debt timetable:
- $1B of convertible notes due September 2027, a focal point in liquidity discussions. ^[58]
Bitcoin macro drivers:
- Fed rate‑cut expectations, ETF flows, and crypto‑market risk appetite continue to be the primary external drivers of both BTC and MSTR. ^[59]

Bottom line on Strategy Inc (MSTR) for November 26, 2025

Today’s trading and news flow around Strategy Inc can be summed up like this:

The stock is bouncing after a brutal multi‑week slide, helped along by short covering and some relief in Bitcoin. ^[60]
Under the surface, however, structural risks are front and center:
- potential MSCI index exclusion,
- rising financing costs,
- and a strategy that only works smoothly when markets are willing to pay a premium for it. ^[61]
At the same time, Strategy still controls an enormous Bitcoin hoard, has meaningful asset coverage relative to its debt and preferreds, and now trades at times below the market value of its coins – a combination that both value hunters and high‑risk traders are watching closely. ^[62]

For investors and traders, MSTR remains what it has been for several years: a hyper‑leveraged, equity‑market expression of a Bitcoin thesis, now layered with new questions about index membership, capital structure and custody choices. Anyone considering the stock needs to be comfortable with extreme volatility and the possibility that corporate and regulatory decisions, not just Bitcoin’s price, could drive the next major move.

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