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

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Ah, the great Michael Saylor and his high-flying Strategy – it seems to be having a bit of a mid-life crisis this year. While the world watches, gripping their popcorn, some are whispering that his Bitcoin obsession is starting to unravel. But let’s not get carried away just yet, shall we? If you squint and take a look past the one-year chart, things don’t look so tragic. At least not in the way the critics want you to believe. 🤔

Let’s get the depressing stuff out of the way first. According to Google Finance (where dreams go to die), Strategy (MSTR) stock has plummeted nearly 60% in the last 12 months. Oh, and it’s down over 40% this year alone. Who needs drama TV shows when you’ve got this kind of action? A year ago, the stock was cruising near $300; today, it’s languishing around $170. 😬

But here’s where it gets interesting: while some are frothing at the mouth claiming Saylor’s Bitcoin model has been “exposed,” the man’s still sitting on some juicy gains. In fact, if you look at his Bitcoin purchases, they’re still in double-digit profit territory. Not bad for someone supposedly being “outplayed” by the market. Even better, his long-term performance is still outshining tech titans like Apple and Microsoft. 🎉

Now, according to BitcoinTreasuries.NET (because that’s where all the cool kids go for data), Strategy bought its Bitcoin at an average price of $74,430. And with Bitcoin strutting around the $86,000 mark, Strategy’s still sitting on a neat 16% gain. Not too shabby, huh?

Let’s zoom out for a second. Over the last five years, Strategy has skyrocketed more than 500%. Apple? A measly 130%. Microsoft? 120%. So much for “exposure,” eh? Even in the last two years, Strategy has posted a 226% gain. Apple’s sitting at 43%, Microsoft trailing at 25%. Sorry, guys, but Saylor’s still winning this race. 🏆

Investors are shorting Strategy as a hedge for crypto longs

Now, let’s talk about the juicy bit. It seems that Strategy’s stock has become the easiest way for big-time investors to hedge their crypto exposure. In a recent CNBC interview, BitMine chairman Tom Lee revealed the dirty secret: big money is shorting Strategy to protect their long crypto bets. 🙄

Lee spilled the beans, saying: “Someone can use MicroStrategy’s options chain, which is so liquid, to hedge all of their crypto.” The only convenient way to protect your crypto long position? Short Strategy or buy puts. So, basically, Saylor’s company has become the punching bag for anyone who’s nervous about the crypto market. Poor guy didn’t even ask for it. 😅

This makes Strategy an unintended pressure valve, soaking up all the market anxiety, hedges, and volatility. It’s almost like Saylor’s been drafted into a role he didn’t sign up for. But hey, maybe this is what happens when you bet big on Bitcoin. 🤷‍♂️

Despite the rollercoaster, Saylor remains steadfast. On X (formerly Twitter, because who needs consistency?), he boldly declared that he “won’t back down.” As if we needed more proof of his relentless spirit. 💪

On November 17th, Strategy went full throttle and scooped up a whopping 8,178 BTC for $835.6 million. This wasn’t just a random impulse buy – it was a major boost to their Bitcoin stash, which now totals 649,870 BTC, worth a cool $56 billion. Maybe Saylor isn’t so clueless after all. 😎

Digital asset treasuries face broader inflow slump

Meanwhile, things aren’t looking so hot in the broader crypto world. On November 6th, crypto market-maker Wintermute pointed out that the usual sources of liquidity – stablecoins, ETFs, and digital asset treasuries (DATs) – have slowed down considerably. Apparently, liquidity is running dry, and that’s contributing to the market’s recent slump. 🏦

DefiLlama (yep, that’s a thing) confirmed this, reporting a drastic drop in DAT inflows. In October, the inflows went from nearly $11 billion to a paltry $2 billion, a staggering 80% decline. And it hasn’t gotten better in November. So far, DAT inflows have barely topped $500 million. That’s a 75% drop compared to October. The crypto floodgates are officially closed. 🚧

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2025-11-24 15:06