Michael Saylor’s Strategy is bleeding, but its Bitcoin bet isn’t

Despite a steep drop in its share price, Strategy’s Bitcoin stack is still in the green and continues to outperform top tech equities over time.

Bitcoin investor Strategy is facing one of its roughest stretches this year, prompting quick speculation that its high-conviction Bitcoin play is coming undone. But a look beyond the one-year chart tells a different story.

Google Finance data shows that Strategy (MSTR) stock is down nearly 60% over the last year, and has declined by over 40% year-to-date (YTD). The stock traded near $300 in October before dropping to roughly $170 at the time of writing.

While some interpret the situation as its Bitcoin model being “exposed,” Strategy is still sitting on double-digit profits on its Bitcoin purchases, and its long-term equity performance continues to outpace major tech stocks. 

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