Over the five years to October 20, 2026, Strategy (MSTR) rose 88.2%, outperforming 117 of 125 peers in Application Software, where the median company fell 46.1%. The gain did not come from business growth: revenue grew only 0.02% a year over three years, and the company reported an $8.22 billion loss for the quarter ended June 30, 2026, as bitcoin prices fell. Over the past year, the stock fell 51.9% while the median software company fell 20.7%, and Strategy beat only 24.5% of its peers. In August, the company sold more than 18.2 million new shares through an at-the-market offering, and it raised its preferred stock buyback program to $3 billion from $2 billion. The article concludes that the lead came from investors paying far more for each dollar of sales, not from the company's operations.
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BTC/USDT
• NeutralBitcoin
Relevance: low
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Layer 1 |
| Market cap | $1.6T |
| Close on 10/21/2026 | 84,093.42 |
| Change that session | +1.28% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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Strategy, formerly MicroStrategy, became a Bitcoin treasury company after co-founder Michael Saylor made BTC its primary reserve asset in 2020. Between May and August 2026 it sold 6,948 BTC for about $432.5 million, moving away from its “never sell Bitcoin” stance toward a goal of never being a net seller, and it resumed buying at the end of August. Its purchases were funded largely by convertible notes and later by preferred stock, and STRC's fall below its $100 par value in June 2026 cut off a key funding route. As Bitcoin fell in 2026, mNAV, the premium over net asset value, dropped to where the market valued the company below its Bitcoin holdings, and the company reported a $12.4 billion loss for Q4 2025. In July 2026 it introduced “net Bitcoin per share,” which subtracts preferred stock and out-of-the-money convertible debt before dividing Bitcoin holdings by shares.
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MSCI is preparing to remove Strategy Inc. (MSTR) from its global indexes after classifying it as a “non-operating” company, which sent the stock down 9.6% to $137 on October 16. Final decisions are expected by November 11, 2026, with removals starting November 30. JPMorgan estimates index funds could be forced to sell about $2.8 billion of MSTR shares, though the shares would change hands rather than requiring Strategy to sell its 848,250 BTC. Still, a lower share price could make it harder for Strategy to raise funds for Bitcoin purchases, and the company has already sold $218.4 million of Bitcoin this year to support its USD Reserve. Bitcoin slipped 1.0% to $81,548 in the 24 hours before October 16.
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