Published: January 9, 2026
Strategy Inc. (formerly MicroStrategy) experienced substantial pressure in 2025, with its stock declining approximately 50% amid Bitcoin volatility and broader crypto treasury uncertainties. MSCI’s decision to retain digital asset treasury firms in indexes provided temporary relief, but the announcement of a broader review sustained investor caution heading into 2026.
Strategy Inc. Stock Performance in 2025
The year proved challenging:
- Stock Decline: ~47–50% from peaks
- Bitcoin Correlation: Amplified losses during crypto drawdowns
- Market Cap Impact: Significant erosion despite holdings growth
- Volatility: Elevated swings tied to BTC price action
Despite aggressive Bitcoin accumulation, macro and sentiment headwinds dominated.
MSCI Decision: Retention with Review
Index provider update:
- No immediate exclusion of crypto treasury companies
- Broader review launched for future methodology
- Temporary downside protection for Strategy and peers
- Uncertainty remains over long-term inclusion
Decision avoids forced selling from passive funds short-term.
Crypto Treasury Risks Highlighted
Strategy’s model faces scrutiny:
- High leverage exposure to Bitcoin volatility
- Balance sheet concentration
- Interest expense vs holdings yield
- Regulatory and accounting questions
While conviction strong, risks amplified in bear phases.
Bitcoin Holdings and Treasury Strategy Context
Strategy continued accumulation:
- Holdings: ~673,000+ BTC by end-2025
- Value: Dependent on BTC price recovery
- Approach: Long-term digital capital allocation
Performance tied directly to Bitcoin trajectory.
2026 Outlook for Strategy Inc.
Potential scenarios:
- Bullish: BTC recovery lifts shares
- MSCI Clarity: Positive review outcome
- Risks: Prolonged crypto winter or adverse ruling
- Watch: Debt management, BTC price
Conclusion
Strategy Inc.’s 2025 challenges—~50% stock decline amid crypto volatility—were tempered by MSCI’s retention of digital asset treasury firms, though ongoing review sustains caution. As Bitcoin holdings strategy faces scrutiny, 2026 hinges on macro recovery and regulatory outcomes. Investors monitor positioning closely.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Stock and crypto markets are volatile.
