MicroStrategy, now operating under the name Strategy (MSTR), has continued its robust investment strategy focused on Bitcoin, solidifying its status as the largest corporate holder of the cryptocurrency. Despite challenging conditions in the market, often referred to as the “crypto winter,” Strategy recently added approximately $109 million worth of Bitcoin during the December 22-28 window, acquiring the tokens at an average price of $88,568 each. This acquisition increased the company’s total Bitcoin holdings to approximately 672,497 tokens, valued at about $50.4 billion.
As a leader in AI-driven enterprise analytics and business intelligence software based in Tysons Corner, Virginia, Strategy provides cloud-based solutions via subscriptions and services to clients worldwide. The company’s rebranding in February 2025 marks a shift from traditional business intelligence toward a unique combination of analytics and Bitcoin treasury management, establishing it as the first public Bitcoin treasury firm. Its current market capitalization stands at $43.66 billion.
However, the stock has encountered significant volatility; the value of MSTR shares has declined considerably, falling from a high of $124,000 to a low of around $84,000 over the past six months. In the last week alone, MSTR’s stock dropped by almost 62.41%, showcasing a 49.84% decrease over the past year. The stock also saw a 66.8% decline from its 52-week high of $457.22 reached in July.
In its latest quarterly report released on October 30 for fiscal 2025, Strategy disclosed that as of October 26, its Bitcoin holdings had grown to 640,808, purchased at a total cost of $47.44 billion or $74,032 per Bitcoin. The company reported a year-to-date BTC yield of 26.0%, contributing to a gain of $12.9 billion and positioning it to meet its full-year target of $20 billion. Moreover, Strategy’s quarterly revenue increased by 10.9% year-over-year, reaching $128.69 million, surpassing analysts’ estimates. The firm transformed its operations from a loss of $432.58 million in Q3 2024 to a profit of $3.89 billion in Q3 2025, with earnings per share rising from a loss of $1.72 to a profit of $8.42.
Looking ahead, Strategy aims to become a leading global credit issuer. Executive Chairman Michael Saylor emphasized the company’s ‘B-‘ credit rating from S&P Global, which could broaden its market reach. Analysts, however, maintain a cautious outlook on the company’s profitability trajectory. Predictions for the fourth quarter suggest a sharp increase in loss per share to $18.06, compared to the previous year, while the estimated loss for the current year may rise to $30.86. Fortunately, next year’s forecast projects a reduction of 32.4% to $20.87.
Analysts analyzing MSTR give mixed but generally positive feedback. Citigroup’s Peter Christiansen upheld a “Buy” rating, albeit with a price target reduction from $485 to $325. Bernstein analysts assert that concerns regarding Strategy’s financials are exaggerated, maintaining an “Outperform” rating, but also lowered their price target from $600 to $450. Monness, Crespi, Hardt revised their evaluation of MSTR from “Sell” to “Neutral,” citing diminished risk and a reduced premium on Bitcoin holdings. H.C. Wainwright reiterated a “Buy” rating with a $475 price target following the third-quarter results.
Overall, MSTR has garnered a consensus “Strong Buy” rating among Wall Street analysts. Out of 15 analysts, 12 rated the stock as a “Strong Buy,” one suggested a “Moderate Buy,” while two opted for a “Hold.” The consensus price target of $486.29 implies a potential upside of 220%, and the highest price target of $705 indicates an impressive upside of nearly 364%.
While Strategy’s aggressive acquisition of Bitcoin has resulted in greater income, it has also tightly tethered its stock performance to the volatile cryptocurrency market. Nevertheless, analysts are optimistic about potential gains, suggesting that risk-tolerant investors might find value in investing in MSTR at current levels.
